Category: Technology

How to sustain and grow your Shopify business?

Our previous blogs explored how e-commerce is imperative to take your business to the next level. We shared tips and tricks on how to set up the store and get it off the ground.

While starting a successful online store on Shopify can be a rewarding experience, it takes more than just setting up a website to sustain and grow your business.

In fact, according to a recent survey, over 90% of e-commerce businesses fail within the first four months due to a lack of proper planning and execution.

However, you can set your business up for long-term success with the right strategies. This guide will provide you with actionable tips and statistics on increasing sales, driving traffic, and building a loyal customer base on Shopify. Whether you’re just starting or looking to scale your existing business, this guide will give you the tools you need to succeed.

Make Your Store Mobile Responsive

You cannot afford to overlook mobile responsiveness in your e-commerce business. As of November 2022, mobile devices drive 58.99% of global website traffic. This means that over half of internet usage comes from mobile devices, and 10% of that time is spent on e-commerce apps.

You need to unlock the huge mobile e-commerce market since:

  • Mobile responsive e-commerce will allow you to tap into the abundance of mobile visitors.
  • Visitors are less likely to leave your store quickly on mobile devices.
  • With mobile-responsive e-commerce, you will be able to drive sales on mobile.
  • Your store will have a better chance of ranking in Google search for mobile-specific queries.
  • Shopify has a responsive checkout, so users can easily convert on their devices.

Increase Sales by Offering More Products

To make more money, the key is to sell more products. Amazon used this strategy to become the juggernaut of retail it is now—and you can too! The trick is to identify what products will draw attention and engagement from your existing customer base.

Take, for example, Nykaa -the leading Indian skincare and cosmetics e-commerce giant. It began by selling makeup and skincare and is branching out further. Nykaa has recently begun selling clothing and accessories on Nykaa Fashion.

Nykaa’s complementary products pair perfectly – for example, customers can buy a dress from Nykaa Fashion and then purchase matching cosmetics from Nykaa! With these two product lines in tandem, customers will likely buy both items, elevating Nykaa’s average order value.

Improve Customer Retention

Research shows that repeat customers account for as much as 40% of an e-commerce store’s revenue. These statistics demonstrate the importance of focusing on customer retention to drive e-commerce sales and grow a successful online business.

Here are some tips for retaining customers:

  • Regularly surprise and delight customers with email communication
  • Improve packaging to create a positive customer experience
  • Offer repeat buyer discounts to incentivize repeat purchases
  • Utilize retargeting to target previous customers
  • Create a loyalty program to reward and retain customers
  • Curate product reviews to build trust
  • Be responsive on social media

Build an Email List

A study by Hubspot found that the email ROI is an impressive $36 for every $1 spent.

You can directly communicate with your potential and existing customers with an email list. Your communication is not dependent on Facebook or Google.

You can send personalized promotions, new product announcements, and special sales directly to your most engaged customers. This helps increase customer loyalty, repeat business, and ultimately drive sales.

Additionally, sending regular email newsletters helps keep your brand top-of-mind, which can lead to more impulse purchases.

iView Labs makes this easy by providing customized landing page pop-ups for your business. These can get people to sign up from inside your store and build a goldmine of email ids of potential customers.

Optimize Content for E-commerce

Content marketing is creating and sharing online material to draw interest in a brand’s products or services without promoting it directly. It’s important because it has a higher return on investment (ROI) than traditional marketing.

Some ways you can optimize your content are:

  1. Create relevant video content: According to a study by Hubspot, 81% of marketers feel that a relevant video has a direct, positive impact on sales.
  2. Curate catchy product descriptions: Engaging people in conversations about your product and its value may increase the conversion rate.
  3. Images: The higher the quality of the photographs you supply, the more appealing your product will appear. And the more appealing your product appears, the more sales you will earn.
  4. Product Reviews and Recommendations: Amazon’s product recommendations drive a whopping 35% of sales on the platform. This product recommendation strategy is one that you can easily implement.

There are a few ways you can go about doing this:

  • Recommend products to exist customers based on their previous purchases (email is the best platform for this technique)
  • Share positive reviews across social media or blogs to earn trust and highlight popular products.

How can iView Labs be a potential partner to help grow your Shopify store?

iView Labs provides e-commerce solutions for businesses looking to grow their Shopify store. We offer a range of services, such as website design and development, mobile optimization, search engine optimization, and marketing strategies that can help improve your store’s visibility and increase sales. Our analytics and insights can help you understand your customers’ behaviour and preferences. The team at iView Labs has experience working with Shopify stores of all sizes. We can help you identify the best strategies for your business.
If you are looking for a partner to help grow your Shopify business, iView Labs can be a potential partner. Contact us at https://www.iviewlabs.com/talk-to-us. Our team quickly responds to your queries, and if you are interested, we can get started in no time. Visit our website www.iviewlabs.com for more information.

Top 7 Shopify Plugins to boost sales and make your life easier

A study shows over 4.4 million e-commerce websites are built with Shopify.

As the number of Shopify stores has grown, so have the resources available to store owners. The Shopify app store contains over 8,000 apps and plugins that enhance the capabilities of the primary platform.

Installing the proper Shopify plugin will help you: 

  • Improve your search engine ranking.
  • Allow for an effective marketing campaign
  • Efficiently manage your day-to-day store operations.

Simply said, there are several ways to boost sales and profits by adding applications and plugins.

This post will cover 7 methods to up your e-commerce game with the finest Shopify plugins.

Let’s get started!

1. One Click Social Login

It’s no secret that creating an account is one of the most significant pain points for shoppers. 

Why bother filling out all those forms when ‘One Click Social Login’ solves this problem? With One Click Social Login, you can quickly and easily let your customers sign up with popular social networks like

  • Facebook
  • Twitter
  • Google
  • Instagram
  • LinkedIn

One Click Social Login can also provide valuable insights into customer demographics and behaviour, as businesses can see which social media platforms customers use to log in.

