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.

Let’s talk about the challenges you might face working remotely (and how to address them)

Without a doubt, working remotely has become a norm in the post-pandemic era. There is no dreadful commute; no supervisors or co-workers are looking over your shoulder, and there is no need to get up early to be ready for work. [Add Business leader perspective here– how remote work helps in cost-savings, happier employees etc. Also, working from home is amazing!

But everything nice comes at a cost. While remote work is becoming more common, there are still challenges, especially if you have a team of employees working remotely. 

As per a United Nations Labour Organization report, employees who work outside the typical office are more productive, but they are also more likely to work longer hours at a faster pace, experience work-home interference, and, in some cases, experience higher levels of stress. 

Working remotely, whether from home or another location, can be isolating, lead to ineffective time management, and present technical difficulties. So today, we have highlighted some of the challenging aspects of managing a WFH team along with solutions. 

Your tech trips you up

Office technology is usually speedy and of high quality. Without active IT support, high-end equipment, and a reliable internet connection, one may frequently encounter problems at work. Similarly, if your team collaborates on projects and uses specific tools, you should ensure all your team members have access to those same tools.

How to address this?

Although it might seem like a minor problem, many remote employees have tried and failed to work from places where phone coverage and internet speeds are inadequate for the task. The most important step is to invest in high-quality technology, especially crucial office equipment like a strong router, extenders, and power backup. Employers can allocate a separate budget to ensure a seamless office-grade tech infrastructure at home for employees.  

Team communication is patchy

Video calls are an effective strategy for one-to-one communication, although technical challenges and outages may leave employees in the dark. When the intended message is not successfully communicated across the team, miscommunication can occur. Remote teams that rely mostly on emails and chats are particularly prone to this issue. 

How can this be addressed?

Using an efficient process can help in creating an efficient, error-free communication pathway. For instance, using channels on Slack for tech support and social media where employees can share ideas/report complaints that they might be facing at home. Moreover, using available communication channels, including voice calls, video meetings, emails and chats, can make the whole process more efficient. Use grammatical checks, for instance, before sending an email to prevent mistakes that can obstruct communication. A smart idea would be to choose the appropriate channel for a given situation.

As we discussed earlier, getting the right tools is crucial. Your business should choose which tools to employ based on your employee strength, frequency of communication and work culture.   in addition to Skype, Slack, and Zoom, to make these alternate work arrangements successful. For instance, employees could use an internal messenger for direct communication. Ensure not to use too many tools as that can lead to scattered communication. Having an integrated communication tool helps – so whether you are broadcasting a message to everyone or want to discretely assign tasks to specific teams or people – you should be able to do so with one tool. Also, ensure this tool has an easy UI and can be operated from mobile- as that’s the most preferred device for quick communication these days.  

Lack of a balanced work-life schedule 

According to a study, telework elevates stress levels by disturbing work-life balance or increasing work-life conflict. Additionally, research demonstrates that those who work remotely frequently engage in overworking, which leads to an increase in working hours.

How can we address this?

With over a gazillion tools at disposal, employers can ensure that their WFH staff isn’t overworked through proper micromanagement and planning. Setting targets for employees at the beginning of the day through team meetings can help them plan their day better. Moreover, tools such as ASANA can help track the team’s daily activities, which can keep the staff motivated.

For employees they need to ensure that try to stick to a schedule. They have several alternatives for planning their daytime schedule. Furthermore, taking pauses as needed may be an excellent way to unwind. Setting reminders to step away from the desk is one method for achieving this.

Lack of leadership approachability

When working remotely, employees frequently feel a little lost because they cannot stroll over to a senior’s desk and ask for assistance. Team members can interact with paperwork, items, projects, and each other without any practical restrictions when they are in the same office. 

However, since there is no physical presence, it can be difficult to follow individual efforts, and communication can be more difficult, especially for large teams and complex projects.

How do we handle this?

