Wholesalers or manufacturers sell a huge quantity of their product to retailers who in turn sell those products to the consumers. So, the chain starts from the wholesalers, after which the retailers come to the picture and finally the retailers make these products available to the consumers. This chain basically governs the entire market scenario.
As the retail industry is a very widely used sector by the customers, it also poses many business challenges:
Seasonal change in demand of many items which reduces cash inflow for many retailers
With the increase in technology, security breaches have also been a concern
Protecting customer information is one more challenge that the retailers face. Confidential information like credit/debit card details remain with the retailers and the responsibility to keep them safe from hackers is a continuous concern for the retailers
Customer tastes and preferences also affect the sale of a product as the tastes and preferences of customers are very dynamic
With change in the external scenarios, customer service needs betterment and hence better workforce is required. Hence, continuous grooming of the employees is necessary which involves cost.
Throughout the experience of iFour Technolab Pvt. Ltd. in the retail industry, it has been successful in helping the clients to solve these challenges by delivering custom software projects.
Role of IT in the Retail industry
Technologies like e-Commerce, mobile, cloud, analytics offer a multi-channel for retail adding up new selling channels. These channels make retail easier than the traditional methods
Technology in-store and in customer’s own smart phones devices is a common trend. Social media is used to target customers.
Analysis through big data is another trend that has brought a huge change in the retail industry. This technology targets potential customers to market and also uses predictive analysis to predict their preferences
Inclusion of third parties and custom software programs in the delivery process ensure that all the deliveries are made successfully
The multi-currency form of payment acceptance including coupons, cards, digital transfer
Single click payments for faster transactions
Use of technologies like ERP for the managing supply chain
How iFour delivers business value
iFour Technolab Pvt. Ltd., a pioneer custom retail software development company and eCommerce solution provider in India, specializes in providing custom software and eCommerce web portals for customers in retail sector. Our customers have been from all over the world and we have developed different solutions in eCommerce. The requirements of customers keep on changing due to the rapid change in industry demands. Hence, we have kept ourselves updated with the latest trends and technologies. The IT professional team in our company has great experience in various technologies and platforms with expertise in Microsoft technologies, PHP and mobile technologies.
We have great experience in serving our customers with industry-wide solutions. With an expert team of IT professionals, we have undertaken some projects under the e-Commerce sector. These projects are: