S' Cloud - A Retail way!
'First Mover Advantage' is no longer competent enough to become a Market leader. With the advent of technology the replication of winning formula has become easier for the competitors to follow. So being first alone doesn't bear fruits but being first smart is the key to success. Smart? What does that mean? Let's find it out.
Recently cloud is creating a buzz in the technology front. Lots of researches are being carried out on how to leverage upon the available opportunities and thereby creating value from it. Cloud based solutions enables enterprises to minimize the capex and to have a control on the opex. Does adapting to cloud based services and solutions alone make us unique and smart? Maybe it does to some extent but not completely. Let's analyze how players in retail industry can become completely smart using cloud.
Retail Industry is undergoing tremendous changes in the recent years. Enterprises are trying to focus and cope up with the changes happening around in the marketplace with customer-centric strategies and approaches. Companies have become more proactive to get on top and have started adopting cloud for financial benefits. But this doesn't help them sustain in the market forever as competitors will soon follow them. I feel that S-Cloud will transform the retail industry as a whole. Let's understand what S-Cloud is and how it enables to achieve competitive advantage.
Customers have become tech savvy and well informed. With the rapid increase in the internet penetration, customers prefer online purchases because of its convenience. Generally customers compare various products on price and quality before placing any order. S-Cloud or Social Cloud adds value to customer shopping experience incorporating other customers' perspectives. S-Cloud creates a social platform on the cloud. It creates a community wherein customers can recommend products, post their views, share their thoughts and rate a particular product apart from purchasing products but within the retail players' boundary.
Let's say a customer is planning to buy an LCD TV online. First he analyses the prices of various brands, their specifications and features. Then he makes a choice based on his analysis which meets his requirements. S-Cloud adds value to the customer buying decisions. How does it add? Customers will be delighted to check out products' after sales services and post-purchase dissonance of the other customers who have already bought and are currently using it from the same retail player. Such information is difficult to identify and are extremely valuable for the customers. S-Cloud makes it possible by creating a collaborative network which facilitates customers to make their purchasing decisions considering the experience of others.
S-Cloud creates a win-win situation for both customer and enterprise. Customers feel more satisfied on one way while Enterprise gets to know what customer preferences are and act accordingly thereby managing their supply chain effectively. With the switching cost of customers almost zero in the online space, it is necessary for retail players to minimize cost and attract more customers and create a critical mass to sustain in this competitive market. S-Cloud would definitely facilitate in achieving this ultimate objective and make the enterprises smart.