2. Wishlist Plus

Who doesn’t love a nice Wishlist?

Everyone wants the convenience of having a list of favourite products easily accessible when you’re ready to purchase. Wishlist Plus is an excellent plugin that makes it super easy for your customers to do just that.

With Wishlist Plus, customers can bookmark their favourite items without even logging in! According to the plugin, this simple widget can increase conversion rates by 20-30%.

3. Free Shipping Bar by Hextom

This plugin shows customers how much more they need to shop to qualify for free shipping. This is in the form of a progress bar and is completely customizable. As customers shop and add items to their cart, the progress bar will update in real-time.

4. Returnly: Returns/Exchanges

Are you tired of dealing with the hassle of returns and exchanges on your Shopify store?

A study reveals that the average return rate is approximately 20-30% for e-commerce.

Using the Returnly plugin, your customers can initiate returns and exchanges directly from their accounts. They would not need to fill out any complicated forms or write emails. The process is intuitive and easy to use, ensuring a positive customer experience. Also, you can customize the return policy according to your store’s needs and even offer store credit or exchange options.

On the backend, Returnly provides store owners with a clear and organized overview of all return requests. This includes tracking information and status updates to efficiently process and manage returns.

5. Upsell & Cross Sell

This plugin gives businesses the power to hand-pick Cross Sell & Upsell recommendations on an individual product basis. This constantly presents customers with appealing and relevant products based on their search, wishlist and purchase history.

But the real magic happens when it’s done in a subtle and non-intrusive way with the Upsell & Cross-Sell plugin. It uses sophisticated algorithms to analyze customers and deliver relevant product recommendations in real time. This can increase the chances of a sale and make the whole process more natural and engaging for the customers and profitable for owners.

6. Socialphotos

Want to boost conversions and build trust on your e-commerce website? Try Socialphotos! It’s the leading solution for using user-generated content (UGC) to show off customer photos and videos on your website. This way, potential customers can see real-life examples of happy customers using your products, making them more likely to purchase. 

Socialphotos makes it easy to display these photos and videos, so you can start seeing results in no time. It’s a powerful tool to help increase conversions while building trust among your customers and website visitors.

7. Plug in SEO

Want more traffic and sales for your store? Look no further than Plug In SEO! This app gives you all the tools you need to boost your search rankings, get more page views, and make customers happy.

With features like

  • speed optimization
  • audit reports
  • broken link fixing

you’ll see an increase in traffic and sales in no time.

Plus, Plug in SEO provides easy-to-follow instructions on solving any SEO problems you may encounter. And with its templating feature, you can easily target specific keywords on your blog and pages. Say goodbye to complicated SEO and hello to more traffic and sales with Plug in SEO!

How can iView Labs help you install the best Shopify plugins?

Finding the right Shopify extensions can be a daunting process. With so many options available, knowing what will work best for your business isn’t easy.

If you’re overwhelmed trying to figure out how to choose and install the right plugins, iView Labs is here to help. We have a team of e-commerce experts to help you craft and optimize a Shopify store with all the bells and whistles. 

IView Labs are dedicated to partnering with SMEs to fulfil their needs and requirements that can deliver a successful Shopify website for any business. With a decade of experience in eCommerce, iView Labs have the right set of skills and experience to help you avoid common mistakes when building your Shopify website. Furthermore, iView Labs provide excellent customer service and after-sales support to ensure that your website functions smoothly.
So if you’re looking for a customized Shopify app for your business, contact us at https://www.iviewlabs.com/talk-to-us. Our team quickly responds to your queries, and if you are interested, we can get started in no time. Visit our website www.iviewlabs.com for more information.

5 things to keep in mind before building a Shopify website

Over 4.4 million websites globally use Shopify as of 2023, making it one of the most popular e-commerce platforms for e-commerce businesses. Whether you’re a first-time business owner who wants to launch an efficient store quickly or an experienced pro looking to expand the reach of their existing website, building a Shopify platform requires thorough planning and strategy development.

This blog post will discuss five things to remember before embarking on your e-commerce journey with Shopify. So you can ensure 100% efficiency and maximum success with your online store!

1. Find a name, theme and target audience for your e-commerce

First things first, select a name for your store – a critical step in building a successful brand. Choose a name that resonates with your target audience. Then add a custom domain to your e-commerce site and guarantee instant audience recognition. By selecting the right name and domain name, you are giving your brand personality and visual appeal, which sets you apart from competitors.

Furthermore, carefully select a theme that relates to your products and is aesthetically pleasing to attract customers. With the number of US digital buyers estimated to reach 285 million in 2025, as per data by Statista, it’s even more important for retailers today to be able to reach buyers through multiple sales channels online.

To reap the benefits of multi-channel retailing for your e-commerce store, choose the top social media and marketplace channels that will work best for you, then add the available sales channels to your store.

2. Optimize photos and videos

Secondly, you must ensure your website is visually appealing. Use high-quality photos and videos to showcase your product. First impressions matter and potential customers should stick around long enough to learn more about your products or services. 

Shopify optimizes images and videos on your website for fast loading since speed is vital for online stores. Not only does it give your users a better experience, but it can also help boost your search engine performance and conversion rates. The platform ensures you get the best of both worlds: fast loading times and great visuals.

3. Easy navigation

Thirdly, your website needs to be easy to navigate. Customers should be able to find what they’re searching for quickly and easily. Use clear and concise labelling for your menus and keep the most important information above the fold.

While navigation techniques may seem like a breeze, there is much more to it than text links. Descriptive titles are incredibly important as your site’s navigation menu needs to give users a clear idea of what content they will access if they click on something. Moreover, navigation should be structured so that users can easily spot the navigation bars and properly understand their hierarchy. 