Effective communication is the first thing you need for distant collaboration. Email is simply inadequate for communicating with a remote workforce. You require an immediate, responsive, and flexible solution. Employers can have virtual meetings and group discussions where they can bring up the issues they face. Moreover, mentoring and reverse-mentoring (senior employees learn from the younger staff) to ensure the team remain coherent. 

Moreover, employees can calendarize feedback loops that will help ensure you understand the issues and real-life challenges in existing processes so that they can be addressed in the long run

Thankfully, there are tools available for practically every challenge a remote team manager might face. You will mostly require project management software to assign tasks and track progress. To this, there are a number of alternatives.

How Can iView Labs Help?

At iView Labs, we’re firmly convinced that technology, if leveraged well and when clubbed with well-thought processes,  can provide a smooth remote working environment for both employees and businesses. 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 an active, engaged and sustainable remote workforce. 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.

Top 3 Reasons Why Enterprises Need Zero Trust Security Model

Data breaches are becoming more pervasive every day and so must our understanding of modern day cyber-attacks. According to Gartner insights, businesses have spent more than $123 billion on security in 2020 and now projected to $170.4 billion by 2022.

Due to the accelerating number of cyberattacks, every organization needs a robust mechanism for a risk-free digital ecosystem. Zero trust security model can help businesses to create the most secure environment while mitigating the risk of any security breach.

Let’s discuss zero trust security model in detail and learn why enterprises should implement zero trust security model without any further delay.

How do you define Zero Trust security and why do you need it?

Zero trust security refers to a security approach where enterprises shouldn’t by default trust any device or individual without proper verification. You can get the highest level of security and mitigate the risk of a data breach or unauthorized access by deploying zero trust architecture.

Traditionally, many businesses used to protect their valuable resources with the help of perimeter security strategies and using firewalls and other network-based tools to inspect and validate users going into and out of the network. However, transforming to hybrid cloud infrastructure and digital transformation are changing the way industries do business now.

Many organizations are now working with several security solutions and tools with poor integration. And due to this, security facilities are dedicating a longer time to manual activities. Zero trust addresses the security needs of this data-driven hybrid cloud environment providing organizations with adaptive and continuous protection for users, data, and assets, and the ability to manage threats proactively. Applying a zero trust framework, you can produce several corollary benefits, such as:

  • Improved network performance due to reduced traffic on subnets
  • Enhanced ability to address network errors
  • Streamlined logging and monitoring process due to the granularity
  • Rapid breach detection times

What are the Components and Business Benefits of Zero Trust Security Model?

The Zero Trust security model includes

  • Zero Trust architecture (ZTA),
  • Zero Trust Network Access (ZTNA), and
  • Zero Trust Edge (ZTE).

Here are some proven benefits of zero trust security model that you should know about: 

Secures Business Information and Brand Name: Are you aware of the reputational damage that businesses across the world suffer when sensitive business data gets leaked?

Hackers are always trying to expose, infiltrate, and profit from sensitive information through malware, sophisticated social engineering techniques, or third party supply chain cyber attacks. According to research, 93% of successful data breaches occur in less than one minute and 80% of businesses take weeks to realize a breach happened. 

An efficient Zero Trust Security Model allows only authorized and authenticated individuals and devices to access applications and resources. This model also helps to mitigate data breaches, avoiding many negative consequences.

Ensures Greater Transparency: You can get greater visibility with the help of Zero Trust by securing all information and computing sources. You also can gain access to specific resources through a robust authentication process. This will help always keep track of who can access your business’s network.

Safeguards Remote Workforce

According to a survey, around 73% of IT professionals are concerned that the distributed workforce has eventually introduced new vulnerabilities due to the sudden shift to the remote working ecosystem. Identity can be linked to applications, users, and devices for seeking access, and augmenting security with the help of Zero Trust Security Model.

Wrapping it up

It’s time to make cybersecurity a priority, and businesses and governments must be proactive in adopting zero trust to confidently provide a cyber-secure future to customers, partners, employees, and citizens. It is imperative for any organization to protect, detect, and mitigate modern-day threats. The zero trust security framework offers network visibility and constant monitoring that verifies user identity and privileges as well as device identity and security. Zero Trust is designed to monitor how many different devices are trying to access their network, ensuring that every device is authorized, and assess all devices to make sure they have not been compromised.

