Cloud and data to boost retail sector

February 27, 2023

The Indian retail industry is characterised by consistent evolutions, dynamic and fast-paced business environments, and a wide range of complexities. Despite massive shocks during the Covid era, the sector recovered quickly.

The retail industry achieved 96% of pre-Covid-19 sales in September 2021, driven by the rising demand from consumers, as per Retailers Association of India (RAI). With increased demand comes greater consumer expectations, and brands face an urgent need to overhaul their needs for faster processes. Expectations for services such as same-day delivery have incurred complexity for retailers. They have exacerbated the need to rethink models.

Mike Webster, SVP and GM for Oracle Retail, said, “Between inflation, recruitment challenges, and continued supply chain delays, there’s no doubt that the industry is in a state of flux. Although retailers will enter 2023 facing numerous challenges, they also will encounter new and innovative opportunities to optimise their operations.”

Technology has become central to the business mechanism for retailers, becoming the enabler supporting businesses at every function. “Leveraging data and technology will become the key to unlocking more intelligent inventory management, intuitive pricing strategies, and fulfilling guest experiences, enabling retailers to distance themselves from competitors. This can only be attained if the data is accessible through a single source, a common platform,” said Webster.