KennethIn a constantly changing world that has fully adopted a multi-channel business environment, a solution has emerged to handle the needs of business owners and consumers alike: the cloud. Applicable in many different industries, the retail market has shown a great propensity for utilizing the cloud in its decision-making, disaster mitigation and recovery, processing and distributing data capabilities (SaaS), and other analytical needs.
Utilizing a cloud-based solution to operate a business is applicable for (and not limited to) the following types of retail companies:
- Restaurants
- Hotels
- Museums
- Health Care Providers
- Movie Theaters
- Home Improvement Companies
One of the largest drivers of this explosive growth has been the ever-increasing adoption of smartphones by the public at large. With e-commerce starting to overtake traditional means of purchasing (with 51% of Americans preferring online shopping), and more accessible means of other retail applications such as banking, it’s no question that the industry is well-suited for a cloud-based
What is the Value of the Global Retail Market Growth?
Worldwide, IT expenditures with relation to cloud computing have grown exponentially. In segmented markets, such as retail, we are seeing similar growth as well. In 2017, the global retail cloud market was valued at 13.24 billion dollars - and projections have already been made that by 2023, that valuation would rise to 40.23 billion dollars.
Why the steadily-growing adaptation of this technology? The retail industry has also seen rapid growth over the past decade, especially with a new emphasis on e-commerce storefronts to compete with traditional brick-and-mortar locations. As competition increases and customer demand becomes more time-sensitive, the industry as a whole needed to find a comprehensive solution to keep up - and many companies are finding those resolutions within a cloud-based infrastructure.
“With thin margins and an ever-growing emphasis on retailers and e-commerce sites to be customer-centric, it is important for retailers to find the balance between efficiencies and cost of their IT infrastructure to deliver fast-performing applications that are available 24/7/365” - Wowrack.com
So, Who Owns the Fastest Global Growth?
While North America has certainly seen (and continues to see!) very impressive growth in the cloud sector, the Asia-Pacific region has far and beyond dominated the retail cloud market in terms of growth rate. Mainly due to developments taking place in India and China, these two markets have captured the top and second spots as the cloud services markets with the fastest growth potential. For example, India’s public cloud services market clocked in at 1.8 billion in 2017 and is due to grow exponentially to 4.1 billion by 2020.
A global phenomenon that has restructured how the world views the retail process - both as the business owner/operators and the customer, the multitude of solutions that this technology provides saves time, money, and results in peace of mind.
To explore adopting a cloud-based infrastructure for your retail business, contact Wowrack to schedule a consultation. This complimentary consultation is crucial to crafting a custom plan that will take into account your needs alongside the uniqueness of your industry and current IT set-up.