For those undergoing digital transformation, finding the right partner who can deploy Zero-trust security is often a challenge. We at iView Labs are trying to help as many organizations as we can in an endeavour to build a safer, more secure corporate ecosystem. Learn more about how we can help.

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.comDownload the latest portfolio to see our work.

How To Build An Exceptional Fintech Application

Introduction

The finance industry has successfully amalgamated with evolving technologies to meet the growing demands of its clients across several verticals. The emerging fintech industry aims to reach 2 billion people worldwide who do not have traditional banking accounts. The objective is to make banking services accessible to all with greater convenience and flexibility. That said, fintech apps across domains have been able to garner interest from not just the unbanked but also many who wanted to overcome bottlenecks of the existing banking systems. Today, even these traditional financial institutions are deploying fintech apps to keep pace with the dynamic, fast-moving fintech startup ecosystem. 

Today, you’ll see the daily lives of billions deeply enmeshed with fintech solutions, giving rise to one of the most advanced phases of human society. For instance, cross-border payments can be made with just the touch of a button- minus the extensive paperwork and approvals. Or, take a look at how convenient managing your investment portfolios have become. Fintech apps and platforms have made the Customer 2.0 self-sufficient to accomplish an array of financial tasks in a jiffy, without having to invest unwarranted amounts of time and effort. 

As per research by The Business Research Company, the Fintech industry is expected to grow up to $158014.3 Million by the year 2023! Payment options, intelligent banking solutions, investment planning and several other services are being built on the foundations of AI, machine learning, blockchain and advanced data analytics to create a seamless customer experience. 

Fintech App Development: The Journey

We can see a growing number of fintech apps in a market that aims to serve their customer base with a wide variety of functionalities. If there is an appropriate time to hop on the bandwagon, this is it! But how does one go about fintech app development from scratch?

In this article, fintech app development company iView Labs will discuss everything about it by helping you lay down the process of creating a stellar fintech application in six actionable steps.

Six Steps to Build a Robust Fintech App

  1. Find your niche: Before you set out to create your fintech app, make sure that you have covered all your bases in research. This will give you a fair idea as to what kind of services and niche would provide the most lucrative results, in terms of operations as well as revenues. If you’re interested in building a cryptocurrency-based site, the process will be entirely different from wanting to create a unified payments app. Fintech Mobile app development requires you to get several licenses and permissions. So, make sure you’re on the right side of legal compliance.
  1. Decide the features and estimate your costs: Once you’ve moved the niche and regulatory body’s permissions out of the way, it is essential to start thinking about the app’s functions. Charting the interface will need you to have a clear idea of how the app will work and what functions your users can perform while using your fintech app. This also brings you to deciding on a feasible budget that works for your organization, since many wonders about the fintech app development cost. Look upmarket standards before deciding on an estimate.
  1. Hire an app development team: While creating your own app development team is a great way to get things done, it can be a highly expensive affair. Finding and recruiting the necessary professionals for the job takes time and funds, which could otherwise be saved. Instead, consider hiring a fintech app development company like iView Labs, that has an extensive portfolio in your specific niche. It will save you time and get the job done more effectively, including quick deployment, round-the-clock support, and maintenance.
  1. Formulate the UI/UX Design: Once you’ve finalized your development team, it’s time to focus on the UI/UX design, which is the front-facing interface of your app. With the help of your app development experts, mention the exact specifications to curate your brand aesthetics, app elements, features, navigation, and functionalities. Once you’ve decided on these aspects with the app designer, the development team will quickly take over and curate your fintech app.
  1. Develop Minimal Viable Product: It’s a good idea to test your app before embarking on your app development process. A Minimum Viable Product or MVP contains all the basic elements of your idea that can be a good test run if you’re looking for feedback. It will show you how much value your customers can get, and make room for improvements if there are any errors, saving you development time.
  1. Modify and Support the Fintech App: The key to start a fintech company and keeping it going is having your apps tested constantly pre and post-deployment. There will always be new technologies, inclusions, and mandates that you’ll need to keep up with. Dedicating time to ensure that your site delivers a seamless experience to your customers will be the hallmark of your services.

