Significance of Retail Cloud Transformation
The retail industry is evolving rapidly. Digital transformation is redefining the way retailers interact with consumers and manage their businesses. The shift from brick-and-mortar stores to online shopping has changed the dynamics of the retail industry.
Retailers have been forced to adapt to this new environment, characterized by increased competition, changing consumer preferences and demands, and increasing pressure from retail giants like Amazon and Flipkart.
Retail stores around the world have embraced eCommerce transformation and are fast moving towards cloud computing to improve the efficiency of their operations. This blog talks about the many benefits of cloud computing and how it has the capability to transform customer experience in retail.
Why Cloud Computing is Making a Splash in the Retail Domain
According to PwC research, 80% of customers reported that speed and efficiency are paramount while shopping online. The significant reduction in website loading times from 8 seconds to 2 seconds over the past three years is a testament to retail firms wanting to meet rising customer expectations. While speed and efficiency are governing the retail landscape, the importance of data has also risen in prevalence.
Retailers handle large volumes of data with high levels of security and privacy. Consumers are highly likely to choose a retailer based on its ability to provide superior customer service. If retailers do not handle their data well or fail to provide quality customer service, they risk losing customers and this can hamper revenue generation opportunities in the long run.
To keep up with rising competition in the market, retailers have to offer customers a better experience than they currently offer through traditional methods. Many retailers have started adopting cloud technology and leveraging its benefits to achieve greater flexibility, increased agility, and reducing operational costs.
Unlocking Cloud Computing in Retail
Cloud computing reduces the dependence of retailers on physical storage space and makes it easier for them to expand operations without hiring more employees or renting extra space.
It enables retailers to store customer data, inventory data, financial data and business information in remote servers accessible through the internet. Retailers do not have to store all their information on local servers that need to be updated regularly. They can simply store their data remotely in centralized servers where it is backed up and can be accessed from multiple locations at the same time.
Benefits of Retail Cloud Transformation
Retailers no longer need to hire a specialized IT department just to keep their systems running smoothly. Cloud computing in the retail space is transforming the way companies operate, ranging from customer experience to supply chain management.
Cloud transformation in retail has been on the rise for several years now and is expected to continue growing in popularity in the coming years. While there are numerous benefits offered by cloud computing, there are some key reasons why retailers are moving towards cloud-based solutions. Let us look at how cloud computing is making it easier for retailers to stay ahead of the curve.
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Reshape your Inventory Management with Cloud
Cloud-based inventory management systems allow companies to centralize all inventory data in one place so they can manage their supply chains more efficiently. The cloud enables retailers to collect and process data from multiple sources and locations, which helps them make better decisions regarding their inventory levels.
For instance, if you're an online retailer with warehouses in different parts of the country, you might find yourself with too much stock in one warehouse and not enough in another. With cloud-based inventory management, you can replenish stock in each warehouse based on the demand for each item. You can also track how many units are sitting idle on store shelves at any given time.
Cloud-based inventory management also allows retailers to track products as they move along the supply chain, from the warehouse to the truck and the store, and make the necessary adjustments along the way.
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Upgrade your POS Systems with Cloud
Cloud-based POS systems are more convenient to use than traditional POS systems because they help retailers download sales reports and transaction details quickly. The cloud POS offers greater flexibility and agility by integrating all important data into a single platform.
Cloud POS ensures minimal downtime for updates, higher security and offers effortless maintenance.
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Enhance your Customer Experience with Cloud
In the past, a retail store would have records of customer information that had to be updated via POS. Companies today have access to complete customer information that can be updated via Ecommerce sites, customer facing apps or in the store. This is only possible if all the data is compilesd, cross-linked and stored in the cloud. With this data, retailers can make smarter decisions when it comes to inventory and supply chain management.
For instance, when a customer enters the store, they can scan an item on their phone or tablet and check if it's in stock or not. This eliminates the long wait in queues at counters and human errors when entering inventory data into a computer system. Allowing for individual preference leads to improved customer experience resulting in higher customer footprints and greater profits.
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Secure your Data with Cloud
The primary benefit of cloud transformation is greater data security and less risk of data loss or theft. This is because the cloud stores your data in a secure location, and it can be accessed remotely by authorized users.
Cloud computing offers greater flexibility. Since there is no boundary to your data storage, you can choose which applications you want to use, instead of being locked down by the limitations of your current infrastructure.
Retailers often store sensitive customer information on physical servers, which makes it easy for hackers to access this data through physical intrusion or cyber-attacks. By storing data in the cloud, which is housed on secure servers with state-of-the-art security systems, retailers can protect themselves from cybercriminals.
Reinvent your Business Journey with the Cloud
Retail cloud solutions use the latest software to provide you with the most flexible, secure, scalable and user-friendly integrated systems. Ginesys Cloud POS, is a completely cloud-based point of sale solution that works with Ginesys Cloud ERP, to manage and fulfills orders, inventory, customers and more. Our unified commerce platform integrates seamlessly with all mobile devices and tablets while offering unparalleled security and reliability.
Grow your business with our easy-to-use and fully customizable system. From mobile payments to inventory management, our Cloud POS has everything you need to harness the efficiency of your business.
Elevate your retail journey with Ginesys Cloud POS and escape the limits of legacy technologies. Get in touch with us to know more about our advanced solutions.
