Efficient and Transparent Retail Operation
Cloud computing in retail allows retailers to manage, store, and analyse data through a server hosted over the internet. As more and more enterprise applications move to the cloud, it can be safely said that cloud computing is quietly transforming the retail ecosystem. The industry is becoming more competitive every day. Retailers are realising the need to expand their reach by opening multiple stores. They have to rely more on real-time insights to manage supply chains. Cloud computing services can reduce cost, improve efficiency and enhance customer experience.
Key Drivers of Cloud Computing in Retail
The accelerated implementation of cloud computing in retail is attributed to several factors:
- Faster Implementation of Functionality: Time is money in retail. IT team has realised the importance of speed in deploying a new e-commerce solution or a web-based planning tool. Cloud computing can bring down the time of implementing a new technology from years to months.
- Reduced Operating Model Cost: Controlling IT budget is critical for retailers. Cloud computing helps them to pace up the new IT initiatives without compromising on operating model cost.
- Scalable across Multiple Locations: As mobile commerce becomes more popular; brick and mortar retail stores need to build a robust IT infrastructure. Cloud computing is a better alternative than expensive traditional software models to scale up their IT assets across multiple locations.
- Operating Budget Vs Capital Spending: In this challenging time, cloud computing models can significantly turn a company’s capital expenditure (Capex) into operating budget expenditures.
Cloud Based Services Offer Insightful Data for Future Growth
Data is an effective tool for retailers to track consumer journey across multiple channels. It can answer many impending questions about consumer behaviour like buying pattern, seasonal demand, new trends etc. Cloud computing in retail can help businesses of all sizes to store huge amount of data, analyse it at every touch point and take insightful decisions. It facilitates free flow of information throughout the organisation and gives them a roadmap to make winning strategies for the future.
Higher Visibility for Better Monitoring of Supply Chain
The impact of cloud computing on supply chain management is one reason of its rapid rise in the retail sector. Cloud based contact center connects every part of the business and gives retailers higher visibility to monitor their supply chain across the enterprise. It captures real-time location data on inventory to prevent stock-out and maintain optimized inventory levels. Cloud migration also makes it easy for retailers to manage consignment details, digital documents and brokers.
Systematic Approach for Reduced Overhead Costs
Technology is the mainstay for growth of the retail industry. Cloud service offering makes sure that this growth does not come at the expense of overhead cost. Cloud migration is a systematic approach that gives retailers the flexibility to store data and choose plans according to their need. It mitigates the risk of high initial investment while helping them to achieve the same level of efficiency.
Unified Computing System for Transparent Operation
The emergence of omnichannel retail has made it imperative for enterprises to integrate operations for transparent functioning of their business. Working in silos can be detrimental to growth. Cloud based contact center can break the silos and unify the different components.
Advanced Analytics for Personalized Product
Every customer has a unique set of expectations. Cloud analytics for MSP are important because they offer retailers real-time access to customer data. Analytics make it possible for a store associate to instantly refer to the sales history of a customer and personalise the recommendations & offers. This can be helpful in an omnichannel retail model where the customer journeys are fragmented across different channels.
Dependable Technology for Enhanced Security
Security and reliability are two important parameters that retailers consider before switching to a new technology. Compromising on data security is never an option for them. They always insist on investing in IT infrastructure that is dependable. Cloud stored data is generally considered to be safer than data stored on own servers. Moreover, the cloud analytics MSPs follow highest level of security like preventive & detective control and back-up procedures that makes it reliable. Therefore it is surely the right IT infrastructure for regulatory compliance.
Compatible Platform for Faster Innovation
The biggest advantage of a cloud computing platform is its ability to respond to the ever-evolving needs of the business. It lets retail businesses innovate faster by minimizing the time they spend on procurement planning, capacity expansion and budget approval for capital expenditure which normally takes more time to execute in a self-hosted server.