Finally, having an XML sitemap helps search engine bots index your site’s pages and ensure navigation appears correctly for all users. With this combination of navigation best practices, you’re sure to create an intuitive navigation system for your site!

4. Focus on e-commerce search engine optimization

49% of product searches begin with Google. Therefore, your Shopify website must be optimized for search engine ranking. This means using the right keywords and phrases and creating quality content that will help you rank high in search results.

Shopify helps you to begin with the following strategies built within the platform.

Keyword research is the first step in building effective SEO strategies: choose terms related to your product and optimize them on product descriptions, category descriptions, H1s, URLs, meta titles and file names.

Additionally, ensuring you have schema markup enabled on your website helps search engines find your content better. Then create a sitemap that provides information about your website’s content to Google. Lastly, optimize site speed by choosing more lightweight versions of codecs and minifying elements like JavaScript and CSS.

Finally, don’t forget to promote your website! Spread the word through social media, email marketing, and other channels. The more people who know about your Shopify site, the more likely you will get sales.

5. Providing Multiple Payment Methods

If you want your store to reach a broad range of customers and maximize sales, offering multiple payment options is key. It seems like a small detail, but research shows that 6% of shoppers will abandon their baskets if they cannot make an online payment in their preferred way. Services like Shopify provide multiple payment solutions, including credit cards, debit cards, Amex, and digital wallets such as Apple Pay and Google Pay, Amazon Pay and PayPal. Offering multiple payment methods not only creates trust with consumers but can attract new customers and reduce cart abandonment due to the lack of available payment options.

How can iView Labs be a trusted tech partner for e-commerce businesses?

Whether you are an e-commerce company or a traditional company looking to expand into e-commerce, iView Labs has the skills and experience to help you build the best Shopify website for your business. With their decade-long experience, iView Labs can understand even the most complex challenges for SMEs. Plus, their excellent customer service and after–sales support ensures that your website is always performing at its best.
So if you’re looking for a customized Shopify app to tackle a specific problem, contact us at https://www.iviewlabs.com/talk-to-us. Our team quickly responds to your queries, and if you are interested, we can get started in no time. Visit our website www.iviewlabs.com for more information.

Why is Shopify the ideal platform for building an e-commerce website?

Meera is eagerly waiting for Flipkart’s Big Billion Sale. She hopes to get a good discount on a premium phone she has been eyeing. Besides the phone, Meera’s shopping list includes electronics, beauty products and Diwali gifts for friends and family.  Millions like Meera prefer online shopping, which clearly reflects in sales figures at Flipkart clocking a whopping $5.5B in 8 days of the Indian festive season in 2022.

Yes, e-commerce has transformed how we shop, eat or even travel and the COVID-19 pandemic has demonstrated just how important online retail is. As per research by eMarketer and Statista, online retail sales will hit $6.51 trillion by 2023, with e-commerce websites accounting for 22.3% of total retail sales.

According to statista.com, eCommerce is expected to rise by 50% over the next four years, reaching a staggering $7.4 trillion by 2025. So, if there was ever a time to jump on the eCommerce bandwagon, it is now.

And if you don’t know where to start, Shopify is the perfect platform to launch your e-commerce business. From its simple website builder and easy payment integration to its powerful marketing tools, you’ll have all the features and support you need to build a successful online store. With this blog post, we’ll explain why Shopify is an ideal choice for anyone looking to break into the lucrative world of e-commerce.

What should a good e-commerce website consist of?

When creating a website, it is critical to optimize it so that your clients get the greatest online buying experience possible. Your website is your company’s online home and a primary spot to lead your target audience. Therefore it has to be on point, on-trend, and up-to-date with all the newest eCommerce capabilities. Some vital features that any eCommerce website should include:

  • A responsive web design that fits both in the browser and mobile environment
  • User-Friendly Navigation
  • Multiple Security Features to protect sensitive customer data
  • Offer Multiple Payment Options
  • Display high-quality photos and videos because that is all you have to catch customers’ attention.

What is Shopify, and what are its features?

Shopify is an e-commerce platform you can use to build an online store. Shopify is the perfect option for entrepreneurs and business owners who want to get their online store up and running quickly. Shopify is incredibly easy to use, even for people without coding experience. Hence ideal for beginners.

  • Shopify runs over a million online shops across 175 countries.
  • Shopify has around 2.1 million active daily users.
  • Shopify has handled over a billion orders.

Shopify can be used both online and in person, with a point-of-sale app, giving you all the tools you need to make your e-commerce dreams a reality. Shopify costs $5 per month with the Starter plan and $29 per month with the Basic Shopify plan. More advanced Shopify plans are available too.

Top 5 benefits of using Shopify to build your e-commerce website

With Shopify, you gain access to a comprehensive suite of sales tools, marketing automation platforms and innovative customization options – perfect for building a fully functional online store. Key advantages include:

  1. Quick & easy to set up & use: Shopify helps launch an online store quickly without the hassles of servers and development costs. The platform offers a neat, intuitive and user-friendly admin panel which is an owner’s delight. Best part! You don’t need to know any coding to launch a basic Shopify store. Shopify takes care of all software and hosting.
  2. Secure & reliable: E-commerce websites require secure handling of sensitive customer information, including credit card details. With a hosted solution like Shopify, users get lightning fast page loads, unmatched security, and regular updates to ensure the best shopping experience for users.
  3. Mobile responsive: Most website visits are from mobile phones, so having a mobile-optimized site is key. Shopify’s mobile responsive themes include a free built-in mobile commerce shopping cart. Thus, your store is easily accessible through smartphones and provides an enjoyable shopping experience.
  4. SEO & Marketing tools: With Shopify, you can access super-effective SEO and marketing tools that will give your website visibility. SEO features make sure customers can easily find you in search results. At the same time, advanced analytics tell you exactly where visitors are coming from – allowing you to craft marketing strategies perfectly tailored to each.
  5. Own payment gateway: Shopify offers dozens of payment gateways, but they also provide their payment service powered by Stripe. It doesn’t require a merchant account and has zero transaction fees – plus, you’ll get the bonus of lower credit card fees.

