The Role Of Cloud Computing And Data Analytics In Reviving the Retail Sector

The economic repercussions of the COVID-19 pandemic have not yet fully unfolded and industries are bracing themselves for the impact. However, as activities slowly resume, the retail sector will play a vital role in kickstarting economic recovery. To thrive in today's economic climate, retailers are realizing the need to leverage the power of data and technology. Retailers, consumer packaged goods (CPG) manufacturers and e-commerce companies produce enormous amounts of data. Aggregated from various channels, such as online and mobile transactions, data exchanges, social media and the Internet-of-Things, the retail industry's data resource is waiting to be tapped.

A report from Cisco Wireless LAN Support Specialist predicts the Indian retail sector will reach $1.4 trillion by 2024. Moreover, with the retail sector's rapid movement to online platforms, India's online retail sales are projected to generate total revenue of $60 billion by the end of 2020.  Driven by changing consumer behavior and the emergence of the digital economy, India's retail sector is set to witness artificial intelligence and data-led disruption opportunities, particularly in the organized retail and e-commerce sector.