When it comes to the impact of cloud computing on the retail industry the results are evident. In our modern world, the power has shifted from retailers to consumers. Certainly, this has caused the retail industry to undergo a digital transformation to keep the attention of customers from around the world. Cloud migration is a promising investment for retailers who are looking to not only attract new customers but also retain their growing customer base.
Consequentially, the global retail cloud market is growing at an unprecedented Compound Annual Growth Rate (CAGR) of 17,7% between the time period of 2019-2025. Moreover, the market size overall is predicted to reach a total of $20.11 billion USD by the end of 2020. Retail trade compromises 10% of North American GDP, making the region the largest market for cloud service adoption. In contrast, Asia Pacific is the fastest growing marketing and the developing economies of this region are driving serious growth.
Today we will be diving into the impact of cloud computing on the retail industry. From unprecedented growth to new high tech strategies to keep consumers shopping both online and in-store, your business cannot afford to miss this blog post. Keep reading to learn more about cloud computing and the strong influence on the modern retail industry.
The Impact Of Cloud Computing On The Retail Industry
In a rapidly changing retail industry, cloud computing is the path for retailers to move forward. Cloud computing brings opportunities to the retail industry that not only helps increase consumer demand but also keeps up with it. Having a strong online presence and customer-centric approaches to business allow the user experience to be enhanced by the cloud. Furthermore, cloud migration gives businesses working in retail to open up new business avenues within their organization and give retailers a much needed competitive advantage in the market.
Most importantly, let's overview some of the major advantages that the retail industry can experience with cloud adoption:
Scale your cloud infrastructure up or down depending on the needs of your business. Certainly, as the seasons change, so do shopping trends. Cloud computing gives your organization the power to scale up for high periods such as the holidays and scale down for slower times in the retail calendar.
Cloud computing gives users the same level of quality user experience as brick and mortar stores. For instance, from the availability of chatbots powers by artificial intelligence to Buy-Online-Pick-Up-In-Store (BOPUS), the cloud helps power a unified customer experience from store to online. To sum up, a unified platform created within the industry for seamless communication.
Easy Inventory Management
Finally, experience your full inventory at your fingertips. No matter where you or your staff are, the power of cloud computing allows businesses to store confidential information securely. Moreover, storing your inventory online within the cloud allows your employees to access inventory information anywhere and make decisions accordingly.
In conclusion, the impact of cloud computing on the retail industry is obvious. Want to learn more about how your business can leverage the power of private cloud infrastructure in your business? Contact the experts at VEXXHOST to learn more about how we can help grow your business.