Retail Cloud Solutions Market Trends

Growth Drivers

• Over the Coming Period, Swift Progress will be Made in Disrupting Technologies- AI in retail simplifies their in-store operation, and efficiently manages new stock and supply chain management by enabling them to do so. In addition, AI enables retailers to offer their customers personalized service and sophisticated marketing strategies that assist them in attracting and retaining clients. The key strategies that will benefit the retail sector from the use of artificial intelligence are improved customer experience and support. In addition, more and more retailers are choosing to shop in stores.  AI is being used by 35% of firms and 42% are looking into its deployment in the future. A total of 91.5% of the world's leading businesses are continuously investing in artificial intelligence.

• Increasing Emphasis on the Omni-channel Experience- Omnichannel connects all the channels of communication between companies and their clients in order to produce a cohesive experience. 73% of consumers chose to shop on many channels during their purchasing trip. Retailers are attempting to enhance the Omnichannel experience for this reason.

• Accelerated Adoption of Multi-Cloud Architecture- Multicloud adoption, in which businesses look to benefit from the advantages of using a combination of cloud service providers, is now emerging as an increasingly common trend within retail. In order to support both web and offline retail businesses, particular requirements have been laid down in the retail sector, e.g. need for scalable, flexibility and security of IT infrastructure. With the ability to adapt their IT infrastructure, and at the same time reduce risks of lost data or security violations, retailers will be able to take advantage of M2C environments that allow them to specify it in order to meet their needs.

Challenges

• Integration of Cloud Computing Systems with Legacy Systems- Integrating cloud systems with legacy systems is one of the major hindrances to adoption of cloud computing systems in the retail sector. Many retailers have invested in legacy systems over the years, and these systems often handle critical functions such as inventory management, order processing, and payment processing. Integrating these systems with cloud-based systems can be challenging, but it is essential to ensure that retailers can leverage the benefits of cloud computing while still maintaining their existing systems.

• Data security is a critical concern for any business, including those in the retail industry that use cloud. Growing security and privacy concerns are reluctance among some retailers to adopt cloud software in some developing countries.