How does the Snowflake Data cloud help the retail industry improve its business process?

by Low-Kode May 24th, 2022

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Retail businesses are under increasing pressure to adapt to shifting consumer preferences and ensure agility and quality across the value chain. However, legacy systems that lack interoperability make it difficult to leverage insights from customer data. It leads to increased costs, supply-chain problems, and customer dissatisfaction.

Snowflake Cloud Data Platform is here to help retail businesses like yours improve business processes and operational efficiencies. Furthermore, you can transform and scale your analytics capabilities by unlocking unlock data-driven insights.

This article looks at how Snowflake Cloud Data Platform helps you optimize different areas of your business, drive supply chain efficiency, optimize inventory management, and more.

Capabilities of Snowflake Retail Data Cloud

Here are the different capabilities of Snowflake Retail Data Cloud and how they will be beneficial for your retail business.

  • Data integration
    You can integrate business data from various disparate systems irrespective of their speed, format, and source. Ultimately, you will get a single source of truth.

  • Operational efficiencies
    You can optimize your operations by scaling up to meet the seasonal demand for greater analytics resources and shrinking down when demand is lower.

  • Data sharing
    The in-built security measures allow you to share business data with your partners and customers seamlessly. It will be in full compliance with PCI DSS requirements. You can also manage other security capabilities like data cleanroom functionality. The risks of revealing PII (personally identifiable information) also get negated with measures like restricted queries and centralized RBAC (role-based access control).

  • Pre-built solutions
    Snowflake’s partner agencies offer several industry-specific solutions that you can leverage directly. These include data models with the backing of AI and ML. You can realize value much faster and get better returns on investments.

Snowflake Retail Data Cloud Use Cases for the Retail Industry

Here are the different use cases that will help you understand Snowflake’s benefits much better.

  • Improved personalization for enhanced customer experience
    Providing increased levels of personalization is one of the biggest challenges facing retailers today. They are expected to provide an optimal experience to every single customer while managing ever-increasing volumes of data across several online channels.

    Snowflake Retail Data Cloud offers a single source of truth for all of your data. You can use advanced analytics tools to evaluate trends in customer behavior and track the effectiveness of your marketing campaigns. It will help you make more informed decisions about where to focus your resources to increase sales and expand your business.
  • Optimized Supply Chain Operations
    Snowflake allows you to create a centralized data repository for improved operations. You can get customer information, inventory data, pricing information, and more in one place. It will ultimately help you analyze this information better and make improved decisions.

    For example, a customer may purchase three items during one visit but only once during each of their next three visits. You can use this data to offer better incentives for customers who purchase in bulk or increase the frequency of sales promotions. You can also use this information when creating marketing campaigns for new products and services.
  • Reduced Customer Churn
    Snowflake’s Retail Data Cloud offers a suite of analytics that you can use to identify high-value customers and understand their purchasing habits. You can then use that information to personalize their experience. The platform also allows you to predict which customers are likely to defect. You can target them with marketing campaigns designed to prevent them from leaving.

    Foodservice distributor US Foods managed to reduce its customer churn by seamlessly analyzing the transaction data of more than 300,000 customers. The cloud data platform became US FOODS’ single analytics repository for all the transaction data. Reports that previously took them five hours got executed within three minutes with Snowflake.
  • Improved scope for innovation and new services
    Snowflake helps you innovate new services with its unique self-service data warehouse. As a retailer, it is not just about selling products. You would also want to create a personalized experience for your customers and build lasting relationships. Understanding their preferences and how they are using your products will help you offer tailor-made solutions.

    UK-based Sainsbury was able to understand its customer’s expectations much better with Snowflake’s solutions. They were able to create a product-matching service that closely matched their competitor. It is today one of the popular features on their website.

Snowflake Retail Data Cloud Solutions Across the Retail Industry

Here are the various solutions of Snowflake Retail Data Cloud across different segments in the retail industry.

  • Retail and wholesale
    • Create store and region-wise reports related to inventory and performance.
    • Understand and share promotional data with Consumer-Packaged Goods partners.
    • Optimize product and staffing costs.
  • E-commerce
    • Understand buying preferences and reasons behind abandonment of shopping cart.
    • Offer promotions and recommendations to customers in real-time.
  • Multiple industries
    • Optimize inventory management and supply chain operations.
    • Forecast demand through predictive analytics.
    • Create and optimize pricing models.
    • Create a 360-degree customer view to offer personalized experiences.

Bottom line

The Snowflake warehouse aims to take data-driven decision-making beyond just mining insights from existing sources. It provides access that retail firms need to go beyond simple analysis and support real-time operational changes.

The flexibility of the platform’s multi-source, real-time data integration capabilities delivers a range of benefits and greater opportunities for making better decisions in real-time for increased efficiency.

As one of the leading Snowflake partners, Low-Kode can help you reap all the benefits of the platform. We have an expert team of Snowflake developers who will unmatched offer support, right from the planning to the implementation stage, for a smooth rollout of the platform.

Get in touch with us today, and one of our Snowflake experts will assist you.

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