As in recent times, the power is handed from retailers to customers, therefore the retail industry has to undertake digitization. Many people claim "Cloud computing is the future of the retail industry". Managing, storing, and analyzing excessive data can be a tedious task.
Retailers are adopting cloud technology for better data management. It not only minimizes cost and organizes data but increases functionality, increases efficiency, and customer experience.
Earlier, traditional stores used to rule the retail industry but now digital stores are the new trend. 2016 E-commerce statistics released by ReadyCloud said nearly 80% of the entire US population makes purchases online.
So, to be ahead of your competition, your traditional shop has to embrace digitalization and get a future-proof solution such as the cloud POS(point of sale) solution which is the key of digital stores.
Cloud POS for Retail
A cloud POS is a web-based point-of-sale system that operates payments through the internet, cut-out expensive servers or software. It processes and updates all the payment transactions online. A cloud POS provides flexible and reliable POS deployments, ensures customers' safety and security, increases your visibility which ultimately brings traffic and maximizes profit.
Benefits of Cloud POS
- Increased profitability
To make a profit in the retail industry is a real struggle. To sustain it, you need to cut down the overhead expenses like infrastructure and logistics costs to stay in the game. Cloud POS helps in saving infrastructure costs. Shifting to a cloud platform will help you to save money and maintain big data.
- Inventory management
Inventory management is one of the toughest challenges for the retail business. Employees end up wasting a lot of time trying to fix the inventory imprecisions. Big retailers have several stores at various locations. Sometimes they fail to check or manage stock in real-time. A cloud POS automates the whole system and builds a foretelling platform that will decrease the shortage issue. Furthermore, you can access data and stocks at anytime from anywhere.
- Analyze Sales Analytics
Cloud service helps retailers to utilize the customer and sales data. It analyzes the data using an effective statistical tool. Retailers can determine customer behavior, trends, and brands with a massive database. It will help them to create customer-centric strategies to gain more customers and more profit.
- Better customer experience
Usually, Customers struggle during checkout while making payments. Cloud POS speeds the whole process and allows users to make hassle-free and smooth payments. It also provides you the liberty to pay from any devices like Mobiles and tabs. It creates various Chatbots using artificial intelligence to give you the complete experience of brick and mortar stores.
- Effortless app integration
You can easily integrate various other software like accounting and tax software or e-commerce platforms using cloud POS. It will ease up your work and allows you to focus on different parts of the sector. It will also give your customers a smooth experience.
Is Cloud Secure for the retail Industry?
For the retail industry, security is the most prime factor. Retail companies have millions of customer's data involving their credit card details. Any security breaches that come to the fore, the Retail industry will be in a lot of trouble. To get a secure platform, Retailers are turning to cloud computing. It offers high cybersecurity and maintenance that makes the digital environment safe for transactions.
Here are the following ways by which cloud is protecting the retail industry -
- Better Network facility
There were days when businesses used to struggle with network and process. Cloud Provides real-time business service that can easily find abnormal behavior. Cloud also provides various monitoring tool to the retail industry that monitors the network and creates security system.
- Monitoring Applications
Monitoring all applications software in the retail industry can be a stressful and difficult task. Even the slightest mistake can lead to a huge loss. Cloud makes it extremely simple. It looks after all the retail stores from one place. It notices all the vulnerabilities and resolves them before a hacker can exploit them.
- Monitoring Endpoints
Endpoints are the most knocked area by the intruders in order to gain access to the retailers' system. Cloud offers monitoring and logging solutions. Moreover, the cloud visible all the activities of the user in the system that makes risk detection and prevention.
- Using cloud-based wireless alarm
Cloud-based wireless alarms are one of the extensive development that has massively contributed to security for retailers. Unlike, the alarms which were wired and monitored locally, these cloud-based alarms are managed from remote locations. These alarms have made things a lot easier and convenient.
- Cloud-based security services
Through the cloud, retailers can access the security capabilities which they otherwise could not. Cloud-based security services have more capabilities and less cost than an onsite security solution. They provide service that includes DDoS protection, network monitoring, and security feedback.
Conclusion
The impact of cloud computing in all industries is quite obvious. It has become a necessary part of the retail sector as well. Cloud technology undeniably changes the way retailers connect with customers. Even small industries experienced growth by switching and integrating to the cloud. It surely lessens infrastructure cost, upgrades security, offers real-time access to the inventory, and a smooth customer experience.
