With the retail industry experiencing rapid technological advancements, tech executives and CTOs in retail are increasingly focused on investing in IT software and technology to stay ahead of the curve. Gartner has stated that 57% of retailers plan to spend more on software in 2024.
CTOs view AI, ML, low-code, and more as transformative technologies with the potential to enhance various aspects of retail operations. As Sky canvases, senior analyst of retail and e-commerce at Insider Intelligence, notes, "Technology is everywhere in retail from managing the supply chains to planning inventory to how brands and retailers interact with consumers online and it’s even spreading to its stores."
This integration of technology across all facets of retail operations highlights the importance of having tech-savvy leaders who can drive innovation and ensure seamless execution.
Impact of engineering leadership on shaping the retail future
Tech executives are leading a transformative shift in the retail industry by leveraging the power of AI and ML to drive innovation and efficiency.
AI-powered analytics provide retailers with valuable insights into consumer behavior, enabling more personalized marketing campaigns and optimized pricing strategies.
ML algorithms are revolutionizing inventory management by predicting demand patterns and streamlining supply chain operations.
Additionally, low-code platforms are being rapidly adopted by CTOs, enabling retailers to accelerate app development and quickly adapt to changing market demands. These platforms facilitate faster, more flexible development processes, helping retailer tech leaders overcome challenges such as integrating new systems, automating routine tasks, and scaling operations efficiently.
Retail challenges that low-code could solve in minutes
Even if we talk about just the Indian retail sector, it will touch $2.2 trillion by 2030. Looking at the numbers, retailers must have the infrastructure and technology in place to support growth without compromising performance or customer experiences.
The challenge could be anything, it can be a problem at a warehouse, where real-time tracking and notification systems are not available. Upon receiving 100 units of a hot-selling item, the warehouse workers face a dilemma: outdated systems struggle to update stock levels in real-time, risking overselling or missed sales opportunities. This loss is a prime example of not having automation in place.
Retail CTO's biggest hurdles
In retail, numerous challenges persist, hindering operational efficiency and impeding growth. Fragmented data systems create barriers to making data-driven decisions, as customer, inventory, and sales data are often siloed.
Customers today expect proactive service, personalized interactions, and seamless experiences across all digital channels.
Integrating critical business tools such as multi-channel marketing, ERPs, data warehouses, ticketing systems, refund and invoicing, loyalty & rewards management and more proves difficult, resulting in disjointed experiences. Additionally, achieving a seamless buying experience and effective multi-platform/multi-channel marketing integration further complicates the challenge.
Moreover, the absence of automation, with over 50 percent of retail activities still manual, worsens delays and inefficiencies.
Legacy systems require frequent updates, demanding extensive manual coding and testing, further delaying progress.
Additionally, the absence of AI-powered user experiences and mobile apps limits retailers' ability to provide seamless customer support and engagement, leaving them at a disadvantage in today's competitive market landscape.
As also reported by Globalnewswire, two-thirds of shoppers use mobile phones in-store.
“I believe the key is recognizing that technology continually improves. Invest in solutions that bring you closer to your goals,” says Jonathan Corbin, VP of customer success at HubSpot.
Addressing these challenges requires retailers to adapt to new technologies, and prioritize their business operations.
Time for every retailer to think low-code
Gartner reported that 65% of applications will be built using low-code by 2024. The low-code market is growing at a rapid speed. Low-code is versatile - spanning across customer-facing applications, mobile apps, e-commerce solutions, complex integrations, and beyond.
Low-code offers a suite of features that accelerate retail app development. With drag-and-drop interfaces, developers at retail firms can quickly create user-friendly applications without needing extensive coding knowledge.
“Our tests show that low-code accelerates mobile development by ten times — and the more complex the project, the greater the speed boost,” says Jon Nordmark, CEO of Iterate.ai and former CEO of eBags, acquired by Samsonite.
Low-code platforms simplify the automation of complex retail workflows. They can automatically generate reports on stock levels, inventory losses, and repeat customer buying patterns. Low-code solutions also streamline operations by sending automated reminders to staff about overdue timesheets and issuing alerts for products nearing expiration.
By 2025, retailers are expected to have 71% of tasks automated with the intent of shifting their workforce toward more customer-facing or operational roles.
Additionally, low-code platforms enable real-time order updates for customers, provide 24/7 support via chatbots, and prioritize urgent complaints to ensure quick resolution.
Purplle.com a leading online retailer of cosmetics products maximizes visitor engagement, refining offers based on real-time insights.
“Going with low-code platform was an easy decision, it is helping us cut down the time to launch tools from a few weeks to a few days. “ says the CTO, of Purplle.com
By automating hundreds of these daily tasks, low-code helps save valuable time for you and your team.
Low-code platforms significantly enhance store planning, shipping, and contract lifecycle management in retail. With low-code, retailers can easily develop custom applications for optimal product placement and inventory management, ensuring stores are well-stocked and organized.
Additionally, features like single sign-on (SSO), audit logs and permission management enhance security by allowing employees to access multiple systems with one login while controlling access to sensitive data.
Forms can be easily created for customer feedback, online surveys, or employee scheduling, with features like rich media upload, and e-signature capture further enhancing operational efficiency. These practical features empower retailers to develop and deploy robust apps swiftly, meeting the fast-paced demands of the industry.
In the retail industry, handling payments is a critical task. Low-code platforms make integrating payment processes seamless with built-in APIs, allowing retailers to quickly connect to various payment gateways like PayPal, Stripe, or Shopify. This ensures secure, fast, and reliable transactions, enhancing the customer experience and streamlining backend operations. By leveraging low-code technology, retailers can efficiently manage payments, reduce errors, and maintain high levels of security.
Endy, a Canadian-based, e-commerce company accelerated their average ticket resolution time by 80% using a low-code platform.
“Low-code was the game-changer for Endy’s customer support, seamlessly integrating our complex data sources into one streamlined platform. This not only accelerated our response times but also enhanced the precision of our service operations, making it indispensable for our success.” — says the lead of process improvement, Endy.
Retailers can leverage AI to analyze shopping patterns and tailor promotions to individual customers. Additionally, low-code platforms simplify the implementation of chatbots, allowing retailers to offer 24/7 customer support without extensive coding.
These chatbots can handle common queries, process orders, and provide instant assistance, significantly improving customer satisfaction.
“Low- and no-code has made my life and my team members’ lives easier, giving my company a competitive advantage by simply being able to move faster using tools with standard models,” says WestCap chief data scientist Erika Janowicz.
Low-code: Shaping tomorrow’s retail experience
In conclusion, retail CTOs and tech executives are increasingly turning to low-code platforms to boost operational efficiency.
The cost-effective nature of low-code solutions, combined with rapid development capabilities, allows for the quick creation of MVPs and seamless iteration from version 1 to many. This accelerates product rollouts and supports digital transformation initiatives, enabling retailers to stay competitive and responsive to market changes.
By leveraging low-code, retailers can achieve faster, more agile development, driving innovation and efficiency across their operations.
