In a recent Google Cloud survey, 41.4% of global tech and business leaders said they plan to increase their investment in cloud-based services and products, 33.4% said they plan on migrating from legacy enterprise software to cloud-based tools, and 32.8% said they plan on migrating on-premises workloads to the cloud.

Also, Gartner reports that by 2027, more than 50% of enterprises will use industry cloud platforms to accelerate their business initiatives.

What does this mean for the retail industry?

Retail is undergoing rapid changes, with new entrants disrupting the market and established companies seeking new growth opportunities.

To stay competitive, retailers require solutions that are quick to implement, deliver a fast return on investment, and provide an integrated omnichannel experience for their customers.

Cloud-based solutions have emerged as a key source of competitive advantage, enabling retailers to gain insights into customer behaviour, improve inventory management, and achieve complete visibility of the supply chain.

This article explores the advantages of cloud-based solutions, with a focus on NetSuite, the world leader in cloud-based business management and enterprise resource planning (ERP).

Driving Factors for Cloud Adoption in Retail

1. Holistic online experience: Retailers must meet the demands of omnichannel models, which require real-time, interactive experiences for customers across multiple channels.
2. Inventory and supply chain visibility: Ensuring availability and fast delivery dates are essential to meeting customer needs.
3. Customer experience as a differentiator: Businesses are leveraging real-time, integrated data to create new growth opportunities by enhancing the customer experience.
4. Improved efficiency and effectiveness: Automating customer interactions and providing 24/7 service at a low cost is crucial for organisations to become more efficient.
5. Enhanced flexibility: Cloud solutions offer fast implementation, cost models directly related to activity and size, and enable growth while controlling costs.

NetSuite: A cloud-based business management solution

NetSuite is a cloud-native solution. This means it was built 100% for the cloud, making it unique in many ways. In comparison, most other business management solutions are built first as on-premise, traditional software and then configured for the cloud.

NetSuite has since moved forward to become the world’s leading cloud-based business management solution, offering multiple solutions, from a multi-tenant cloud platform to a single-tenant cloud platform. This provides organisations with flexibility and scalability options, allowing them to access data anywhere, at any time.

NetSuite’s vision for the cloud states that:

• Every organisation is a cloud organisation.
• The power of the cloud is data aggregation.
• The cloud enables entirely new capabilities.

NetSuite’s strength in business process automation is matched by the ability to customise the application to suit the needs of all types of businesses and the specific needs of any one of the 40,000+ organisations and subsidiaries using the platform.

Here are the advantages of NetSuite for retailers:

1. Easy access to data: NetSuite provides a centralised “single point of truth” for data, enabling fast response to indicators and better strategic decision-making.
2. Omnichannel-ready: With out-of-the-box online solutions, NetSuite enables personalised experiences for clients both online and in-store.
3. Easy implementation: Leveraging best practices from over 40,000 organisations, NetSuite offers a quick and straightforward implementation process.
4. Cost efficiency: NetSuite eliminates infrastructure costs, expensive IT specialists, and costly upgrades. Its annual license-based model delivers a fast return on investment without capital expenses.
5. Client support: NetSuite can be accessed anywhere, anytime, and on various devices, making it ideal for retail businesses with multiple locations.

Cloud-based solutions have become indispensable for retailers seeking a competitive advantage in the dynamic retail industry. NetSuite, as a leading cloud-based business management solution, offers retailers easy access to data, omnichannel capabilities, quick implementation, cost efficiency, and convenient client support.

By embracing cloud-based solutions like NetSuite, retailers can stay ahead of the competition, improve customer experiences, and drive growth in the ever-evolving retail landscape.

WHY CHOOSE FINANSYS AS YOUR NETSUITE SOLUTION PROVIDER

FinanSys is a full-service NetSuite Partner with a proven track record of success. We’ve been implementing ERP and financial management solutions for over two decades in a range of industries. To us, it’s not just work — we take pride in the quality of the solutions we deliver and we aren’t satisfied until your projects meet the highest standards. Our team takes keen interest in understanding your requirements and each project, large or small, is done with unmatched attention to every detail.

Talk to FinanSys today!