The retail sector and other small businesses are seeing huge potentials with cloud technology and are optimizing it to the fullest. Companies are seeing how cloud computing is reducing IT costs to manage the existing as well as integrating new systems. And therefore the competition leveraging the cloud is also increasing. Let’s have a look at four ways in which cloud computing is useful for retail industry:
1. Improved Channel Operations: Retailers who haven’t adopted cloud technology and are still using the old technology are out of step with the current market trends. Cloud-based solutions can simplify the procedure and deliver more personalized client experience. Retail as a Service (RaaS) can help in improving the restocking capabilities by integrating different verticals like inventory and order processing. The most advantageous factor of moving to the cloud is that it is efficient and is cheap too.
2. Higher Supply Chain Visibility: With the use of cloud technology, retailers can have an enterprise-wide supply chain visibility. With the cloud, retailers can have supply chain systems working efficiently and handling their business without stock-outs and other major and minor issues. Cloud also provides the accessibility of capturing real-time status of the consignments, digitized documents from suppliers, brokers, logistics, etc.
3. Enhanced Merchandising Decisions: Cloud computing and big data can together cater meaningful insights regarding customer preferences that can help in making merchandising solutions. Retailers can analyze customer preferences and keep a track on their buying behavior and then decide what to stock, how to stock and how to promote.
4. Personalized Customer Service: Here big data and cloud computing play crucial roles in pitching the customer buying trends. Big data provides real customer insights and hence helps retailers to offer more personalized offerings and customer service to their respective clients. Cloud technology can merge the in-store data with the digital data to provide the best solutions to their clients.
The power and potential of cloud computing must be optimally utilized to improve customer experience as it helps in cutting down on costs and makes the overall business more efficient and profitable.