Market Trends of UCaaS In Retail Industry
Increasing Small- and Medium-scale Industries to Drive the Market
- The dependency of small and medium-sized businesses (SMBs) on the cloud is proliferating and is expected to increase in the future. UCaaS has emerged as an ideal solution for SMBs, mainly when delivered in a cloud-based model.
- These solutions combine real-time, integrated voice and collaboration capabilities, along with a flexible and scalable delivery model, making them well suited for SMBs. The primary benefit of UCaaS for SMBs is more about reducing costs than having an impact on business.
- However, compared to large companies, SMBs still need to catch up in their adoption of UCaaS. One key reason many SMBs haven’t transitioned to UCaaS is a reliance on their office productivity suite—Google Workplace or Microsoft 365, for instance—for their communications and collaboration needs.
- With unified communication solutions, SMBs are able to integrate multiple software into a single platform, making it possible for them to reduce expenses and increase overall efficiency. Applications across business functions can converge into a single effective platform for text, voice, and video communications, available from anywhere, using any device.
- Moreover, many SMBs are required to spend a significant amount of time and money conforming to their local government's governance and compliance obligations, whether regarding regulations or company policy. However, when these businesses employ unified communication solutions, it becomes the solution provider's job to meet these legal standards, freeing up corporate resources for more useful tasks.
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North America to Hold Major Share
- The region has many brick-and-mortar stores, which are increasingly offering buy online and pickup in-store (BOPIS), return in-store (BORIS) flexibility. This is driving more calls for return merchandise authorizations, inventory inquiries, and appointments for value-added services, like installations and customizations.
- The strong retail sector in the region provides significant growth opportunities to the market. For instance, retail is the largest private-sector employer in the United States, contributing USD 3.9 trillion to the annual GDP (as per NRF).
- Moreover, as per the National Retail Federation (NRF), retail sales are expected to grow between 4% and 6% in 2023. In total, NRF forecasts that retail sales will reach between USD 5.13 trillion and USD 5.23 trillion in 2023. With UCaaS becoming an essential business model in the retail sector, such growth trends create a favorable scenario for the market.
- Further, the retailers in the region are scrambling to meet the expectations and demands of an increasingly digital customer base, asking for better cooperation and communication between the staff to provide seamless services to the customers. The companies in the region are further promoting UCaaS by providing innovative solutions.
- For instance, Amazon USA has released Chime, a cloud-based UCaaS hosted in Amazon Web Service’s cloud. It provides video conferencing service to enterprises and works on both desktop & mobile phones. It was deployed in retailer Brooks Brothers’ stores as a pilot project. Other retailers are expected to incorporate Chime in their stores, as the demand for UCaas in retail is expected to rise dramatically.
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