Build your dream website with iView Labs

Hence it is clear that Shopify seems to be the obvious choice for building your e-commerce website. However, there are a few things you must do before you can set up your Shopify account. 

This comprises your business concept, name, things to offer, logo, and even product photos. Before you begin, you must also have high-quality, optimized product photos. Next is to create your Shopify account, Add products, Add pages to your site, set up a payment gateway, tax profiles and so on. One option is you go ahead and DIY.

However, if all this is too overwhelming for you, iView Labs has covered you. iView Labs has been assisting start-ups and SMEs successfully launch their e-commerce businesses. With over a decade’s experience, iView Labs is an expert in Shopify app development. We create high-quality e-commerce apps designed to meet various needs, using either waterfall or agile development methodology or Rapid Application Development (RAD).
So if you’re looking for a customized Shopify app to tackle a specific problem, contact us at https://www.iviewlabs.com/talk-to-us. Our team quickly responds to your queries, and if you are interested, we can get started in no time. Visit our website www.iviewlabs.com for more information.

Why and How to transform your traditional business into a tech-driven one

As Winston Churchill said, “we should never waste a good crisis.” The biggest positive of the COVID-19 pandemic is that it has pushed us to rethink our potential and ensure that we prepare ourselves for future challenges. The pandemic kept us indoors for almost a year. There was a sudden mushrooming of apps providing a range of services. Digitization practically saved us during the crisis. Some businesses lapped up the technology and others who were slow to respond perished.

Crisis or no crisis, it is certain that technology is fast advancing, and organizations that do not adapt risk becoming obsolete. If you’re looking to stay ahead of the curve, now is the time to ramp up technology in your business. This blog post will outline why and how to build a tech team that transforms your business.

Why is digital transformation a necessity?

With the advent of new digital technologies, customers increasingly expect businesses to offer digital solutions and services. At the same time, new digital competitors are emerging, offering innovative digital solutions that can quickly capture market share. To stay competitive, businesses must embrace digital transformation and adopt new technologies and solutions.

Some of the benefits are:

  • Changes the Customer Experience
  • offers data-driven insights
  • Encourages teamwork and improves employee satisfaction
  • Improve agility and innovation.
  • Encourages a digital culture
  • Improve skill set and knowledge
  • Process and operations are streamlined

The advantages are many, and the time to act is now!

How to achieve digital transition?

Some companies are starting to see a real impact from their tech transformations. In a McKinsey study, around 50% of surveyed companies reported a moderate to significant impact on realizing new revenue streams, almost 70% reported an impact on increasing existing revenue streams, and 76% reported an effect on reducing costs.

Tech transformations, nonetheless, remain notoriously difficult and complex. Commercially, businesses are seeking the most effective methods to integrate digital into their operations. Among these methods are:

Creating a new digital business model: Customers now expect a tailored and seamless experience from the businesses they patronize. Hence, rethinking a business model is the cornerstone of the digital transformation of your business.

Implement personalization without impacting privacy: Personalisation has become essential for businesses that want to create a lasting connection with their customers. By tailoring communications to individual consumers’ specific needs and interests, businesses can create a more personal, engaging customer experience that builds loyalty and strengthens relationships.

Having said that, the most crucial aspect of digital transformation is building the right tech team.

Digital transformation is about talent, not technology

Harvard Business Review maintains that contrary to general opinion, digital transformation is less about technology and more about people. You can buy almost any technology, but your capacity to adapt to an even more digital future depends on cultivating the next generation of talents, bridging the talent supply-demand gap, and future-proofing your and others’ potential.

Focus on employee onboarding: As businesses increasingly move towards a tech-driven model, it is essential to focus on employee onboarding and training. After all, the transition will be significantly easier if your employees are equipped to handle the new technology. 

Fortunately, there are several ways in which companies can accelerate digital innovation.

a. Prioritizing institutional knowledge for balance

In order to accelerate digital innovation, companies should prioritize institutional knowledge and find tech talent to integrate with legacy employees with domain expertise. New tech talent brings fresh ideas and perspectives that can help solve problems in new and unique ways. However, they may not have the same deep understanding of the company’s core business and processes that more experienced employees have. Bringing them together will build a tech team perfect for growth.

b. Go beyond the three ‘D’s of digital roles and skill sets

Beyond the designers, developers, and data scientists that everyone is vying for today, it may be clever to consider what new professions may arise as digital disruptors. Perhaps you’ll need an AI specialist in your Operations soon; if so, the time to start planning is now.

c.  A resilient future-proof workforce 

Once you’ve identified the skills and roles, build a tech team that will typically include internal people, external hires, partners, and freelancers. Empower your employees with continuous digital learning programmes, job mobility, and skill grafting to equip themselves and play their part in transforming your organization.

d. Balancing AI with tech talent

To fully keep up with the flood of AI-based applications and innovation opportunities, you must immediately create a balance between machines and people. This entails challenging decisions about reskilling, moulding talent, and ensuring your staff is the right size.

How can iView Labs assist you in building a tech-driven business?

iView Labs can serve as your potential tech partner to help transition your business into a tech-driven one. As the business world iView Labs understands the importance of being technology savvy and up to date with the latest tools and trends. iView Labs can also help you build a tech team within your company. iView Labs has a decade of experience helping SMEs transition into tech-driven businesses. We also assist CTOs in building remote development teams.
To learn more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How non-tech founders can build great technology companies

If you’re a founder from a non-tech background, you may feel disadvantaged when building a technology company. You may need to figure out where or how to start. But with the right advice and resources, you can overcome these challenges and create a successful tech company. In this blog post, we’ll discuss some tips for non-tech founders and helpful resources that will guide you through the process. So don’t worry – you got this! Just follow these simple steps, and you’ll be on your way to success.

