The retail space is experiencing an interesting revolution where the focus has shifted to creating personalized customer experiences. And working with accurate data is the key to delighting digital-savvy customers and staying competitive in the market. Enter the power of the cloud! The blog shall highlight how cloud data management is disrupting the retail sector and facilitating innovation for businesses.
Expect a deep dive into:
– The rising popularity of cloud
– Meaning of cloud data management
– Challenges faced by retail businesses
– Ways in which the cloud ecosystem is driving value for retailers
– Taking the right step to make a move to the cloud
The evolving excitement around cloud
What is cloud data management
Cloud data management is defined as the practice of collecting, storing, and managing enterprise data via cloud platforms and tools. It is a critical aspect of data modernization that enables more powerful and actionable business insights.
With cloud-based data management services, retail businesses utilize resources on an on-demand basis. It helps brands identify the right data from an on-premises setup and move it to the cloud. Moreover, cloud-based solutions empower businesses to interact with data residing in cloud and multi-cloud environments.
Advantages of leveraging the cloud in retail
Do you know that the global retail cloud market is expected to reach USD 39.63 billion by 2026 at a CAGR of 16.3% during the forecast period? Retailers using cloud-based data management solutions are better equipped to respond to challenges like data silos and poor visibility into customer behavior. Cloud adoption has become a must to improve retail management systems, generate accurate business forecasts, and provide unique customer experiences. Here’s a list of points that explain how cloud data solutions are solving challenges in the retail industry:
1. Facilitates personalization
Research says that 80% of customers are more likely to purchase from a company that offers a tailored experience. The question is – how to create such experiences for customers? Well, it all starts with the right data. It helps understand customer interests and preferences and examine shopping patterns. Cloud-based data management platforms help analyze the right data to maximize real-time consumer insights and deliver personalized experiences to targeted customers.
2. Enhances inventory management
Managing dynamic product portfolios is a complex process for retail businesses. Cloud-based solutions that are powered by AI help get real-time unified view of inventory data anytime, anywhere. This enables real-time inventory monitoring and tracking. Top-grade cloud-based solutions like Informatica’s Intelligent Data Management Cloud offer AI-powered automation that helps meet changing product demand and deliver product content in real-time.
3. Helps create omnichannel shopping experience
Imagine a customer planning to pick up a product from a company store. However, the company support staff fails to provide accurate pickup times due to poor data visibility into the store operations. The customer will likely switch to some other brand due to inefficient support. Retail businesses often struggle to streamline integration between in-store and online orders for customers due to inconsistent data across the company.
Cloud platforms have powerful analytics capabilities that simplify the coordination between in-store and online operations. With standardized data across the organization, businesses become efficient in suggesting accurate in-store pickup times or the nearest stores to customers.
4. Optimizes supply chain efficiency
Around 74% of customers say that they are more likely to buy again from a company enabling same-day delivery. If a particular product is absent in a company store, the customer might consider switching to some other brand offering the same product. To exceed customer expectations, optimizing the supply chain is a must for retailers.
With cloud-based data solutions, retailers gain greater visibility across their supply chain and maintain product requirements. It enables retail businesses to make smarter inventory allocations and maximize customer satisfaction. With a reliable cloud data solution like Snowflake, retailers can conduct accurate inventory forecasting and comprehend macro cross-industry trends.
5. Prioritizes customer data privacy
Cloud-based data management solutions support and follow a security-first approach. It protects businesses and consumers against data breaches via robust compliance with data security regulations like GDPR and CCPA. Informatica’s IDMC offers retailers the highest level of cloud security certifications and attestations. AES-128 key is used to encrypt data at rest and TLS-1.2 is leveraged to protect data in transit.
Become a cloud-first retailer with LumenData
LumenData helps retail businesses take the right step toward becoming cloud-centric companies. With valued partnerships with leading cloud-based solution providers like Informatica and Snowflake, we enable retailers to stay on top of smart data management.
Our team of 150+ technical consultants has core expertise in providing high quality planning, implementation, integration, and maintenance services for cloud-based data management. We take pride in being recognized as the in winning the Global ‘Channel Rising Star’ Partner of the Year award in the Growth Category by Informatica.