Snowflake (SNOW) Launches Cloud Solution, Aids Retail Industry
Snowflake SNOW has announced the launch of Retail Data Cloud to help companies in the retail industry provide improved customer experiences and optimize operations for retailers.
The new cloud solution by Snowflake unites its data platform, its partner delivered solutions and industry specific datasets.
The newly-launched Retail Data Cloud will provide retailers, manufacturers, consumer packaged goods (CPG) vendors, distributors and technology providers with solutions to leverage their own data and also access new data to seamlessly collaborate across the retail industry.
It also provides a single integrated cross cloud data platform, eliminating technical institutional data silos without compromising on data security.
Snowflake Inc. Price and Consensus
Snowflake Inc. price-consensus-chart | Snowflake Inc. Quote
Snowflake Rides on Solid Demand in Retail Industry
The retail industry is witnessing a global shift as to how consumers, brands and retailers interact. The industry is constantly reeling under the changing dynamics due to uncertainty created by the change in consumer preferences, party affected by the pandemic. The customer expectations, accelerated digitization and e-commerce, and transformation across the supply chain put immense pressure on retail organizations
This created a lack of common data-sharing models and thus, the industry as a whole cannot capitalize on the available data and insights.
Snowflake’s new Retail Data cloud platform will help solve these issues by managing the ever-increasing data volumes, and bringing AI and analytics to medical innovation.
Retail Data Cloud enables retail organizations to collect data from numerous sources, such as on inventory, manufacturing, purchase orders and collaborate all the data in real-time seamlessly, thus driving end-to-end supply-chain visibility and leaving zero ambiguity in business.
Such platform enhancements helped Snowflake attract new customers, specifically in retail, healthcare, technology and financial services in fiscal 2022 and positively impacted revenues in the fourth quarter of fiscal 2022.
In the fiscal fourth quarter, financial services, retail, advertising and media, healthcare and technology represented 85% of net new bookings. In the reported quarter, Snowflake closed seven new deals worth $30 million or more, up from just one in the last fiscal year’s comparable quarter.
In the fiscal fourth quarter, revenues of $383.8 million beat the consensus mark 3.20% and jumped 117% year over year.
Owing to rapid customer acquisition and an increasing net revenue retention rate, SNOW expects revenues in the range of $383-$388 million.
Shares of Snowflake have fallen 30.4% year to date compared with the Zacks Internet Software industry’s decline of 28%. The Computer & Technology sector has dropped 9.6% during the same period.
Snowflake’s Key Partner Offers Solutions in Retail and CPG Industry
Snowflake’s one of the key technology partners is Amazon’s AMZN Amazon Web Services (AWS).
AWS helps Snowflake provide a seamless integration between different cloud platforms to help customers store and analyze data in the Retail industry.
TEKsystems Global Services recently announced that it is selected as one of the five Snowflake Retail Data Cloud Launch Partners.
TEKsystems Global Services developed a customized solution using Snowflake’s Retail Data Cloud. The former united the latter’s integrated platform and industry-specific datasets to accelerate implementation and reduce the time to value, providing visibility to the supply chain.
Earlier in 2021, Infosys INFY became an Elite partner in the Snowflake Partner Network.
Consulting and services partners like Infosys build solutions on the Snowflake platforms.
Infosys aids clients in the retail industry to be data driven. INFY along with Snowflake offers transformational solutions to enterprises, built on the latter’s Data Cloud platform to help retail industry partners collect, store and analyze data in a time-efficient way.
Stock to Consider
While Snowflake —currently carrying a Zacks Rank #3 (Hold) — is a good stock to retain in investors’ portfolio, one can consider a better-ranked stock to buy and increase profits.
In the broader Computer and technology sector, Apple AAPL is that attractive investment bet.
APPL currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the year-to-date period, AAPL’s shares have dipped 1% compared with the Zacks Computer - Mini computers’ fall of 0.9% and the Computer & Technology sector’s decline of 9.6%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
Apple Inc. (AAPL) : Free Stock Analysis Report
Infosys Limited (INFY) : Free Stock Analysis Report
Snowflake Inc. (SNOW) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
