Retail analytics market is a sub-set of big data analytics market. Retail analytics aids in information gathering and assessment of data across the entire value chain.
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Primarily focusing on the retail sector, retail analytics solution offer retailers in understanding and responding to changing customer experience.
In addition, retail analytics improves businesses by provides new and faster ways to identify product and channel preferences, understand inventory demands in real time and serve consumers in a better way, thus ensuring the operation is more flexible and efficient.
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Customer’s information can be gathered in real-time through various mediums such as smartphones, weight sensors, motion sensors, cameras, and RFID, whether it may be online or in-store.
The rising need to develop competitive strategies is the key factor driving this market. Due to intense competition in the retail business environment, enterprises in the retail sector have to develop new competitive strategies by acquiring data about the performance of business operations.
Analytic tools help these organizations to analyze consumer behavior, design strategic marketing campaigns and identify customer segments to identify and retain new consumers. The ability of such tools to automate the decision-making process will help organizations to eliminate delays associated with human decision making.
The retail analytics market has undergone rapid business transformation by forging good customer relationships, thereby increasing the beneficial growth and competitive advantages. Digitalization has contributed to the technological awareness within customers to go for easy purchase with a variety of options, while saving sufficient time consolidating retail sector.
Thus, bulk volume, velocity, and variety of big data are expected to have a significant impact on the retail analytics market. Major factors driving the market are increasing online shopping, consecutive increase in big data, utilization of social media, and proliferation of smart phones, which have made shopping easy for customers
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Retail analytics is the intelligence solution providing analytical modelling on various processes in the retail industry, such as supply chain management, merchandise intelligence, inventory management, cyber security, supply & demand processing, customer engagement, sales data modelling, and many others. It helps in decision making process of the retailers by providing customer insights and scope of product marketing.
In recent years, many retail stores from domestic and international markets have adopted retail analytics solutions to augment their market reach and enhance their promotional strategies. Some of the outcomes of retail analytics solution influencing retail market with large scale, are enhanced profitability, increased rate of return with minimum investment, optimized customer relationship and loyalty, behavioral modelling, preference analysis, competitive advantage, and many others.
Substantial technological advancements in this market area are expected to increase the perceived value for retail analytics. The solutions provided can be utilized to track down customer purchasing behavior and in return give a satisfactory shopping experience to the customer, which can spur retail analytics market.
Traditional brick-and-mortar retailers are expected to benefit from retail analytics in several areas such as optimization and planning, inventory management, and cluster planning. High analytics cost coupled with the inability to comprehend offline market behavior of consumers can severely hamper the retail analytics market.
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Retail analytics market is expected to witness a healthy CAGR during the projected period due to increasing popularity of data analytics solution and penetration of smartphones and digital platforms among users across emerging markets. North America is the dominating region in retail analytics market and is expected to remain dominant followed by Western Europe during the forecast period.
APEJ is expected to reflect highest CAGR during the forecast period.
Table of Content:-
Global Retail Analytics Market Professional Survey Report 2017
1 Industry Overview of Retail Analytics
1.1 Definition and Specifications of Retail Analytics
1.1.1 Definition of Retail Analytics
1.1.2 Specifications of Retail Analytics
1.2 Classification of Retail Analytics
1.2.1 Type I
1.2.2 Type II
1.2.3 Type III
1.3 Applications of Retail Analytics
1.4 Market Segment by Regions
1.4.1 North America
1.4.4 Southeast Asia
2 Manufacturing Cost Structure Analysis of Retail Analytics
2.1 Raw Material and Suppliers
2.2 Manufacturing Cost Structure Analysis of Retail Analytics
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