After the inclusion of Cloud-based POS systems in retail businesses, the retail industry has invested a lot in cloud technologies. The retailers all around the world are considering cloud computing as the future of retail business.
The reason why cloud computing is turning as the leading or the trailblazing factor in the retail market is the usability and its essential use. Its instantaneous presence and availability is also a reason behind the popularity that cloud computing has achieved in recent years.Not only retail but all the other industrial units are also considering investing in the cloud for their safe backup of processes, finances, and other utilities.
The retail industry is investing heavily in the implementation of cloud computing in their small to largest business units. The investments are gravity defining, according to research by Bloomberg, nearly 15 billion dollars invested for the incorporation of the cloud.
These details and figures were estimated post-COVID-19. After manufacturing and banking, retail businesses are also recognizing the illuminating factor of cloud computing in their daily work.
In this article, we will try to reflect some of the points which will highlight the significance of the cloud and its role in strengthening the retail industries around the world.
Better Stock Management:
One of the significant factors that affect the basic operation in retail is the management issues of inventory. This problem is mostly faced by retailers who are working in a branched network or other words, who are running retail businesses in a chain of franchises.
It is not an easy task to manage multiple retail stores at the same time, with the risk of stock imbalances. With cloud computing, retailers can have enhanced visibility of their stocks, and cloud computing offers instantaneous data analytics for prescribed business forecasting and inventory management.
Another aspect of using cloud computing in a branched retail network is the flexibility of not managing separate inventory for different stores, retailers can access the data at any point at any place and can have a birds-eye view on the inventory flow.
While managing everything through cloud computing, there is a threat of data invasion or theft because the data retailers are receiving through customers includes the payments both online through the cloud retail POS Systems or on the cash counters.
Customers payment data is the essential one, most of the people are still reluctant to pay online as they are worried about their personal information is getting saved on the retailer’s cloud, another kind of data which the retailers are hosting on the cloud is the flow of inventory, the CCTV recordings, the sales data, and the number of products coming back with defects and expiry.
Carrying such data is risky, the cloud computing applications running provide the best possible data security. All the data going on the cloud is encrypted, and no one can steal it unless he has the administrative privileges to go on.
While dealing with cloud applications, it must be kept in mind that administrative privileges should only be shared with designated personals so that there should be no ambiguity.
Retaining Customers By Creating Products:
Customers in a retail business hold significant value, their opinions and feedback about the products and performances are the way forward for better results in the future. Cloud computing applications can help retailers in the proper and quick assessment of their products and their performance as a brand in the market.
People will always consider those businesses who take care of their feedbacks, and the retailer should also keep this in their mind while making any product visible and available in the market that improvements should not stop, the retail businessman should always consider continuous learning and improvement procedures because the better your product is, the more it will get sold.
Cloud computing applications in retail business can guarantee profitability, and you can take the example from the implementations of cloud based POS systems in nearly all types of retail business. The second to none features offered by POS applications are proof of its success in the retail industry.
According to research published in a research journal, the retail businesses that have switched towards a more digital /customized way of doing business have gone to pick a profit percentage of 7.5 rather than the people who are still dealing with the brick and mortar setup of retail business.
A more digitized way of doing business is not only attractive and appealing for the customers, but it also guarantees safety and security to the people’s data and their money.
If the retailers can safeguard their data and money, then the most essential thing earned is not only the money but their trust as well, which is said to be vital in retail industries all around the world.
Kamil Riaz Kara is a blogger and associated with digital marketing for the last five years. Presently associated with a digital marketing agency in Pakistan named Digital Eggheads. You can connect him through LinkedIn.