Why cloud is much more than “Storage” – Devise Math Solutions
Cloud Technologies offer a nimble, cost effective and scalable way to accelerate new capabilities. Apart from ensuring a clean, fast way to store data, cloud services also bundle up Big Data, APIs, AI/ ML and developer tools that help interpret and harness the data stored.
In Retail industry, cloud can enable the following
1. Pricing & Margin Management – Use Real Time analytics to monitor competitive pricing, analyze sales history, predict re-pricing opportunities, analyze margin & sales implications, and update the findings in store and websites.
2. Personalize website and recommendation engine – Personalization shows right products to the right customers, across multiple channels and data sources eventually leading to incremental revenue and conversion rate
3. Loyalty Program management – Retaining loyal customers is made simple by engaging them before, during and after a purchase. Cloud can integrate multiple data sources – In Store/ Website/ social media to provide a unified view of customers and engage them via personalized promotions, drive app downloads, analyze sentiments
4. Real Time inventory view – When a customer books product online and tries to pick up at the store, the product may not be available, usually because POS and inventory systems are out of sync. Cloud ensures there is a single source of data by unifying all data sources. A local store inventory can be arrived at and shared across 3rd party channels for an additional source of revenue
5. Omnichannel Order Fulfillment – Cloud platforms provide analytics capabilities needed to identify stores closet to customer that have the items customer has chosen, real time margin calculation comparing warehouse shipping to store-pick up and order ready time prediction.
6. Inventory optimization – Using cloud analytics platform, predictive and prescriptive inventory can be built which take into consideration seasonality, promotions, trends and product associations ( substitutes as well as complements)
In summary using cloud the right way can accelerate the ease and delivery of business results.
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