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Aggregated from various channels, such as online and mobile transactions, data exchanges, social media, and the Internet of Things, the retail industry’s data resource is waiting to be tapped
Cloud computing and data analytics- The economic repercussions of the COVID-19 pandemic have not yet fully unfolded and industries are bracing themselves for the impact. However, as activities slowly resume, the retail sector will play a vital role in kickstarting economic recovery. To thrive in today’s economic climate, retailers are realising the need to leverage the power of data and technology. Retailers, consumer packaged goods (CPG) manufacturers, and e-commerce companies produce enormous amounts of data. Aggregated from various channels, such as online and mobile transactions, data exchanges, social media, and the Internet of Things, the retail industry’s data resource is waiting to be tapped.
A report from Nasscom and EY predicts that the Indian retail sector will reach $1.4 trillion by 2024. Moreover, with the retail sector’s rapid movement to online platforms, India’s online retail sales are projected to generate total revenue of US$ 60 billion by the end of 2020. Driven by changing consumer behaviour and the emergence of the digital economy, India’s retail sector is set to witness AI and data-led disruption opportunities, particularly in the organised retail and e-commerce sector.
The shift in purchase behaviour of consumers was further reinforced due to lockdown and quarantine measures. Consumers have shifted to online shopping options for safety and security reasons. Responding to demands, retailers have listed their operations on various e-commerce platforms or mobile apps to serve their customers. As the situation gets better, cloud computing and data analytics will play a major role in the transformation of the retail sector.
Gearing up for cloud computing and data analytics
Analysing massive volumes of data on customers, product trends, and supply chains generate insights that can lead to better decision-making and improved customer experience. However, data analysis can be complicated with legacy systems and data silos. Poor data infrastructure and data management can hinder the implementation of analytics solutions, jeopardise data security, and prevent real-time data sharing.
To overcome these obstacles, retailers are turning to cloud solutions and technologies to break down barriers to the easy flow of data, realise analytics capabilities and unlock data-driven insights.