Wrapping Up: 

It may seem intimidating to set out on the fintech app development venture all on your own, especially as a new entrepreneur or traditionalist business that’s transitioning into digitization. 

At iView Labs, we possess all the modalities, knowledge, and skills to deliver a fully functional, sophisticated, and impressive fintech application. Our professionals ensure not just the highest standard at the interface level but also the back-end of app development. To get started on your journey, contact us today. Stay tuned for more informative blogs on end-to-end development solutions on our portal!

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.comDownload the latest portfolio to see our work.

Clutch Celebrates iView Labs as India’s Top-Notch App Development Partner for 2022

This 2022, iView Labs will reach its tenth anniversary in the industry. Based in Ahmedabad, India, our team is passionate about helping our clients develop state-of-the-art products and experiences. In the span of a decade, not a single day passed that we lost our passion or commitment. We’ve remained unfazed because we love seeing our clients’ success and appreciation.

It’s because of our clients’ trust that we commemorate a wonderful milestone today. Just recently, iView Labs was officially ranked among India’s B2B leaders on Clutch! According to their esteemed Leaders Awards, our team is one of the highest-ranking app development partners in the country this 2022!

“This brings a lot of faith to us, we have been in the system and businesses of Tech with the right mindset to serve the customers with the right tech. This justifies the same.”

— Chief Executive Officer of iView Labs

For those who aren’t familiar with them, Clutch is an independent B2B review website designed to help browsers navigate different markets and industries. Every year, the platform takes a moment to spotlight the dedicated and outstanding leaders from all across the globe. One of the factors for these awards is client testimonials. The gracious reviews and honest feedback given by our clients helped us earn this incredible award.

It wouldn’t be right if we didn’t give credit and thanks to the people who played important roles in making this a reality — our clients, stakeholders, and teammates. iView Labs is proud to be where it is today because of your support. Thank you so much to everyone! 

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 with iView Labs today and tell us more about what you have in mind. We can’t wait to work with you this 2022 and beyond.

To get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload 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.

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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.comDownload the latest portfolio to see our work.

Global Distribution System:  A Much-Needed Enrichment To Global Tourism

If you’re an ardent explorer and frequently plan trips to new destinations, then you are likely to be a user of the Global Distribution System (GDS). Alternatively, if you are someone who offers to assist people in planning their travels, well, you ought to be using a Global Distribution System. No matter which end of the spectrum you’re at, you must know what the GDS is.

A Global Distribution System is a computerized network system operated by an organization that allows transactions between the tourism industry service providers, particularly airlines, hotels, car rental companies, and tourism companies.

The GDS ensures that visitors find what they’re looking for easily, regardless of where they are located in the world. Considering how travel data can be dramatically scattered across the internet, the GDS makes it simpler for tourists to plan their trips and find the best deals on their desired hotels and tourist attractions.

The Inception of Global Distribution Systems

The roots of GDS can be traced back to the 1960s when different airline companies started using sophisticated and fairly new methods of communication to monitor and schedule flights or check seat availabilities, and prices. American Airlines (AA) was the first company to develop a real-time computerized reservation system (CRS) in a joint venture with IBM. The SABRE  (Semi-Automatic Business Research Environment), one of the first CRS, was launched in 1964 and helped process nearly 26000 transaction requests per day.

Soon, several other airlines and travel agents joined the bandwagon. The advantage was clear- the ability to cater to bookings from a geographically dispersed market! And that’s how the foundation for GDS was established.

What makes the modern GDS different from the traditional reservation system?

We’ve come a long way since the early years of the inception of GDS. Originally, it was created with the intent to be used by travel agents to provide the best possible alternatives to their clients. However, as the customer 2.0 has changed its behavior, so has the GDS module. Today, it has transitioned into being customer-centric, thanks to the DIY and self-service model which gives the user complete autonomy. In an omnichannel approach, the GDS is highly adaptable as per the preferences and choices of the customers to provide them with intelligent suggestions and customized options. But how does this work?

