How cloud computing impacts retail business health?
Retail organizations are witnessing a huge change in terms of using advanced technologies, many giant retail industries and small businesses are realizing that there is a huge potential with cloud technology and most are implementing it to grow their businesses. Asos, a British online fashion retailer, implemented cloud technology to grow its business services in the global market. Other retail giants such as Wallmart and Amazon, also utilize the cloud computing techniques in similar manner.
Companies are now understanding that cloud computing can lower the IT implementation costs in managing current as well as fetching new systems, Cloud computing refers to the services that are provided by a combination of remote servers over a network. Cloud computing has contributed a lot to increase the world’s economy tremendously. The list of companies are increasing dramatically, who are noticing how cloud computing can lowers the IT costs and simplify systems.
Cloud computing in retail – impact and usage
- Improved Channel Operations:
Retailers who have not implemented cloud technology are still operating on old systems and operating models that are out of trend in the current scenario. Retail as a Service (RaaS) can combine the different verticals. The best advantage of adopting the cloud is the flexibility payment system that reduces costs and increases efficiency.
- Better Supply Chain Visibility:
With the involvement of cloud computing, retailers can possess wide supply chain visibility. With the implementation of cloud, retailers can have much improved supply chain systems which are capable enough of handling their day to day business processes with zero stock-outs option, fast deliveries, or increased inventories. Cloud also enables live status of deliverables, digital documents from suppliers, delivery agents, logistics service providers etc.
- Better Merchandising Decisions:
Cloud computing and Big Data can generate meaningful insights about consumer buying behavior that can help in making better merchandising decisions. Retailers can examine consumer buying patterns and can conclude about what to store, how to store and how to boost. It also reduces the time of marketing for retail products.
- Improved and Personalized Customer Service:
Big data shows real customer insights and hence it proves to be very beneficial for retailers as now they can offer more personalized promotional offers and better customer service. Cloud services can integrate the in-store data with the digital data to present the most efficient solutions to their customers.
- Improved Insights into Business Performance:
Cloud computing, enables retailers to build a wide supply chain visibility. Now, retailers can have supply chain systems which are enough capable of easily handling their business with zero stock-outs, accelerate deliveries, or high inventories. Cloud also helps to monitor store-wide operations, streamline data from POS systems, beacons, motion sensors, virtual mirrors, in-store cameras and customer facing mobile apps, resulting into a 360 degree view of customers and operational health.
With enormous technological flexibility and capability of cloud technology, it can be utilized to gain a better customer success rate, lowering operational costs and helps to build a strong and profound business process.