Retail analytics aids in information gathering and assessment of data across the entire value chain. Primarily focusing on the retail sector, retail analytics solution offer retailers in understanding and responding to changing customer experience.
The major driving factor for this market are growing internet penetration, increased use of data-intensive platforms and rapid adoption of social media, and advancement in technologies, such as machine learning, artificial intelligence, and augmented reality.
The proliferation of cloud-based analytics and growing inclination of vendors toward merging in-store and digital operations are key opportunities that would fuel the growth of the retail analytics market.
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.
The new generation of highly informed and demanding customers are encouraging the retailers to adopt technologies that will satisfy the evolving demands. The inclination of retailers to implement technologically advanced and intelligent solutions to attract new customers, retain old customers, and improve profit margins is expected to drive the retail analytics market growth.
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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.
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.
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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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