The retail industry is in the midst of a major disruption that is defining the very core of its operations, from inventory to sales to customer service. The incorporation of cloud technology has found successful applications in various sectors, inducing several strategic players, to leverage this technology to accelerate or enhance their sales processes. Consumers are playing an even more influential role in product trends especially through social media channels and demanding a unified omnichannel experience through all the touchpoints.
The retail sector is extensively implementing cloud computing, with its financing of various retail cloud technologies, and the retailers are becoming aware of the transformative role of retail cloud computing in today’s digital world. The retailers are also consciously adopting the use of cloud by deviating from the standard practice of carrying an extensive range of merchandise and have a couple of blowout sales events in the course of the year. For instance, Macy’s, which is one of the world’s principal retailers, is steadily moving its infrastructure to the cloud and taking benefit of Google Cloud data warehousing and analytics solutions. Macy’s move is aimed at streamlining its retail operational functions through its network. Macy’s is leveraging the element of scalability to Google Cloud to safeguard merchandise that can be efficiently and accurately received, ticketed, sorted, picked, packed, and shipped from the distribution center to the storehouses throughout peak retail seasons and holidays.
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Influencing consumer purchase decisions has become a major tactic of several retailers for creating a successful set of circumstances for them to operate in. This is where the use of the retail cloud brings in a huge plethora of advantages that can distinguish one competitor from the rest. Cloud-based solutions especially in the retail sector, are simplifying the systems and are delivering a more tailored customer experience. Also, the initiation of Retail as a Service (RaaS) is expected to aid significantly in bridging diverse verticals such as order processing and inventory by radically improving restocking proficiencies. The retail cloud market is anticipated to witness a significant surge in demand as the cloud can reduce the cost of computing and data storage, which is expected to favor overall market growth. The need to make the most of the value from the cloud, is prompting retailers to give precedence to workflows that can best gain from it. Recently, Bealls, an American retailer, has also recently joined forces with technology leader, Oracle, to deploy innovative retail technologies to sustain its digital transformation strategies. The implementation is expected to equip Bealls with more information and more understanding of driving its channel strategy.
The reliance on domestic markets is no longer suitable to provide the development arcs that are expected by the retailers’ shareholders. With masses of citizens increasing their spending power to the middle class and average incomes become evident, particularly in emerging nations such as Brazil, Nigeria, and Indonesia, that are opening up valuable opportunities for development far from the home base of established online retailers. With the exploitation of a broad spectrum of retail cloud technologies, emerging markets will be better placed to leapfrog technologically. Moreover, the turbulent business landscape existing presently has made agility more valuable as a strategic hallmark, thus, making a case for retail cloud computing more robust. The concept of pay-as-you-go concept can is anticipated to help retailers increase business responsiveness and levels of engagement with the clientele base.
The paramount challenge faced by retailers is adapting to change by using a dual approach to meet the changing expectations of customers and also to fluctuating market circumstances. The presence of a retail cloud is estimated to enable faster deployments, more widespread access, and a more fluid pace of overall expansion. On the other hand, retailers who are yet to transition on to the retail cloud and are still operating outdated systems and operating models cannot keep up with the ever-changing market trends currently. As the outdated operating models that do not depict current market trends, the development of the retail cloud market is expected to observe a slower pace of growth in the coming years.
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LIST OF TABLES
TABLE 1 GLOBAL RETAIL CLOUD MARKET, BY PRODUCT, 2019-2024 (USD BILLION)
TABLE 2 GLOBAL CUSTOMER MANAGEMENT IN RETAIL CLOUD MARKET, 2019-2024 (USD BILLION)
TABLE 3 GLOBAL WORKFORCE MANAGEMENT IN RETAIL CLOUD MARKET, 2019 & 2024 (USD BILLION)
TABLE 4 GLOBAL SUPPLY CHAIN IN RETAIL CLOUD MAREKT, 2019 – 2024 (USD BILLION)
TABLE 5 GLOBAL DATA SECURITY IN RETAIL CLOUD MAREKT, 2019 -2024 (USD BILLION)
LIST OF FIGURES
FIGURE 1 GLOBAL RETAIL CLOUD MARKET: DRIVERS & INGIBITORS
FIGURE 2 GLOBAL RETAIL CLOUD MARKET: SUPPLY CHAIN PROCESS 14
FIGURE 3 GLOBAL RETAIL CLOUD MARKET: PORTER’S FIVE FORCES ANALYSIS 14
FIGURE 4 GLOBAL RETAIL CLOUD MARKET, BY PRODUCT, 2019 & 2024 (USD BILLION) 16
FIGURE 5 GLOBAL CUSTOMER MANAGEMENT IN RETAIL CLOUD MARKET, 2019 & 2024 (%) 17
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