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Top business leaders have the ability to rely on their talents in driving growth and reducing costs. C-Suites in retail face a difficult challenge. Economic conditions are putting a squeeze on consumer spending as high energy prices cut into disposable income, and rising inflation means that what’s left doesn’t stretch as far as it used to. But that’s not to say that profits can’t be found. Today, success in retail requires being able seamlessly connect customers, workers and data. This is why cloud-enabled retail expertise has become so highly valued.
Enterprise-scale
The cloud makes it possible to store mission-critical services in a single, secure, and accessible location. Firms can improve their retail performance by combining customer insights, payments services and merchandising / range administration with inventory management and business intelligence.
Naturally, transitioning from legacy solutions to a unified retail in the cloud platform comes with its own costs – and that’s why CFOs are right to ask tough questions of potential partners. Expert IT service providers such as WiproWith more than two decades of experience working with retail clients, we are able to accelerate digital business transformation so productivity gains far exceed overheads and setup expenses.
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You should be looking for skills that can modernize retail operations. Artificial intelligence (AI) can streamline customer interactions – for example, through smart chatbots that can engage with shoppers to maximize sales conversions. Another powerful use case is recommendation engines. AI can use large data sets to efficiently identify trends in sales, inventory, recommend next best actions, improve fulfilment, and reduce fraud.
Machine learning tools can help guide strategy at the board level, especially for big-name retailers, which have many stores and complex operations. It is possible to analyze supply chains and identify logistical efficiencies.
As Chief Data Officers are aware, there’s an abundance of insight to be gained from information gathered across sales and fulfilment. But – to maximize value – AI and machine learning tools need to be at the core of retail operations, not just on the periphery. CIO’s need to look for an IT services provider with experience in moving from legacy systems to best-in-class platforms capable of seamlessly ingesting data and creating powerful, unified information models.
Workers can see real-time performance data by having business data at their core. It is also easier to pull data from retail stores, warehouses, or coordinate with delivery companies.
Omni-channel agility
Retail in the cloud can make it possible to achieve significant operational gains in inventory management. You can easily query stock levels via API and send alerts to branches to assist customers who want to pick up their goods in store. A single source of truth is a reliable and trustworthy way to improve supply chain management. In sectors such as fashion and food, retail in the cloud allows operators to be much more responsive – for example, to cater for changing trends or keep track of stock with a limited shelf life.
Both physical and online stores provide rich sources of information about customers’ shopping habits, which allows them to offer more customized experiences to their customers. Particularly in competitive sectors like food retail loyalty schemes can make the difference in being a leader or falling behind the pack. Firms can do more than just deliver the right goods to customers by integrating customer behavior into the cloud-based retail environment.
Data-driven solutions are a way for retailers to be innovative and road-test new ideas. IT services providers who have first-hand experience helping clients to achieve their goals are key partners in this process.
Value-driven experiences
Retailers at the top of their game want to provide customers with a superior shopping experience – for example, by integrating a virtual store within a physical retail setting. Wipro – an IT services provider that’s gained deep expertise in the sector through major collaborations with various global brands – notes extra services that can be added on top. You can also use past purchase patterns to personalize the interaction with shoppers. Technology allows retailers to seamlessly transfer virtual transactions from a kiosk to in-store point of sale systems.
It is easy to transition from legacy systems to the cloud and sell in the cloud. ‘plug-in’Point for a wide variety of digital products. Retailers can pick from the best of different vendor solutions and rely on the expertise of IT services providers to apply the feature set to the client’s digital operations. Similar to smart cities with a network sensor providing meaningful inputs, retail is moving toward a digital future. ‘smart shopping’ model. Wipro and other IT service companies can bring the Internet of Things (IoT), skills into this model. IOT plays a significant role within areas such as digital manufacturing, where supply chain failure risks can be mitigated by predictive maintenance of supply chains assets.
Sensors and other smart devices add to the retail experience in the cloud. They enable greater automation of operations and offer big data rewards. Digital transformation has the capacity to shift retail into a higher gear and – most importantly – provide C-Suites with powerful tech platforms for achieving growth and cost targets.
For more information on “How Retailers and Brands Drive Revenue and Growth with Cloud”Download our report here.
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