With the revolution in digital technologies, the retail sector is increasingly using cloud computing to remain ahead of the curve. As per a latest report released by Accenture, the retail sector has invested close to $15 billion in 2016 as compared to $4 billion in 2011.
With the manufacturing, education, banking and finance sectors focusing more on utilizing cloud computing, the retail sector has started to make the best use of cloud computing.
Cloud computing has transformed the retail sector in the following ways:
To Create Products
Many retailers are utilizing cloud computing to help them in deciding the number, type, and range of clothes it will create and market. Contemporary retailers are increasingly obtaining data from several sources from the Internet including social media sites, search engines, and online marketplace to make informed and real time business decisions. By using cloud computing, retailers get to know about the types of clothes that can sell and the types that are not likely to. Cloud computing help them to make calculated decisions and leave no room for speculation and doubt.
To Promote Products
The considerable numbers of social media sites, digital promotional tools, and blogs and related websites have made it easier for retailers to promote their products. Retailers are using cloud computing to promote their products efficiently and effectively. The promotional tools used in the cloud computing are far more effective and economical compared with the conventional promotional strategies and this also helps the retailers to keep their costs down.
To Sell Products
With the proliferation of smartphones and the popularity of various applications, retailers are finding it easier and more profitable to sell their products over the online platforms. Over 30% of all transactions are taking place on the Internet-enabled devices and over 80% of customers are relying on applications and their devices before purchasing a product. In this scenario, retailers who are willing to adopt digital technologies can thrive and succeed.
To Manage Inventory
Retailers also use cloud computing to manage their inventory in the most efficient and effective possible manner. By using cloud computing, retailers can track their inventory on real-time as well as remain aware about the availability of stocks, shipping details, and store orders. As retailers rely on cloud computing for inventory management, the chances of wastage, overstocking, and loss are reduced considerably.
Retailers are using cloud computing to create products, to promote products, to sell products, and to manage inventory.
Article Published by Luke Lonergan