Coronavirus pandemic has struck the world economy really hard. There is hardly any sector that has not been hit by this pandemic virus. Retail business is one of the most affected industries in the world right now. Every brand is currently looking for automated techniques and is trying to cut down their costs. Under these circumstances only, mobile app strategies arose to provide brands and companies a digital presence.
Many brands in the retail sector have started building their mobile applications, primarily self-service apps. Business people believe that this will help their companies to stay in touch with customers. Not only this, but these apps will also improve their digital presence and customer experience. As per Hootsuite’s Digital 2020 Global Digital Overview report, there are around 5 billion mobile phone users in the world. And studies show that people are spending 90 percent of their time on mobile apps. Amongst those, 65 percent of people are using shopping or retail application. This is why it is a perfect opportunity for retailers to grab the customers in this lockdown and generate more revenue.
The introduction of self-service mobile apps in the retail industry brings many positives in a business. It helps in improving business processes, reducing costs, and, eventually, increasing revenue. There might be dozens of needs of a business owner for the application, according to the brand and its clients. For example, there can be a need for a grocery app for business. So, the business owner can contact on-demand mobile app development companies to get the job done.
Benefits of Self-service mobile apps for a business owner
There are dozens of benefits of self-service mobile apps for a business owner. Some of them are listed below:
1. Introducing Mobile Payments
One of the most significant benefits of self-service mobile apps is that it helps them to accept mobile payments. The business owners can integrate blockchain in the retail experience too. If any businessman is looking for better security and secured transactions, introducing blockchain in the retail world will do wonders for the company. Also, retailers having no mobile payment facilities suffer a lot when they have to pay some amount for each customer credit or debit card transaction. These taxes vary from card issuers and networks and can create a massive hole in the retailer’s pocket. Creating their own mobile payment system can help retailers in getting away from these unnecessary fees.
2. Reducing Labor Cost
Introducing self-service mobile apps increases sales support for a retail business. It helps customers to get support and get information about what they need to now. These support features include available items, discounts on particular items, and general help guides. These little things cut the labor costs and make a business more data-driven. Many analysts believe sales support can help business owners to reduce expenses about 5 to 10% and improve customer service.
3. Better Business Decisions
These self-service apps improve business processes and bring vast experience to the customers. These apps also give business owners an upper hand to analyze the data. The data generated can be used to make better business decisions. Many retailers do not have enough resources to collect data. So, bringing these apps can help in analyzing user activities, retention rates, and purchases.
4. Loyalty Points
There have been many apps like Starbucks or H&M, which provide loyalty points to their customers. These are just small rewards given to the customers when they buy stuff from the retailer’s site or application. These reward points also attract customers to shop again as they get discounts every time they shop. Not only loyalty programs attract customers but also increase traffic and retention rate. Further, it helps in generating more sales and result in increased revenue for business owners.
Must-have tools to include in the self-service apps
Before you go ahead, smart retailers must add these three must-have tools to his self-service app in order to get a larger share of the customer pie:
■ Indoor Navigation
Indoor Navigation offers incredibly diverse potential. And there are various advantages for both shoppers and retailers. With the help of shopping routes inside the store, consumers can locate the desired item easily and quickly without crisscrossing the whole store. The tracking feature will help the retailers to access customers analytics in detail. Thus with the help of customers’ behavior & analytics, they can make effective decisions related to promotions for in-store specials, customer loyalty benefits, advertise new products, etc.
■ Phygital Checkout Strategy
The cross channel fulfillment options like Click and Collect gives the shopper a convenient way to purchase and collect the items at their convenient time. Rather than providing staff assisted service, mobile applications can facilitate self-check-out by allowing the consumer solely responsible for transaction completion. Shoppers can scan the bar codes of items as they shop and then make the payment by using digital wallets. The self-Checkout feature will benefit retailers too. It reduces the number of traditional checkout stations and also cutting down operational costs.
■ Customized Shopping Lists
Do you know? The survey suggested that 64% of grocery shoppers want to use mobile shopping lists in the future. Digital shopping enables shoppers to compose shopping lists based on what they need, rather than shop on a whim. By preparing the shopping lists, customers can save the shoppers’ huge time while in the physical retail store. Such tools will help retailers in the loyalty-building and traffic-building objectives. How? Based on a user’s current shopping lists, retailers can come up with tailored rewards offers as a strategy to maximize their retail business sales.
The retail industry has suffered a lot amidst the COVID-19 pandemic. The self-service mobile app is one of the options to go for the business owners to generate more revenue and increase customer retention in these tough times. So, if you are looking for a self-service mobile application for your retail business, you can hire mobile developers or on-demand mobile app development companies to build mobile applications for you.