In retrospect, a CRS is mainly used by respective vendors or sellers, GDS was used by travel agents to be able to track consolidated views from different vendors. GDS holds no inventory but simply has a real-time link to the vendor’s database; this is how Agoda or Booking.com tells you whether your favorite hotel has any rooms left for the selected dates.

Connecting providers of tourism services on one end and consumers on the other, the global distribution system is a neutral interface creating a global presence in both supply and demand.

What does this mean for service providers in the travel and hospitality industry?

Travel sites and apps are the modern avatars of a travel agent. The objective remains the same – provide a convenient, seamless experience to the customers catered to their preferences. The preference could vary from location to duration, to budget, and more.

●      The number of bookings completed by a GDS generally outnumbers the direct bookings. While direct bookings are on the rise, people still prefer to pursue their alternatives and best deals using a GDS.

●      Hotels rake in more revenue through a GDS because it acts as the central point for customers to compare prices across multiple channels rather than verifying it themselves.

●      Travel agents can now successfully book corporate travel packages via GDS to have their clients accommodated swiftly.

●      Hotel managers can uncover new market avenues to promote their offerings.

For a new entrant in the travel and hospitality sector, the GDS becomes the backbone based on which it builds its service. However, what differentiates various platforms from each other is the comprehensiveness and quality of GDS integration. But do you know how a GDS is behind the scenes?

Ideally, the booking engine deployed should be able to allow a single search against multiple data providers. It should be connected via the latest APIs, GDSs, and consolidators. The GDS uses its deep learning algorithm to find all the listings of particular hotels, flights, or bookings to cross-check based on the rates stated across sites.

If you’re a travel business, you should also consider the integration of a CMS-based travel portal that allows your team to update your site’s content without recurring technical assistance. In a world where global tourism is expected to see a boom again, multiple languages and currency support become a must, notwithstanding integration with multiple geography-specific payment gateways.

The Way Forward : Future of GDS

Travel agents and booking platforms have seen the tremendous benefits that come with working with a well-implemented global distribution system. By using a system like this, agents and platforms can easily connect with suppliers all over the world and avoid the hassles and delays that can often occur while trying to negotiate deals directly with individual vendors.

We’ve learned from all major industrial revolutions that it’s always a smart move to leverage evolving technologies designed to meet the demands of the modern consumer. The best-performing GDS systems globally include names like Amadeus, Sabre, Galileo, and Worldspan by Travelport, where we’ll get to see the most growth. Looking ahead, the world is leaning towards automation with the help of conversational commerce.

With the help of deep internet search and technologies like Data Analytics, GDS providers like the ones we’ve mentioned above can improve their algorithm in order to improve customer experience. Moreover, as people are more inclined to self-service, the unilateral platforms can pursue to improve their omnichannel services. Not only does this lighten the burden of travel agents and booking organizations, but also streamlines their operations based on the ever-changing customer behavior.We at iView Labs, have been helping several legacies, as well as new businesses, create user-friendly, efficient, and robust travel and booking portals. As the world of technology grows, our services and solutions adapt themselves to cater to the shifting demands that come with it. With our expertise in Global Distribution Systems, we’re all about improving the progress and streamlined workflows of businesses that partner with us. If you’d like to get on board the GDS revolution, reach out to us today. For more regarding the latest technologies, stay tuned to our blog!

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.comDownload the latest portfolio to see our work.

No Dream Too Big: How Smart Education Can Change The Lives Of The Underprivileged

“Education is the most powerful weapon which you can use to change the world.”

– Nelson Mandela

The Indian Education System has often been criticized for its inability to reach the population living in the rural parts of the country. The villages and remote towns often lack the infrastructure, such as access to proper classrooms and latest study materials, roads, and electricity, that is required to deliver good quality education As per a report in 2019, over 32 million children had never attended school.. As a result, the potential of this rural population remains largely underutilized – and their dreams, untapped.

