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For the majority of retailers we surveyed, cloud has played an essential role in virtually every significant industry shift over the past few years. The TCS Global Cloud Study reveals that while retailers recognize the role cloud-enabled innovation can play in enabling new ways of connecting data, people, and knowledge and are already invested in cloud, they have more work to do.
A strong foundation for cloud-enabled innovation
A majority of retailers surveyed point to an established culture for innovation at their companies.
An infographic depicts that 70% of responders say they have succeeded in embedding innovation from leadership to board level to employee.
Betting on AI, cautiously
Respondents across all industries recognize the importance of harnessing AI. This is particularly true for the retail industry, which is highly dependent on data-fueled insights that underpin customer experiences. Yet, when asked about plans to increase investments in the next one to two years, retailers tended to take a more conservative approach compared to their peers in other industries.
An infographic shows that 60% of retail respondents say they increased investments in AI/ML in the past 1 to 2 years whereas 66% respondents say they plan to invest in AI/ML in next 1 to 2 years.
Building a sustainable future with cloud
A majority of retailers we surveyed credit cloud as a factor in helping them to achieve their sustainability goals.
An infographic shows 66% of respondents say cloud technologies have helped their organizations achieve sustainability goals whereas 60% of respondents say they are using cloud to track air and water quality management.
Industry cloud adoption rises but complexity and costs remain challenges.
Retail respondents indicate that cost pressures and questions of cloud ownership and difficulties around complex, fragmented operations are areas of particular concern.
Just half say they have invested appropriately in cloud in the past three years, while nearly a third (30%) say they over-invested.
An infographic depicts that 50% of retailers invested appropriately, 30% of retailers over-invested and 20% of retailers under-invested.
More than half (55%) reported difficulty integrating legacy ERP apps with modern apps.
However, industry clouds tailored for retail are quickly becoming an opportunity for rapid growth and transformation.
An infographic shows that 36% of retailers surveyed have already adopted industry cloud solutions or are currently doing so and another 35% say they are assessing requirements.
TCS’ Thought Leadership Institute conducted this study of approximately 1,000 senior executives in multiple sectors across Asia, Europe, North America and the United Kingdom, more than half with revenue over $5 billion. The 972 C-suite and IT senior executives and decision makers included 80 senior retail leaders.