Building a product/service without understanding of the underlying tech can be tricky. You may face some challenges like:

Hiring a technical team

Building a tech team is the most challenging part of setting up a startup. You need to find tech talent that is suitable for your business needs. Sourcing, engaging, and hiring tech talent takes a lot of time. If you are looking to hire developers, you need to figure out the entire development pipeline. Assigning them roles and responsibilities can be challenging if you don’t know the tech. 

To overcome this, non-tech founders can benefit from the expertise of a reliable pre-assembled plug-and-play tech team. Instead of worrying about recruitment or team leadership, you can focus on developing your product or service.

Finding a co-founder with a tech background

While having a co-founder with the tech expertise is not mandatory, they can help build a tech team. They can also be critical players in business-related activities such as networking, pitching to investors, presenting your products at conferences, and gathering user feedback.

Many benefits come with finding such a co-founder. But recruiting a technical co-founder can be challenging too. Many non-technical startup founders need help figuring out where to start looking for such experts.

Solution?

Outsourcing with an external tech company means that you’ll be benefiting from the technical expertise of teams that may be located all over the world. This helps broaden your search and find people excited about your product. Plus, you can always leave the door open for bringing a tech co-founder on board when the time is right.

Non-tech founders have succeeded and how!

Wonder if you can succeed as a non-tech founder? There are plenty if you are looking for some inspiration. Founders with no education or work experience in the technology space have gone on to become successful entrepreneurs.

Brian Chemsky is one such name. He and co-founder Joe Gebbia famously built the 100 billion dollar business Airbnb without an iota of coding skills. The duo were industrial design/graphics design graduates from Rhode Island University. Today, Airbnb is over six million rooms strong in over 81,000 cities globally as of 2020. 

For another non-tech entrepreneur, the journey began in 2012. Falguni Nayar, the founder of the Indian online cosmetic marketplace Nykaa, was a banker for two decades before dipping her toes into entrepreneurship at age 55! Nykaa specializes in multi-beauty and personal care products. Today, the e-commerce giant is valued at approximately $13 billion after its recent listing on India’s National Stock Exchange.

Similarly, Alexis Ohanian, a non-technical entrepreneur, co-founded Reddit. As a prominent news aggregator, Reddit receives over 1 billion page views per month and can convert a news topic into a viral hit. Ohanian co-founded Reddit with co-founder Steve Huffman after graduating from the University of Virginia in 2005 with degrees in commerce and history.

We could go on and on. But the bottomline is, if they can do it, so can you. Let’s see how. Start by building a solid tech team.

How can you build a strong tech team?

Finding tech talent is difficult for many CEOs. After all, even if you know your business well, it might be tough to discern if the person you hire can truly accomplish what is required of him/her. According to a McKinsey survey, 61% of HR professionals believe building a tech team is the most challenging for them in the years ahead.

Regardless of the daunting hurdles in finding tech talent, established organizations can only expect to survive in the digital era if they are technologically strong. As a result, IT talent should be the CEO’s top focus.

Here are a few tips that will go a long way if you want to build a tech team as a non-technical founder/entrepreneur.

Multi-pronged approach

Filling your tech-talent demands is becoming a multidimensional competition. Companies must spend concurrently throughout the “hire to retire” life cycle.

This begins with creating a digital-talent engine; a dedicated team is tasked with managing the whole employee experience, from hiring and onboarding to generating new career pathways and continually upgrading capabilities.

Bridge the talent gap

Do your employees have the skill required to fulfill your business needs? Analyze the skill gaps of your employees periodically and develop training sessions to refresh their existing talent or upskill them.

Focus on candidate experiences

To find the perfect tech talent, a more effective approach is to focus on the candidate’s experience. You need to improve the virtual candidate experience since 70% of companies in a recent survey said their recruiting and onboarding was at least half virtual. Some ways of doing that include the following:

  • Tech talent want to meet other technologists, so ensure that engineers and other relevant roles are part of your interview team. 
  • Promising applicants are ambitious and have a wide range of possibilities. Create an interview and evaluation strategy that can result in a decision in as little as one day.
  • Because IT talent isn’t only going to job boards, be active in non-traditional channels like hackathons, open-source channels, and skill-specific curated sites. 

iView Labs as a talent partner

iView Labs can be a potential partner that helps businesses find tech talent. We have a team of experts who know how to find the best tech talent. This way, businesses can focus on building their product or service and not worry about the nitty-gritty of hiring. iView Labs is a reliable partner that you can trust to build a tech team for your business.To learn more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How and Where to find the most suitable tech talent for your business

A competent tech team plays a vital role in keeping the gears of any organization running smoothly. From system design to creating system architectures, code and workflows to troubleshooting issues with operating systems, networks, databases, hardware and software, tech talent or their lack can make or break a business. 

So the question most of us face as entrepreneurs is how do we as business tackle challenges related to talent shortages. 

In a maze of job portals, social media, and online forums, where do you start?

Read on for tips and tricks to help founders and entrepreneurs find suitable tech talent.

1. Understand the Position You Need to Fill

The first step towards finding the right talent is understanding your own need for talent. 

Long term vs short term Need, Specialised or Just getting the work done, Part time or full time, On Premise or Remote. Having a better clarity on the nature of the job and a working style for this role which is mutually beneficial for you and your business can really help to fill the position and get the necessary work done. 

