The retail industry has been constantly evolving with the immense demands of technologies and, therefore, businesses are quick to adopt the latest tools and technologies to improve their customer experience, optimize operations, and embrace innovation for the future.
One of the most transformative technologies in retail software development is the popularity of Low-Code No-Code Platforms (LCNC). These platforms not only simplify the process of developing and deploying retail software but also empower non-technical users to build and manage their retail applications. Such a shift has remarkably impacted the way retail businesses align their operations and drive both agility and efficiency in the cutthroat competition.
In the past few years, the global market for Low-Code No-Code Platforms has witnessed remarkable growth. According to a report published on the Statista portal, the global low-code no-code development market is likely to touch US $65 billion by 2027. In another report, the research giant quotes that the global low-code platform market revenue is valued at nearly US $22.5 bn in 2022, and is anticipated to reach US $32 bn in 2024. The market is calculated to grow with a CAGR of 26.1% over this period.
Low-code no-code platforms revolutionize how retailers have software development and digital transformation with their abilities to reduce time to market, improve overall efficiency, and save development costs.
In this comprehensive guide, we will explore the principles of LCNC platforms, how they affect the retail sector, their key advantages, and the challenges and considerations enterprises are required to be aware of while implementing them.
What are low code no code platforms?
The core of Low-Code No-Code Platforms is to make application development accessible to all – even those with no extensive software programming skills. LCNC platforms allow users to develop, modify, and deploy apps through visual interfaces with little or no coding. This feature is achieved by blending templates, drag-and-drop interfaces, and pre-built modules. Hence, entrepreneurs and their IT teams both can collaborate on building business solutions quickly.
Low code platforms:
LCP requires minimal coding expertise as users can simply use a visual interface to build applications. However, some level of computer programming is required, especially if you want to build complex apps with full-fledged functionalities.
No-code platforms:
NCP, as the name depicts, is a completely code-free technology. Users build apps by simply dragging and dropping built-in elements and arranging workflows without writing any code.
Key features and capabilities of low code no code platforms
Low-code No-code Platforms’ success is primarily due to their best features and capabilities that allow anyone to build custom business applications with more efficiency and pace. Here are some of the key features:
· Drag-and-drop interfaces: you can simplify app development by dragging and dropping elements into place. You don’t need to enter any code manually.
· Pre-built templates and modules: these platforms offer ready-made components that are modifiable and integrative into any business app. This reduces the development time.
· Workflow automation: low-code no-code platforms automatize repetitive tasks and integrate with myriad systems to bring flawless operations.
· Cloud integration: LCNC platforms bring scalability and accessibility to applications. This makes them easy to access from anywhere resulting in a cloud-based workflow.
· Real-time collaboration: this feature of LCNC platforms enables teams to work together without any flaws. This improves communication and problem-solving capabilities.
Examples of popular low code no code platforms
There are ample examples of popular low-code no-code platforms or technologies. These software solutions have gained traction, especially in the retail sector. These platforms are the backbone of retail software development as they provide the tools needed for retailers to build tailored applications with little or no technical know-how.
Here are some of the best LCNC platforms for the retail industry:
Appian: It’s a powerful platform that focuses on streamlining business process management with low-code technology.
OutSystems: It is known for its scalable approach to sync with existing systems. OutSystems is suitable for large-scale retail company operations.
Zoho Creator: Meant for small to medium-sized retail businesses, Zoho Creator is the best platform for automating processes with minimal programming.
Mendix: Offers a powerful platform to build custom retail applications with user-friendly interfaces and automation at the core.
Benefits of low-code no-code in retail
LCNC platforms bring myriad advantages to retail companies by all accounts. In fact, more and more enterprises are now adopting LCNC platforms to save time and costs while ensuring no compromise on quality.
Here are some of the essential benefits of low-code no-code platforms for the retail industry:
Faster and lower development cycles
Low code no code platforms offer one of the most significant advantages – the pace at which retailers can build applications. This feature removes the requirement for extensive mobile app development programming which, in turn, results in a remarkable reduction in the development cycle.
Retail companies can create and deploy business applications faster and better. Businesses can also respond to industry trends, customer demands, and market changes in real-time. Hence, they can gain a competitive advantage in attracting customers.
Improved flexibility with agility
The retail industry has an inherent dynamic nature that requires agility and flexibility. Low-code no-code platforms offer the ability to swiftly amend applications in response to changes in the market environment or customer demands.
Retailers can change features and workflows and integrate other features in minimal time and effort. This ensures that retail software evolves alongside the business itself.
Empowering business users
Another transformative aspect of LCNC platforms is that they make business users contribute to software development though they don’t have any technical knowledge or have limited programming skills.
With low-code no-code platforms, employees from any department such as customer services, marketing, operations, and even C-suite can collaborate and build retail applications aligning with business objectives. Such a feature reduces dependency on the IT department and brings in a culture of innovation in the organization.
Enhanced customer experience
Low-code no-code platforms help retailers improve customer experience by offering faster deployment and hyper-customization of applications. Whether you want a personalized shopping application, an automated inventory management system, or a comprehensive CRM system, building a retail solution that meets customer needs and improves their experience is possible through LCNC platforms. By doing so, retail companies can ensure better customer engagement, loyalty, and overall satisfaction.
