{"id":3192,"date":"2018-10-30T20:01:17","date_gmt":"2018-10-30T20:01:17","guid":{"rendered":"https:\/\/evoipos.com\/?p=3192"},"modified":"2021-12-17T14:19:16","modified_gmt":"2021-12-17T19:19:16","slug":"5-keys-to-retail-isv-growth","status":"publish","type":"post","link":"https:\/\/www.evopayments.us\/staging\/5-keys-to-retail-isv-growth\/","title":{"rendered":"Five Keys to ISV Growth"},"content":{"rendered":"

Your success as an ISV is always related to how well the applications you develop meet the needs of your clients\u2014 but right now in retail, it\u2019s absolutely crucial. Retail ISV growth depends on more than developing simple tools for merchants to use at the checkout or that allow them to accept payments made on a smartphone. Retailers need software solutions that meet the challenges of a rapidly changing, ultra-competitive industry. They need help in the fight to win customers and keep their loyalty. Retail ISV growth requires a deep understanding of the industry and the ability to develop applications that help retailers execute their business strategies.<\/p>\n

What You Need to Know About Retail Before You Develop a Software Application<\/strong><\/h3>\n

Before you finalize your MVP or your next release, evaluate how well your solution addresses retail industry pain points and advances retailers toward their business goals. Here are five common retail challenges your software should address:<\/p>\n

1. Seasonal help and employee turnover <\/strong><\/h4>\n

Retailers are always training new employees. According to the LinkedIn Talent blog,<\/a> retail has one of the highest employee turnover rates at 13 percent (incidentally, second only to the software sector at 13.2 percent). And retailers often use seasonal or temporary help to manage the busiest times of the year.<\/p>\n

In an industry where new employee training is almost routine, it\u2019s important for software to be designed so it\u2019s easy to learn and simple to use. Software that requires an excessive amount of time to learn and that\u2019s hard for new hires to use simply isn\u2019t acceptable for this industry.<\/p>\n

2. Omnichannel customers<\/strong><\/h4>\n

Virtually all shoppers now use multiple channels. A Big Commerce<\/a> study found that 96 percent of Americans have made an online purchase at some time in their lives, and 80 percent did so recently. Moreover, if they aren\u2019t purchasing online, they may be browsing online, taking advantage of buy-online-pickup-in-store service, using their smartphones while shopping in-store, checking social media for reviews, clicking retargeting ads \u2014 pretty much whatever makes shopping most convenient for them.<\/p>\n

Because shoppers engage with brands using multiple touch points, it\u2019s important that all of a retailers applications integrate with one another, from point of sale (POS), mobile POS, e-commerce, and loyalty to back-office applications like inventory management and CRM. This will ensure that customers using multiple channels (sometimes for the same purchase) will have consistent experiences regardless of how they engage. It also ensures \u00a0that<\/strong> the retailer can use data from all channels to personalize promotions and customer service.<\/p>\n

3. Thin margins<\/strong><\/h4>\n

Retail is extremely competitive, and many businesses, including longstanding retailers, have felt the impact of big box stores and e-commerce retailers offering items at rock-bottom prices.<\/p>\n

Retailers are looking for ways to operate efficiently and cost-effectively to help preserve the bottom line. Your solution that reduces the labor burden, minimizes shrinkage, saves energy, or forecasts demand more accurately will capture attention. If you can prove ROI measured in dollars and cents, even better.<\/p>\n

4. Loss prevention<\/strong><\/h4>\n

Shrinkage is a significant problem for retailers. On average, shrinkage costs a retailer about 2 percent of sales<\/a>. Shrinkage isn\u2019t just the result of shoplifting, although that\u2019s a major contributor. Retailers also experience loss due to employee theft, vendor fraud, and human error, such as mistakes during a markdown.<\/p>\n

Applications that you develop that can help curb this problem, could, literally, pay for themselves.<\/p>\n

5. Future-proofing<\/strong><\/h4>\n

The pace of change in the retail industry over the past decade has been dizzying. And tech disruption and changing consumer demographics \u2014 from baby boomer to millennial to Gen Z \u2014 continue to bring new challenges. \u201cFuture-proof\u201d is more than a buzzword in this industry. It\u2019s a necessary characteristic of a smart technology investment.<\/p>\n

Retailers aren\u2019t interested in an application that does not) have the flexibility to adapt to new processes or integrate with new technologies in the future. Develop solutions that have the ability to add new functionality or to scale as needed.<\/p>\n

One More Thing: Always Add Data Analytics <\/strong><\/h4>\n

Data collected by almost any application designed for retail will have value for your customer. Retailers of all sizes have discovered the power of data for:<\/p>\n