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Low-Code/No-Code Poised to Reshape the Future of Retail

Low-code and No-code or LCNC are software development approaches that require little to no coding to develop technical applications. These platforms do away with the need for highly technical coding, making digital development easy and convenient for businesses. In today’s increasingly digital world, LCNC platforms enable small and medium businesses to digitize themselves effectively without having to hire skilled developers that often get employed by large corporations who can afford to spend large sums on tech resources.

The Global Market Demand for LCNC Technologies

Due to the COVID-19 pandemic, there has been an increase in the demand for remote software development tools across the board. Since most of the world had to stay, work and shop from home, the digital transformation of businesses was at an all-time high. Global demand for LCNC is expected to increase as it helps to streamline workflows and accelerate automation projects due to the need for a more efficient digital presence.

According to Fortune Business Insights the market for low-code development platforms was estimated to be worth USD 10.82 billion in 2020. The market is anticipated to expand at a CAGR of 31.6% from USD 13.89 billion in 2021 to USD 94.75 billion by 2028.

Gartner reports that the market for low-code/no-code development platforms is projected to bring in USD 187 billion by 2030. By 2024, it will represent more than 65% of all application development activity. North America and the APAC have the largest and fastest-growing LCNC markets.

Additionally, computer programmers worldwide are emphasizing the value of code-free technologies, further pushing the increasing global influence and prevalence of these platforms.

Widespread Adoption of LCNC Technologies Across Different Industries

In today’s increasingly digitized world, the demand for technical tools like websites, desktop applications and mobile applications is at an all-time high. This has caused most of today’s industries to adopt and implement LCNC technology to meet their ever-growing digital needs. Across the world, businesses are implementing platforms and services that provide low-code, no-code development solutions. Regardless of whether a business is less technologically advanced or belongs to a highly advanced tech industry, LCNC technology is being widely implemented. The IT industry holds the largest market share of the LCNC technology as it is used to ease processes to enable the IT industry to keep up with the rapidly growing and volatile demands of technical services.

LCNC and Its Implementation in the Retail Industry

The retail industry has had to drastically shift its presence in the digital playing field over the last 2 years due to the pandemic which led to an increase in online shopping trends amongst consumers. LCNC is perfect for small, medium, and even large retail organizations as the software is easy to use, simple, agile, and easily adaptable. It has the potential to adhere to the specific needs of a business which is crucial for efficiency, accessibility, and the overall customer experience. Retailers that are slow in implementing the tech solutions required for today’s market will be replaced by those that consistently improve and evolve with the circumstances dictating today’s market. The tens of thousands of Australian omnichannel retailers who are currently active online and on the high street can benefit particularly from low code.

Additionally, running online and in-store operations as two distinct strategies can lead to silos and are incompatible with the behaviour of modern consumers. Therefore, it is crucial for retailers to develop a robust digital framework in which their business can operate in keeping with today’s demands. LCNC can be the ideal solution for such businesses.

Today’s consumers demand memorable and convenient customer experiences that cater to their needs. Retailers can quickly, easily, and affordably design and implement solutions that integrate their online and offline businesses using low-code platforms. By utilizing low-code technologies, retailers can make agility, productivity, and scalability the three pillars of their digital transformation. This revolution is creating a new generation of ‘citizen coders’ and enabling businesses to take control of their digital presence, agility, and adaptability.

Low-code Development Technologies Revenue (USD Million)0001

*Other LCD technologies include rapid mobile app development (RMAD) tools and rapid application development (RAD) tools. Low code is the evolution of RAD to cloud and SaaS models

Source: Gartner

Key Benefits of LCNC Technologies

  • Faster time to market

The technology that is already in place frequently limits the innovation and creativity that fuel many businesses in APAC. Rather than being able to act quickly on a new idea, an emerging market, or a transient market niche, companies must wait until the current IT development process provides the resources that are required to move to market. In the current scenario, this is typically too slow. Platforms using low-code development allow for limitless innovation. The ideas of a company’s executives can be quickly implemented into applications and services.

  • Reinventing customer experiences

Every customer or service user expects the same level of hyper-personalized service they receive from the market leaders with billion-dollar budgets in all spheres of life and commerce. Any business with a limited budget has a great chance to set itself apart from rivals and even surpass market leaders by leveraging low-code application development frameworks.

  • Streamlining operations

If the costs of bringing new services or products to market are so high that there is no net gain, there is little point in offering them. Initiatives for digital transformation, such as low-code app development result in lower delivery costs for new apps and services, which in turn, lowers the company’s overall production overhead.

Key Trends Driving the Adoption of LCNC in APAC Region

  • Digital business acceleration

The industry is under pressure to increase delivery speed and time to value for applications at a neck-breaking pace because of the need to transform digitally as quickly as possible.

  • SaaS and hyper-automation

Most service providers now offer automation tooling and low-code capabilities as SaaS. One of the crucial elements for increased adoption by 2022 is hyper-automation, which is being driven by low-code developers who create their ideas across business applications and workflows.

  • Ubiquitous cloud services

By utilizing pre-built components with corresponding business logic, low-code platforms are likely to expand cloud technologies and offer multiple layers of abstraction and usability.

  • Consumerized UI/UX

With pre-made templates, widgets, layouts, and styles, low-code applications can operate more quickly and with a better aesthetic and functional quality. Additionally, they can deliver highly distinctive user experiences that result from the demand for customization and dynamics based on existing and established user standards.

  • DaaS, visualization, and API economy

Low-code platforms will be essential to the complexity of API payloads and API security because APIs are essential to application development. Data-as-a-Service, which enables companies to gather, extract, visualize, mash, and analyze insights in real-time, will continue to be the new currency. Low-code data can be easily assimilated by businesses to produce logical data models with improved and pre-built visualizations.

  • Cybersecurity strategies

Solutions must be secure to prevent business loss and customer annoyance as the world becomes more digitally connected. Firewalls are no longer sufficient to achieve this goal. Instead, low-code platforms using more sophisticated DevOps techniques can lessen vulnerabilities and assist aspiring start-ups in climbing the corporate ladder securely.

LCNC Isn’t Just a ‘Fad’

According to an IDC study from 2020–2021, nearly 40% of IT leaders in the APAC region are already using low-code development tools. Low code doesn’t seem to be a fad in Australia and New Zealand either. It is predicted that the region would soon adopt low-code software solutions.

Australian developers claim that there is an unprecedented demand for low-code development due to the rising involvement of non-IT staff in app development, the high cost of IT labour, the relatively long lead-time for traditional development, and the growing maturity of agile and DevOps practices.

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