How cloud technology can empower your business

Vaughan Fergusson explains the power and beauty of cloud-based technology and how it can quickly transform your business into a smart, sustainable operation.

Despite New Zealand’s lockdown restrictions lifting a couple of months ago, the reverberations of the pandemic and the subsequent global financial crisis will last for some time. To alleviate the challenges, businesses in all industries must evolve and equip themselves. While many business owners are aware of the ‘the cloud’, only recently have many begun to leverage its vast potential. By using the cloud as the foundations on which to build their operations, organisations can create the systematic, efficient processes that are becoming the hallmark of sustainable, smart businesses.

Take the retail industry, for example. Beautiful products and delightful service will always be important, but today cloud-based technology enhances a retailer’s ability to deliver the truly personalised, memorable services consumers demand both instore and online. Whether a single family-owned retail store in Wanaka or a multi-outlet, omnichannel company with stores in Auckland, Wellington, Christchurch and beyond, savvy business owners understand that operating in the cloud is no longer the future, it’s the present.

“In the retail industry, technology providers have made cloud technology so simple and intuitive that any business can benefit from it; whether that’s through cost-savings or comprehensive insights.” 

Understanding the cloud

The cloud is a vast, digitally-stored server accessible from anywhere, at any time, through any Internet-enabled device. Cloud-based software was once complex and only accessible to organisations with money, resources and expertise to implement it. As a result many businesses stored data in physical places such as a computer or hard drive. In today’s digital age, where agility is key, that approach has limitations. In the retail industry, technology providers like Vend have made cloud technology so simple and intuitive that any business can benefit from it; whether that’s through cost-savings or comprehensive insights. So if you’re a business owner in the retail industry and haven’t yet embraced the cloud, here are a handful of operations it can help you enhance.

Access deep-dive reports

While the cloud doesn’t automatically consolidate information, it does make it easier for different software systems to integrate with each other, allowing you to access business-wide insights from anywhere. Traditionally, business information was fragmented in independent silos across different IT systems, and in order books or a Rolodex. But now, from inventory and online orders, to customer details and financial reports, storing information digitally in the cloud helps you to establish a holistic, real-time understanding of how your entire business is performing.

Take inventory management, for instance. If you own a specialty food store, effective inventory management helps you identify popular products and ensure that you aren’t left with ‘off produce’. The days of using pen and paper to complete a stocktake are long gone, which will be particularly pleasing if you have multiple stores. Instead, when inventory exists in the cloud, you can quickly see stock in real-time, so it’s easy to ensure you always have enough of your top-selling products in the locations they’re needed. These insights don’t only help you better understand your business, though, but your customers too.

Go above and beyond with customer service

Outstanding customer service is imperative. After all, any positive impact on the customer experience is likely to positively impact your bottom line. Powerful cloud technology gives you the ability to centralise data from a number of sources, to build a 360-degree view of a customer, such as their spending habits and key traits. Using these insights to develop targeted promotions, marketing strategies, and personalised in-store and online experiences will allow you to deliver an unparalleled customer experience.

Prioritise an omnichannel experience

The term ‘omnichannel’ is rapidly growing in prevalence as shoppers frequent multiple channels. The approach was born to meet consumers’ desire to interact with businesses, services and brands across multiple channels and devices. This desire means that customers’ interactions with your business may be fragmented across channels – such as your website, social media and in-store. With 90% of global shoppers searching for products online before going in store, limiting your business to only online or offline operations limits your ability to grow and runs the risk of you losing a customer as they move between channels. Customers expect a personalised interaction with you regardless of the channel, and cloud tech streamlines and enhances that experience, wherever they’re active.

Work from anywhere

Despite life in New Zealand largely returning to normal, it’s likely that you worked from home more than usual due to lockdown. While that could have been problematic 10 years ago, it’s less so today thanks to the cloud, which makes working from home – or, indeed anywhere – infinitely easier, allowing you to coordinate stock, oversee cashflow and manage payroll just as easily as if you were in your store. Therefore, no longer will you feel cut adrift from your retail stores if you’re managing a market stall or on holiday.

Despite many of New Zealand’s retail businesses being well on their way to working in the ‘new normal’, it’s important to use all the tools at your disposal. Not only for retailers specifically, but businesses broadly, the cloud has immense potential to help you streamline your back-end processes, minimise the administrative burden and free up more time to focus on growth and creating memorable experiences for your customers.

Vaughan Fergusson (pictured above) is the founder of Vend – the world’s first cloud-based POS software.