However, while the existing education system struggles to reach remote areas, a new and “smarter” revolution has already begun to plant its roots. Thanks to the spread of digitisation, the internet and broadband services, rural India now has greater access to educational material from across the globe. Not only can the students access public libraries on the internet, but also enroll for digital/virtual courses that bring the classrooms to them.

Digitisation: A Boon To India’s Rural Classrooms

While rural India constitutes for more 50% of the country’s workforce and is the largest contributor to its economy, the facilities made available to them remain negligible. Schools in remote villages often require long travel which is a  highly unfavourable condition for children to pursue their passions in. As a result, most parents decide that it is not worth the hassle and discontinue their child’s education. Even the schools that manage to overcome this roadblock, often have to make-do with facilities and teaching methodologies which are sub-par or outdated.

The spread of the internet and mobile technology has proven to be a boon to the situation. India holds the second-largest mobile phone user subscription base in the world, with over 900 million mobile phone users. This means that mobile phones are available in places where more traditional educational infrastructures are yet to find their feet. This opens a window of opportunity for institutions to deliver education to the students who need it the most, hence providing some much-needed support to India’s crumbling educational infrastructure.

Harnessing The Power Of Technology

Bengaluru-based NGO eVidyaloka has been instrumental in this shift and has been orchestrating sessions in remote villages of India, by creating “digital classrooms”. The social enterprise encapsulates a vision to enable quality education for the children of rural India by leveraging the power of technology. It is supported by a team of passionate volunteers from across the globe, ranging from homemakers to retired professionals who commit to delivering high-quality education to these children living in some of the most remote villages of the country. The focus is largely on children aged between 10 and 14 years (6th‑8th grade). Through a powerful partner ecosystem, the organization has been able to offer these children LIVE interactive classes in their local medium.

The organisation was launched in 2011, where it started a wave of change with the introduction of “Computer Teachers” in village classrooms. Today, their classrooms hold over 6,000 students across Indian Villages, who are being guided by a team of 533 dedicated Volunteer teachers. We need many more such organizations to come up with innovative remote education models to bridge the existing literacy and education divide.

While this was a movement in motion for young children, there are several young girls who discontinue their educational journey at or after 14 years of age. Most of the rural development programs provide basic education- but what happens to over 100 million women of rural India who are missing out on the opportunity to build technical and employable skills through higher education?

A notable name in the world of technological activism in rural areas is Sajhe Sapne. Their initiative comprises measures to ensure that women of rural India get a fighting chance to build a thriving career. By establishing Sapna Centers, underprivileged women who wish to chase their dreams of an aspirational career can now live their dream. The campus provides residential training, day-based college sessions, and online training, based on the preference of the students. Their higher education degrees come in the form of professionally developed skill building courses that equip such women to build careers, not just jobs. Not only does Sajhe Sapne give wings to dreams for women of rural India, but they also arm them with all the digital, english-speaking, and specialised skills to be successful individuals.

A Lasting Impact

Making education accessible to the students in villages can have a lasting impact on the future of India as a country and economy. Digital classrooms compensate for inconveniences such as traveling long distances, further minimising the risk of discontinuation. These classrooms also help alleviate the discrepancies in the quality of education that can be accessed by rural and urban populations. This means that in the long run, students from rural backgrounds would be just as equipped to join the global workforce.

Additionally, better education will also expand the population’s exposure to new techniques and methodologies which can enhance life in various ways. For example, a large portion of the village population relies on agriculture as a source of their income. However, their reliance on traditional methods of irrigation limits their capacity to prosper from it. The exposure gained from high-quality education can help these farmers learn about the latest innovations from around the world and leverage it to improve their standard of living. To put it simply, the future of the rural areas depends on how well digitized modes of education can help reform the youth’s mindset through changing times.

A digital classroom brings with it a promise of growth and prosperity for the average rural household. This can’t be considered a “leg-up” but an evening of the playing field- A straightforward solution that can help empower these populations to explore new horizons and dream big with no limits!

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.comDownload the latest portfolio to see our work.