The retail analytics market has been experiencing good market growth by imitating good relationship with customers, which has resulted in increased competitive advantage and growth benefits. Due to digitization and technological awareness among customers, it make it easy for them to purchase through variety of options and save time associated.
The velocity, variety and bulk volume of big data is projected to have a notable effect on retail analytics market. With big data analytics, companies are capable to generate meaningful visions and information that facilitates in revenue generation and acquiring untapped market.
Introduction of big data has improvised the way retail sector used to function, also it has increased the online shopping rate and utilization of social media, and exponential usage of smart phones in online shopping are some of the major factors driving the market. Several retailers have successfully implemented and are harnessing the benefits provided by various social media platforms that have turned out to be better in terms of understanding customers’ needs, loyalty, feedback and brand perception.
Also rising demand of retail analytics in management of inventory and planning and monitoring the customer purchasing traits are some additional factors that would emphatically impact the growth of market growth. The retail analytics market also faces some drawbacks due to the deficiency of skilled employees, who are inefficient to derive the required knowledge from retail data.
Because of its ability to optimize retail functions and improvise customer relationship management several subsectors of retail industry are expected to adopt the technology also, emergence for security in retail leading to reduction in shrinkage would generate new opportunities for retail analytics market
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The retail analytics market is segregated on the basis of solution, service, business function, deployment model and region. Solutions are divided into data management software, analytical tools, mobile applications and reporting & visualization tools.
On based on business function, the market is segmented into marketing & customer analytics, merchandising & in-store analytics, supply chain analytics and Strategy & Planning. On the basis of deployment model, the market can be divided into cloud deployment and on-premise deployment.
The service segmentation includes consulting & system integration and support & maintenance. The global retail analytics market is further bifurcated into regions by North America, Europe, South America, Middle East & Africa and APAC.
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Retail analytics is expected to provide its customers with personalized services that would specifically be helpful to the banking sectors, as banks can utilize the business intelligence and customer information to provide with effective solutions based on the financial needs of each individual account holder. North America is projected to emerge as a noticeable regional market due to high deployment rate of analytics solutions on account of urbane systems and obtainability of high working capital at the clearance of several retailers in a province.
Retail analytics acceptance rate is rising in Asia Pacific, Europe, South America and Africa due to increasing awareness intending to digitalization. APAC is expected to see high growth in next few year.
Key players in the retail analytics market include Oracle, Adobe System, IBM, SAP AG and SAS Institute among others. These major players provide solutions comprising of a plenty of business functions such as marketing, supply chain management, customer analytics, merchandizing and store analytics.
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