Digitization is making retailers learn and adapt new data strategies in order to achieve success in harnessing vast quantities of data. This is crucial for businesses which are serving customers in both physical as well as online formats. Therefore, companies serving countless of customers every minute, should start focusing on an effective storage strategy which is key to operating and competing in retail marketplace.
Cloud storage is proving as a cost effective strategy to many retailers at this juncture. By investing in revolutionary cloud technologies, retailers can leverage big data to generate sales, reduce operating costs, improve customer relationships and cut down IT staff.
However, brands operating on legacy systems which usually have limited storage capacity and resources run the risk of missing out on a valuable influx of information as data remains ineptly stored and underutilized
According to a survey conducted by Harvard Business Review, nearly 54 percent of cloud adopters are experiencing improvements to their business models after implementing cloud technologies and among the said percentage of users, 23 percent are connected to retail field.
From the past couple of years, cloud has become one of the few storage technologies that can both flexibly and cost effectively accommodate the surge of retail data. Technically speaking, cloud enables brands to quickly store, analyze, and enact on pertinent customer information to cater products and services to customer trends, create a more personalized shopping experience and boost revenue. Furthermore, cloud storage and data analytics allows retailers to exploit reliable, real time access across all channels, fueling data driven decision making from the C-suite to the sales floor, and allocate IT resources to heightening the customer experience.
Cloud based data storage offers several competitive advantages in terms of improving the efficiency of operations and increasing productivity:
- As cloud based data storage offers round the cloud access to storage from anywhere and any device. This promotes simpler analysis of customer trends, real time project updates, improves collaboration between representatives and enhances shopping experience.
- On the other hand, data loss or outages can cost millions to retailers and this is now a fact. As per a recent survey of Ponemon Institute cloud outages are making retailers loose $5,000 per minute. Therefore, unless there is a network outage, cloud storage doesn’t offer data loss, as it can smartly make a failover with auto backup features such as replication and snapshots.
- Cloud reduces spending on software infrastructure as companies can make use of solutions such as Software as a service to lower demand on IT departments and the need for expensive hardware. Cloud storage provides robust security and monitoring, data optimization, and simplified management services, affording retailers the peace of mind that sensitive customer information is protected and profitable.
As the amount of retail data skyrockets, brands are relying more and more on the flexibility, scalability, and cost effectiveness of the cloud.
Now, to all those who are still concerned about security and privacy factors in cloud adoption, Hybrid cloud can prove as a good solution.
StoneFly offers to all its users IP SAN appliances which can be integrated to Virtual Cloud Drive on Microsoft Azure. Users can keep all the critical data on premises and then move the rest to the cloud.
Hence, the said solution helps retailers in mitigating the growing costs incurred by data deluge in a smart way and also helps in leveraging all the benefits of cloud.