If you have a long-term need for an expert with specialization, it can be worth going through a rigorous recruitment process. But if you have a specific short term need for project-based work, it can be worth looking into hiring an agency or a Gig Worker. Small agencies and Gig workers can often help with out-of-the-ordinary situations:

  • Short-term projects or development “sprints.”
  • Projects requiring a limited number of hours
  • Cybersecurity emergency
  • Troubleshooting apps or software

 However, suppose you need specialists who understand your business and can provide consistent support for your tech development, processes, apps, and products. In that case, it’s far better to have a full-time tech team, whether that’s in-house staff or a hired consulting firm.

2. Know the Ideal Candidate 

When looking to find talent and build a tech team, it’s important to first understand what you’re looking for. Who is your ideal candidate? What kind of skills and experience are you hoping for? Knowing the particular skill sets and experience required for the position will help you rapidly sift out unqualified applications, allowing you to focus on those who are worth your time.

Once you have a clear idea of your ideal candidate, you can start to craft your candidate persona. Consider market demographics when doing this. For example, if you want to find tech talent, remember that almost half of all tech candidates are under 35. This information can help you adapt your candidate persona to find tech talent that matches your needs.

 3. Figure Out What Your Ideal Candidate Wants

It’s not just you who chooses your ideal candidate. Your ideal candidate should choose you too. The current workforce is spoiled for choices. They will choose the opportunity that best suits them. Hence, to find the right tech talent, you must know what they want.

According to surveys from LinkedIn and Glassdoor, these are some of the factors that IT job seekers identified as most important:

Benefits – 63%

Salary – 67%

Company Culture – 60%

Location – 59%

Work/Life Balance – 29%

Consider what makes your ideal candidates tick. Include that in your job description.

4. Look at the right places

Even with the perfect job description, you won’t get any leads if qualified tech professionals don’t see your posts. You need to know where to find the best tech talent. 

Job portals like Indeed and Monster may be good for getting resumes. But most of the qualified tech talent gets hired through strong personal networks. To find the crème de la crème, go to where you know the tech community spends its time. Like: 

  • Industry websites (GitHub, Stack Overflow, etc.) 
  • Online forums 
  • Local technology events 

People hanging out on these platforms are the ones serious about technology. Go hire them! 

5. Work with a tech talent company

Of course, building a tech team doesn’t necessarily mean making a permanent hire. It merely means finding tech talent to complete a task. Sometimes, the easiest way to fill employment gaps is by using the services of a tech staffing company. An IT staffing company saves you from a complicated hiring process.

One such trusted solution provider to find tech talent is iView.

With iView, you can build a tech team quickly without any research, job postings, or scouring hundreds of applications. iView presents flexible solutions where you can choose the number of tech people you need and their duration. Thus, you can easily scale up or scale down your workforce as needed. You can now be more flexible with your projects and save time and money hiring unnecessary full-time employees.

So, if you’re struggling to find tech talent to manage your projects, trust the experts at iView to build a tech team for you. We have rich experience and can help you get the qualified professionals you need to complete any IT project.

Footnote:

At iView Labs, we offer technical team talent on demand to supplement or add to businesses’ current capacity and meet your needs for technical development. In accordance with the talents required by the business, we match, build, manage, and operate their technical teams for a more sustainable functioning. This broadly fits with the core principle of the digitisation movement, in which technology should ease your life and allow free creative minds to reach new heights. Rest assured that our team will continue to put our best foot forward to deliver astounding results. Want us to become a part of your growth journey? Get in touch today.To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, just write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

Is working with a remote tech team for long sustainable? Here’s why most companies are adopting the remote model.

A survey by Owl labs reveals 59% of employees would be more likely to choose an employer who offered remote work compared to those who didn’t. So, perhaps the question of ‘whether remote-work is sustainable’ is rather misplaced and should fact me ‘how can you establish a sustainable remote-work model in your organisation?

While several businesses have transitioned into a remote or hybrid setup, business managers need to be aware of a few caveats this move bears. But once these challenges are addressed, the business impact of embracing remote work can be astounding. We have already discussed why having a remote workforce makes good business sense. 

But, long-term success requires a planned approach and a sustained effort to transform the organisational culture.

But if it’s so much effort,  why are businesses adopting remote working in the first place? Think of less office workspace, fewer rentals, less commuting, fewer trips, higher productivity and greater employee focus- when you look at the perks and incentives for both employees and employers, remote work starts seeming more effortless than an office setup with full strength. 

So, how can businesses make remote work sustainable

By enabling employees to work from different cities around the world and change their compensation accordingly, remote setup can save larger organisations millions of dollars. The only need is that businesses make their initial investment in establishing the right processes in place. 

Let’s go through some solutions that can help us face the special challenges of remote working and make it healthy and sustainable for the long run:

Plan it: Of course, the success of remote work depends on having a solid plan. The move to a remote setup requires close collaboration with other organisational executives, feedback from the team on the goals, and provision of the necessary equipment.  Establish processes, methodologies, and protocols to be followed for all day-to-day operations so that everyone who joins your projects is aware of the entire modus-operandi and can do their bit as desired. 

Build the right digital infrastructure: Remember that providing the appropriate tools is perhaps the most crucial step in guaranteeing the successful operation of a remote model for any firm. In order for smoother collaboration, you might need to invest in the right software that can allow teams spread across geographies to communicate and collaborate effectively. Integrated tools that can easily be accessed  Businesses can use various solutions managed by professionals like iView Labs that can guide their operations in the proper direction. 

Master the hiring and training process: Working remotely is no exception to enhancing employee performance through learning and skill development. There are several ways to set up and manage remote training depending on the needs of a business, and the procedure works differently for different organisations. Making all training programmes accessible while maintaining their engagement is a great place to start.

A remote recruitment service can look for specialised abilities and experience matching an organisation in time-friendly countries. You can consider having a reliable recruitment partner to manage your remote workforce needs. This will help businesses master their onboarding and training process. Remote recruiters increase the talent pool by looking for prospects everywhere. 