Reduced technical debt
Technical debt is one of the common issues with traditional retail software development. Here, quick fixes or shortcuts are preferred that bring risks of long-term issues that need to be solved later. With low-code no-code platforms, the risks of technical debt are remarkably reduced because the visual interface and standardized retail software templates bring maintainability and consistency.
Types of low-code no-code platform features and functionalities in retail
Retail businesses benefit from a huge range of functionalities offered by low-code no-code platforms. Some of the renowned ones are:
ECommerce platforms
LCNC platforms are used to develop custom eCommerce platforms that satiate the specific demands of retail businesses. LCNC platforms offer features like personalized product recommendations, real-time inventory tracking, and payment gateway integrations – all without any complex programming.
Inventory management systems
Inventory management is an essential function in any retail business. Low-code no-code platforms enable retailers to develop custom inventory management systems to automatize stock tracking, reporting, and ordering. Retailers can simply adjust workflows and integrate with supply chain management to get better control over their inventories.
Customer relationship management (CRM)
A low-code no-code CRM can help retailers strengthen their relationships with customers by providing them with easily manageable profiles and shopping carts. LCNC CRM also offers easy customer data management, segments audiences, and builds personalized marketing campaigns. The platforms also offer automation of follow-ups and communications.
POS (Point of Sale) systems
Custom POS systems built with low-code no-code platforms have flexibility in managing transactions, integrating with other backend systems (such as CRM and inventory), and processing secure payments. The POS systems are the backbone of retail businesses to streamline their operations throughout myriad channels including online and brick-and-mortar stores.
Supply-chain management
Supply-chain operations are remarkably improved through low-code no-code solutions as they automate the goods tracking, integrate with logistic providers, and manage supplier relationships. LCNC platforms enable retailers to enhance their capability while reducing operational costs through customized workflows.
Automation of marketing channels
Retail companies can enjoy low-code no-code platforms to automatize myriad marketing jobs like social media posting, email campaigns, and customer segmentation. LCNC platforms offer tools that automatize repetitive tasks and build personalized marketing strategies by evaluating and analyzing customer behavior. This helps retail businesses enhance sales and customer engagement.
Employee management
Low-code no-code platforms are extensively used to build custom employee management solutions that streamline human resources tasks like scheduling interviews, payroll, and performance tracking. Such systems are easily integrated with other enterprise software to ensure that employee data is stored centrally and securely.
Challenges and considerations
Despite several advantages, low-code no-code platforms also bring their own set of challenges and considerations. Retailers must take a few factors into mind when thinking about implementing them.
Integration with the existing software tools
One of the main concerns of adopting low-code no-code solutions is ensuring that they sync seamlessly with the existing systems. Retailers may have several systems already in place for customer management, point of sale, inventory, and even supply chain. This makes integration with LCNC a bit complex.
Scalability and performance
While low-code no-code platforms are the best to build retail applications quickly, they might struggle with scalability for more complex or larger operations. Retail companies may need to make sure that their selected platform handles increased user traffic, performance demands, and large data volumes as the business grows.
Security concerns
Security has been a major concern for any software development approach. While low-code no-code platforms house in-built features, retailers may need to make sure that these platforms comply with retail industry standards and regulations. They must secure sensitive customer data from malpractices/breaches.
Vendor lock-in
Ample low-code no-code platforms come with proprietary tools and functionalities that can lead to vendor lock-in. It means that if retail companies want to switch platforms later on, it may bring more costs and time-consuming processes such as migration of data and compatibility.
Governance and control
Low-code no-code platforms empower retail business users to enjoy building customized software tools without any pain but they also bring challenges in terms of governance and control. Retailers must establish the right oversight to confirm that apps are built in line with company objectives, security protocols, and industry standards.
Brand case studies of Low code No code
The research giant Statista quotes that between 2021 and 2022, Microsoft PowerApps and Google AppSheet were the leading LCNC platforms with more than 40% usage. Ample leading retailers have successfully adopted low-code no-code platform solutions to streamline their business workflows and enhance their digital transformation:
Nike: Nike leveraged a low-code no-code platform to build custom inventory management systems integrated with its supply chain. This provided the company with real-time data on the availability of products and sales trends.
Walmart: Walmart used a low-code no-code solution to develop a customer loyalty application that offered personalized promotions. It also integrated it with the CRM system.
Macy’s: Macy’s embraced a low-code no-code POS system that enabled secure transactions across offline/online channels. This improved both operational efficiency and customer experience.
The future of low code no code in retail
The future of LCNC in retail is surely promising. The platforms will continue to evolve and we expect improved functionalities like AI-powered automation for better scalability and accuracy. It’ll also have deeper integration with advanced analytical tools. The rise of digital transformation solutions reflects that LCNC platforms will be an essential technology in the future to enable retailers to stay competitive.
Want to build low-code no-code solutions?
Low-code no-code platforms have the capability to transform the retail industry. You can contact a renowned IT agency like Mobio Solutions for faster and more efficient software development. We can serve you with both building LCNC tools for your company or using LCNC to build any retail software solution for your business.
Improve customer experience and internal operations with flexibility and agility. Adapt to a rapidly changing marketplace. We take utmost care of the challenges of integration and security plus governance while building or using the LCNC platform for retail applications.
