When something is web-based, it means that it's hosted on the internet, as compared to being hosted on a local server. A good example that most people are familiar with is the case of Microsoft Outlook and Google Mail (aka Gmail) - if you want to use Microsoft Outlook, you have to buy it, install it on your computer, and hook it up to your network. Any emails or contacts or files or anything you save in Outlook is hosted on that computer. In comparison, if you want to use Gmail, you can access it from any device, so long as that device has access to the internet. Any email or contacts or files or anything you save in Gmail is readily available to you on any device. "In the cloud" is essentially a metaphor for "on the internet" - it's a way to describe the abstract concept of a virtual server, allowing you to access, log into, and utilize software, without having to install any physical software on your local computer.
SkuVault utilizes Microsoft's cloud from Windows Azure, which in essence means that your data is stored, encrypted, and protected by Microsoft's managed data centers in 13 regions around the world. You don't have to worry about power or server outages (let's face it, if these data centers, spaced all around the globe, all go out simultaneously, it's the zombie apocalypse or something and you've got bigger fish to fry). If anything, your data is even more secure on the cloud than on your local computers - if your hard drive crashes, or your computer's stolen, or if there's a fire and your whole office burns to the ground, your data will still be intact on Microsoft's cloud.
Since SkuVault's web-based, it's available for every operating system (Mac, Windows, Linux, etc.) and device type (Smartphones, tablets, laptops, computers, etc.), as well as any up-to-date browser (Google Chrome, Firefox, Safari, Internet Explorer, etc.). As an online application, it doesn't need a tedious installation, or an IT team to maintain it - SkuVault was built with your warehouse workers in mind. Getting a new hire up-and-running is as simple as creating a new username and password for them, and directing them to the app. Since it's an online application, you'll also never have to perform any production-halting updates - new features are adding into your application seamlessly and automatically.