Take care of employees: Remote work raises stress levels by disrupting work-life balance or escalating friction between work and personal life, according to a study. Many studies have shown that people who work remotely often struggle with overworking, increasing their labour hours. So you need to ensure that you touch base with your employees regularly, understand their challenges and find ways to address them on a continuous basis. 

Remote work is not just sustainable for your business but also for the environment

Lockdown memories of rush-hour silence, and fading haze at dawn during the pandemic support the notion that remote working intrinsically benefits the environment. Consider commuting: transportation is the biggest source of greenhouse gas emissions. 

Eliminating millions of people’s daily commutes and replacing them with WFH policies appears to be a simple climate win. Reduced foot traffic in large corporate buildings can cut paper, furniture, and food waste. As a result, WFH may have a net positive impact on waste management techniques. 

Furthermore, organisations can simultaneously increase employee productivity while reaching sustainability objectives by implementing sustainability policies that provide co-benefits (such as financial and environmental rewards).

Remote working is more likely to stay than not and will become an even more important part of how we operate in the future. Businesses should begin preparing for this “return to the new normal” as soon as possible.

[Footnote] 

At iView Labs, we offer technical team talent on demand to supplement or add to businesses’ current capacity and meet their needs for technical development. In accordance with the talents required by the business, we match, build, manage, and operate their technical teams for a more sustainable functioning. This broadly fits with the core principle of the digitisation movement, in which technology should ease your life and allow free creative minds to reach new heights. Rest assured that our team will continue to put our best foot forward to deliver astounding results. Want us to become a part of your growth journey? Get in touch today.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, just write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

Why Every Finance Institution Has to Be a Fintech Institution

“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.” 

~ Chris Skinner

A study conducted by the American Bank Chase highlighted that 4 out of 5 customers prefer managing their money using a smartphone instead of going to an actual physical bank. As modern technologies, ideas and inventions shape the field of finance, the financial institutions that continue to resist this inevitable force are sure to get swept away. Advancements such as artificial intelligence (AI), blockchain and the Internet of Things (IoT), mixed with an extremely volatile market and ever-changing customer demands, all play a critical role in redefining the services provided by financial enterprises. 

Fintech symbolizes the harmony between finance and technology that is changing the way we transact everyday. Fintech app development and fintech mobile platforms have become globally trending topics. As customer expectations increasingly hover around technology-led services, any bank, insurer or asset management organization looking to stay relevant and thrive in the market needs to become a fintech institution. 

Fintech Application Development

Finance companies aiming to compete in a highly digitized environment need to promptly develop and integrate fintech applications into their line of services. The ability to leverage devices such as laptops, tablets or smartphones to perform financial tasks and transactions has immensely shaped the modern user experience of the finance industry. 

A research conducted by Finder.com predicts that approximately 78% of the United States millennial population will become digital banking users by the end of 2022. Furthermore, a study published by The Fintech Times suggests that the mobile contactless payment market will rise by 40% to reach a staggering $3.516 trillion by 2023, further increasing to $4.6 trillion by 2025. These numbers strongly suggest that fintech mobile app development should be at the forefront of every finance institution.

Fintech applications can refer to a wide range of products; banking applications that allow money transfers and bill payments, stock trading platforms, loan apps and even applications with an integrated payment gateway system are all fintech subdomains. The cost of developing a basic fintech application with a simple user interface generally ranges between $30,000 to $50,000, a potential bargain given the limitless heights this industry is expected to reach.  

Starting a Fintech Application Development Company

In our post-pandemic era, the fintech market continues to grow year-on-year as digital money management, transfer and payment options gain greater relevance. According to a recently published Promontory Interfinancial Network survey, 76% of 543 senior management professionals in traditional banks fear the emergence and widespread acceptance of financial platforms such as Apple Pay, PayPal and Venmo. With the global economy embracing the wonders of fintech, now would be the ideal time to enter this blooming industry.

When you start your fintech company or begin developing an application fit for the fintech economy, there are a few integral steps that you have to adhere to.

  • Study Rules and Regulations: The fintech industry is heavily regulated by a number of complex laws, limitations and requirements. Being a part of this economy requires you to be well versed in privacy laws such as GDPR, the ePrivacy regulation and CCPA according to the state or country that you wish to provide your services in. In the modern fintech industry, there are a number of compliance practices such as PCI DSS (Payment Card Industry Data Security Standard), AML compliance (anti-money laundering), KYC compliance (know your customer) and digital signature certificate that need to be considered as well.
  • Discover Your Niche: The fintech economy consists of a plethora of subdomains ranging from cryptocurrencies and blockchain solutions all the way to simpler personal finance apps. Choosing the correct niche according to the audience you wish to target can be the optimal strategy in finding success in this industry.
  • Choose the Appropriate Tech Stack: After you decide on the type of service you wish to provide, the next integral step is choosing the appropriate tech stack to get you started. Deciding upon the programming languages, frameworks and databases heavily dictates the overall cost and time required for development.
  • Embrace Modern Advancements: AI is tipped to power 95% of all customer experiences in the next decade. Similarly, blockchain business value is expected to surge to over $3.1 trillion by 2030. Embracing these wonderful technological marvels is integral to fintech companies looking to leave a permanent mark in the industry. The future of fintech lies within these advancements.
  • Provide Personalized Services: The fintech market is largely dominated by software powerhouses such as Microsoft, Stripe, Paypal and Venmo. In order to succeed amidst this competition, personalized services to your audience can become a competitive edge. Newer companies such as Mint and Robinhood have focused on carefully crafted experiences and convenient applications for their target audiences in order to gain relevance in the industry.
  • Ensure Optimal Security: Security is the single most necessary feature for a fintech application. Since these platforms deal with large sums of money, customers expect their transactions to be fully secure. Aspects such as data protection and safety can be ensured by utilizing encryption techniques and cloud services.
  • Look to Constantly Improve: To initially test the waters, it can be a smart idea to develop and deploy your minimum viable product (MVP). This basic version of your app can be used to gather public feedback and recommendations. Constantly improving upon this basic product can yield immense benefits.

