Struggling to decide which ecommerce platform to use to launch your existing website or new online store? First, you must consider all the available options and understand the different ecommerce solutions.
They may vary depending on your business model (B2B, B2C, C2B, etc.), eCommerce website size (small, medium, or large), and your specific goals. You can then carefully weigh all the possible pros and cons of custom trading software development platforms. This way, you can choose a cost-effective, ideal solution for your business.
In the following report, we will present some of the key features of today’s popular e-commerce platforms, delving into their advantages and disadvantages. We’ll also explain why custom eCommerce solutions for building an online store are still highly valued by enterprise and startup executives.
What is custom software development?
Custom software development is the creation of applications for specific business needs. The company or team will work with you to understand your requirements in detail and then develop a program to meet them.
Creating custom software can be more expensive than buying a ready-made application, but it saves time in the long run if it gives companies an edge over the competition. Custom software can also be customized to add features in the future when required.
Now that you understand the value of custom trading software development, let’s look at its benefits.
6 Key Benefits of Custom Trading Software Development
What can custom software do for your company? This section will explain the most common benefits of custom-built personalized software.
Personalized for specific company needs
Developing custom software from scratch based on what you need can be a profitable solution for a company as it is designed to the specific needs of a business or person. In addition, trade software is created to rise and grow with the business, so any elements can be added or removed upon request, which is the opposite of off-the-shelf software solutions.
Special software cost-effective
One of the essential advantages of trade software development is its cost-effectiveness. While off-the-shelf software may seem less expensive at first glance, it often comes with additional costs that make it more costly in the long run.
When buying off-the-shelf software, companies often have to pay for features they don’t need because they are part of the software. However, investing in personalized software helps eliminate unnecessary elements. A company can make a list of required features and rely on one product instead of investing in several to get everything they need.
Fast software integration
Integrating multiple software solutions to get a complete view of your job takes time and action. Custom software is developed with the company’s workflow in mind, and integration between different applications is fast.
Your business probably already uses several software solutions. However, you may need help integrating these existing solutions into a new off-the-shelf product. Designed from the ground up, custom software provides seamless integration, reducing costs and speeding up implementation.
High reliability and safety
Ready-made software is created to meet the needs of companies from various industries. From a security point of view, this means that the software’s source code is publicly available, making it easier to crack the software.
Since specialized solutions from custom software are not publicly available, your company will enjoy greater security:
An individual solution includes a detailed analysis of the company’s requirements and calculating hidden risks that may arise on the way to this particular company.
Custom software is always rigorously tested to meet company requirements, delivering high performance and reliability to deliver maximum value to your industry.
Scalability and flexibility
One of the essential advantages of trade software development is that it can be adjusted and modified as your company grows. Many companies tend to outgrow their off-the-shelf software and need more flexibility as the developer company predefines its features.
A business key allows you to select from various features and functions, adding only those necessary for your company’s specific needs. A custom solution will meet your needs whenever you need new features or support for your company’s growing needs.
Main aspects of custom trading software development
Most trading platforms share a few aspects and features in common, and if you are considering developing them yourself, you need to view them all. You can also come up with some unique features, improve on the usual formula, and make your product more appealing to the audience. If you are working with experienced stock market software developers, they may also offer you some fresh ideas. Here are some essential aspects of trading software development to keep in mind.
Wealth of features
The most important aspect of a successful custom trading software development project is considering all users’ needs. You have to think through all the features they will need throughout their investment and trading journey:
- Profile Dashboard: To get into stock market software development, you need to be customer-focused. Your trading tool should contain a dedicated profile menu and a fully customizable dashboard containing all information about users’ balances, their activity, and any critical information they might need.
- Portfolio Management: Your users should have a 360-degree view of their portfolio, what stocks or currencies they have bought, and the current value of their portfolio.
- News Feed: You can add a feature containing all the latest market trends, forecasts, and analytics. There may be more critical features for software development and trading, but it is helpful if you want to keep your clients well-informed.
- Transaction History: Users need to have a complete history of their transactions for all years of trading. Giving your clients a comprehensive overview of their trading history is vital for trading software companies but also requires a lot of data.
- Custom Search and Filters: This feature is essential for easy navigation through potential investment opportunities. Your customers may want to filter available stocks by industry, growth rate, or any other critical search criteria. The same goes for cryptocurrency trading.
- Tips & Tutorials: Trading software should be intuitive, but trading and investing is a tricky business in and of itself. An informed user is a user who makes the most profitable decisions, which means you are more interested in a transaction. Thus, tips and advice on successful investments can be helpful for many novice traders.
The first iteration of your trading application can be pretty straightforward. You can run it and add new features as you go. This is what a regular trading software company does, and there is nothing wrong with this approach. After that, you will be able to add new features to your product with each iteration, and your trading software partner will help you with this.