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The retail industry is undergoing a dynamic shift in the direction of innovation, especially with flourishing e-commerce business. A report by the National Retail Federation shows immense promise in the retail industry. This year, retail sale is projected to grow at around 3.1%. As consumers are embracing online shopping with more enthusiasm, both brick-and-mortar stores and online retailers, are leaving no stone unturned to offer a seamless buying experience.
To keep with the growing needs of consumers, the retail industry’s IT landscape is expanding well beyond traditional ERP, CRM, and supply chain management. Cloud computing comes as a boon to retailers seeking a much needed route for innovation, especially the ones who wants to go global.
Let us look at some of the advantages of cloud computing technologies for retail:
Cloud computing offers the possibility of a novel way of thinking about data. In a cloud, a single server can host many virtual servers, thereby slashing hardware costs. As the virtual servers can scale up on demand, it is very useful for retailers, whose businesses are seasonal.
Cloud computing is a budget friendly method for retailers to upgrade their technology, integrate to new systems, and thereby reduce the IT cost. All you have to add is reasonable installation and server maintenance costs, and you have the ball rolling. We have testimonials from the biggies of e-commerce such as Pete Marsden, Chief Information Officer of Asos, who believes that the use of cloud technologies has led the company to stop spending on buying new equipment from time to time.
With the advent of smartphones, shopping on-the-go has become increasingly common. With personalization becoming the order of the day for the new breed of consumers, cloud technology analyzes digital data and thereby aids in personalizing the in-store experience for prospective buyers.
Consider this scenario: As you step into your favourite retail store, they draw your attention to specific offers by sending cues of relevant promotions and coupons through the mobile app you have on your phone. Likewise, there are cloud-based social tools which give consumers the power to shop whenever and wherever they want.
A mobile point of sale (POS) experience: Cloud technology improves the whole sales experience. As opposed to the traditional POS systems, mobile POS equips store managers with increased mobility thereby letting them complete checkouts, research inventory stock and answer any customer queries that require immediate access to information.
Through cloud technologies retailers can effectively tap the potential of big data analytics to understand their customers better. In order to compete with the burgeoning market, retailers are using social networks to learn what customers are saying about them and about their competitors. Most retailers are constantly dealing with Big Data; hence cloud technology becomes handy in their day-to-day operations. This is a major factor for cloud technologies to gain traction among retail businessmen.
There are times when certain customers seek instant access to the information, to make a buying decision. Cloud computing technology is the answer in such situations. Cloud allows the retail supply chain to respond to changing trends and share processes and data. This imparts a distinct advantage over their competitors. If your organization hasn’t used cloud yet, this is the time! Do send your feedback on this blog to firstname.lastname@example.org