Key Takeaways

The future of finance is predominantly governed by technology. As modern advancements sweep across the finance industry, embracing this inevitable change is the only way to stay competitive. Transitioning from legacy systems to sophisticated technology-enabled fintech companies is critical for every finance institution. 

With smartphones, laptops and tablets taking over all age segments, developing fintech applications and fintech mobile platforms has become a necessity. Customers demand increasingly fluent digital experiences and catering to these demands is the only way to remain relevant. Ultimately, this technological boom in the finance economy can provide immense opportunities for enterprises aiming to leave a mark, but those who continue to ignore this change are the ones to surely be left behind.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

RPA is the key to Fintech Industry growth

Introduction:

The fintech sector is observing a rapid change with the expansion and maturity of computer processing capabilities. Now information technology can provide advanced software that can perform human-like tasks. To mitigate the scarcity of skilled resources and boost efficiency at minimal cost, the banking, financial services, and insurance (BFSI) organizations are now ready to adopt the latest offering of the automation technology – the Robotic Process Automation (RPA).

As per the global fintech giants, RPA is the convenient choice and mandatory for the industry to take a competitive advantage. As claimed by Gartner, in 2022, the estimated market value of the RPA solution is $2.4 billion, which was $250 million in 2016. And it is forecasted to grow at a CAGR of 33.6% from 2020 to 2027.

What is RPA in banking, and how does it work?

Robotic Process Automation is an automated software that is used for automating different repetitive process flows within the company. In the banking and fintech sector, this specialized software is used to perform recurring, rule-based, and high-volume tasks. 

In the fintech and banking industry, RPA follows a predetermined workflow that provides a guideline to the software robot on what steps to follow precisely. This software understands the proper keystrokes, follows the provided roadmap, and runs the required programs automatically to perform necessary tasks. Several banks and other financial institutions currently utilize RPA in customer KYC, account opening, processing client requests, and other repetitive tasks.

Benefits of RPA in the fintech industry:

There are several reasons behind the success of Robotic Process Automation in the fintech industry.

Comprehensive Insights:

Organizations can get detailed insights into their customers’ needs and the market influencing factor when implementing RPA. These insights are imperative to mark significant growth in this competitive environment.

With the introduction of RPA in business, companies are observing more customer onboarding. This is because there is more time to focus on business development and create attractive and much-needed products and services. Apart from this, RPA is efficient in providing the detailed report of competitors after performing in depth analysis. This can provide you a competitive advantage and through data representation in customized format ease the decision-making process.

Reduced Costs:

Fintech companies are processing vast amounts of bills and invoices every month. A well-programmed RPA can help you save a lot of time and money by automating the invoicing process. Moreover, there is significantly less chance of error compared to humans. Moreover, if taught smartly, these software robots can fill up forms and extract from several banking and financial systems and prepare a financial report in no time.

These all automation are a great money saver for your business. According to studies, implementing RPA in the fintech sector can save 25-50% processing time and cost. Now every sector is striving for higher profit margin and in Fintech, this pressure is more. Financial institutions can generate sustainable profit and mark significant cost reduction through automating maximum processes.

Higher Productivity:

If you want your resources to be more productive and innovative, you need to take them out of the monotonous and repetitive tasks. And the best way is to introduce RPA to perform such activities. You can thus utilize their skills to develop new strategies, foster agile development, and more. These activities not only help to increase their productivity but also encourage them to think out of the box.

Better Compliance:

Banking, financial services, and insurance (BFSI) organizations are set to operate within the guidelines and regulations. Meeting the compliances is a daunting task for businesses, but it is mandatory. A slight misalignment and compliance issue may cause massive damage to the organization.

RPA is a perfect tool for maintaining strict regulations and guidelines. To reduce the business risks, you can perform audit trials of every process through RPA. Moreover, there is no space for errors when the checking is performed by smart software. Even the advanced RPA software can detect fraudulent activities and deactivate the malicious accounts to avoid bad debts. This ensures the enhanced security of customers’ financial and personal data.

RPA Archetypes to transform Fintech Automation:

  •  Robots for verification and validation: Information verification and data validation are important tasks for any financial organization. And a slight mistake can lead to major problems. This automated software can perform real-time authentication and verification processes for external and internal systems. These activities are vital in KYC verification, Customer Due Diligence, and other processes. Such automation can quickly transform error-prone operations into a smoothly running activity.
  • System interoperability robots: As the technology is changing every day, it is imperative to adopt the latest one to stay in the competition. In the way forward, the crucial part is to integrate the legacy systems with the advanced, and a lot of data migration takes place. Integrating (RPA) robotic process automation tools can bridge the gaps and perform the cumbersome data migration task without any error.
  • Scheduled robots: There are several banking events that operate until a particular event occurs. The scheduled automation robots are hardcoded and delivered when it is required. In this way, you won’t miss any deadline or can resolve any issue in a big rush.
  • Data input robots: This type of automation can synchronize the data without much time and labor. RPAs can perform human-like activities in data management like system login, searching the data, copying and inserting the records in the perfect place in an error-free manner. It improves productivity and saves a lot of recurring costs for the business.

Parting thoughts:

The fintech sector is facing tremendous pressure to improve its process, boost its efficiency, and cut down its operational expenses to improve the profit margin. Implementing Robotic Process Automation is the only way to make this sector future-ready.

Many financial institutions have already implemented this intelligent automation as these are quick solution providers, easy to implement, and cost-efficient compared to large-scale transformations. If properly implemented, RPAs can offer huge benefits, and this is the call of time for the banks, fintech, and other financial entities to adopt RPA into their solutions.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.