Retail CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Retail CIO Outlook
Cloud technology will be the driving force of the retail industry for its potential to enable businesses to compete better and become more agile.
FREMONT, CA: For traditional retailers who struggle with their silos, multiple and hard-to-abandon legacy systems, the cloud will be an ideal solution when built with appropriate security concepts. Cloud computing offers a way for retailers to gain greater agility and compete better. Migrating to the cloud offers more than reducing the computing cost and data storage. It readily provides information on customers, products, or processes at any time. Cloud data platforms can integrate data from multiple sources and prepare them for analysis using machine learning techniques. Cloud computing, when embraced by retailers, can help improve the world’s economy significantly.
In this data-driven world where cloud computing plays a significant role, Retail CIOs recommend shifting to cloud for the following reasons.
Efficient Channel Operations
Some retailers still use outdated legacy systems and have not moved to the cloud. These retailers operate in silos due to the lack of integration of various operations, including POS, shipping, or inventory. However, moving to the cloud can mitigate the disadvantages while offering seamless customer interaction across different channels.
Increased Supply Chain Visibility
Cloud computing allows interaction with a large number of suppliers operating in multiple locations across the globe as all the retailers are connected to the cloud. Thus carriers, suppliers, and customers are working on a standard technology platform by not only sharing information but also planning and executing many logistics operations. They can also make real-time changes for the smooth running of the supply chain.
Easy Supplier Integration
The key for visibility and active collaboration is the integration of suppliers in a cloud-based integration portal shared by the suppliers, customers, and carriers. In other words, a single view of supply chain activity across all trading partners from sourcing to delivery will empower all supply chain executives to adapt their production and logistics plans and inventories quickly.
Personalized Customer Service
Understanding the customers’ behavior enables retailers to reach them in a more individualized manner that they demand. Cloud provides real-time access to customer data allowing the retailers to pull up their sales history. Through the data stored in the cloud, customers can be monitored more specifically based on their interactions with a brand. Also, cloud technologies have allowed for advances in the ways that employees deliver customer experiences.
Deeper Insights into Business Performance
Based on insights into users’ interaction with cloud applications, businesses can monitor their level of performance. Retailers have the opportunity to test new solutions, and they can apply the changes when needed into business decisions, applications, and processes. Analysis of customer buying trends allows retailers to make merchandising decisions on what to stock and how to promote the stock.
Secure and reliable
With the cloud technology, retailers look for security and reliability. Cloud-based solutions provide an opportunity for businesses to monitor their processes in real-time. Eventually, periodic monitoring can better protect the network from hackers and other intruders. Today, many cloud monitoring tools are available, making it easier for retailers to monitor their networks and identify system vulnerabilities and create solutions for impending danger from hackers. Moreover, the cloud provides enhanced visibility into all the activities of the users in the system.
Cost-effective
In-house maintenance of business data is relatively costlier than cloud-based data management. With cloud computing, businesses have had to pay only for what they use. Businesses can save a significant amount of money spent on in-house operations for maintaining, updating them, and also hiring employees to manage these systems. Cloud technology offers a low-cost way to increase computing capacity while monitoring and adjusting sales channel based on demand.
Improved Flexibility and Scalability
Unlike in-house infrastructure where stores need to buy additional equipment, cloud solutions reduce this expense. Provided with varied pricing options, businesses can increase or decrease the usage of cloud, thus offering cost flexibility.
Seamless Shopping Experience
Customers can stay connected to stores through their online presence and smartphone applications. This provides an individualized experience for the customers. A store can further strengthen its customer relationship by offering a comfortable and connected platform via promotions and deals, exclusive membership deals, and other offerings.
Cloud computing helps businesses focus on improving efficiency and fostering innovation. To stay competitive in today’s streaming world, businesses are in the compulsion to innovate faster, and cloud technology is helping them to keep abreast with the trends.
Check This Out: Top Merchandising Companies
Read Also
