Previously it was enough for retailers to provide customers wide range of merchandise and carry out few blown out sales events each year to attract customers. However the scenario has changed due to convergence of social media, cloud and mobile. In recent years to give consumers what they expect and value and influence the purchasing decisions, retailers are building detailed consumer profiles enriched by insights from advanced analytics. The increasing drift towards cloud based solutions is giving rise to the growth of retail cloud. Retail cloud management solutions and services improve the operational issue which saves costs is poised to increase the adoption of retail cloud solutions. Retail cloud management solutions and services improve the shopping experience with connected shopping across channels, flexible returns, enriched services, personalized interaction across the value chain, integrated merchandising and consistent experience.
Retailers can use cloud and associated technological advances in analytics and mobility to improve business outcomes across channel operations. In addition, retail cloud management solutions and services can also improve merchandising & marketing, supply chain management and sales, service and support. The cloud computing benefits such as the pay as you go aspect is expected to help retailers improve levels of engagement with customers and business agility.
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Retail cloud management solutions increases the speed to market, gives freedom to experiment & flexibility to scale as needed, streamline operations and lowers the capex. Currently some retailers are using retail cloud management solutions and services to standardize and streamline their systems by using virtualized servers in remote server farms thereby reducing the number of servers in each store. The adoption of ‘retail as a service’ is delivering greater efficiency, flexibility and cost savings across businesses.
Retail Cloud Management Solutions and Services Market: Drivers and Restraints
Factors such as need for compliance and collaboration, shift to omni-channel experiences and rapid adoption of smart phones are expected to drive retail cloud management solutions and services market. Increasing adoption of digital business strategies, enterprises’ inclination to personalize the in-store experiences of consumers to offer them better shopping experiences and organizations’ move from towards cloud-based solutions and services are expected to fuel the growth of retail cloud management solutions and services market. However, growing data security and privacy concerns are restraining the growth of the overall market. The flexibility and ease of use of cloud services is expected to create opportunities to the growth of retail cloud management solutions and services market.
Retail Cloud Management Solutions and Services Market: Key Segments
The global retail cloud management solutions and services market can be segmented on the basis of type, service model, organization size, deployment model and region. In terms of type, the market can be segmented into solution and service. The retail cloud management solutions and services include customer information management, master data management, enterprise content management, point of sale solution and inventory management solution among others. The market has further been divided into managed services and professional services. On the basis of service model, the retail cloud management solutions and services market can be segmented into software as a service (SaaS), Platform as a Service (PaaS) and Infrastructure as a Service (IaaS).
On the basis of organization size retail cloud management solutions and services market can be classified into small & medium enterprises (SMEs) and large enterprises. The retail cloud management solutions and services market can also be segmented in terms of deployment model into public cloud, private cloud and hybrid cloud. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold the largest market share of retail cloud management solutions and services market due large adoption of retail cloud management solutions in the region. Asia-Pacific is expected to witness high growth during the forecast period owing to increasing smartphone penetration, positive economic outlook in the region and huge potential in the retail sector for cloud adoption.
Retail Cloud Management Solutions and Services Market: Key Players
Major players in retail cloud management solutions and services market with most significant developments are IBM Corporation, HCL Technologies Ltd., iRipple Inc., Retail Cloud, Oracle Corporation, Fujitsu Limited, Cisco Systems Inc., iVend Retail, Epicor Software Corporation and Mi9 Retail, among others.
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