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.
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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.
Real time data gathered through customer mapping get analyzed and distributed through retail analytics and allows marketers in creating more opportunities, such as business expansion in new geographies, optimize customer services, improve operational capacities, and many others.
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Predictive models based upon customer intelligence and analysis help to adopt right promotional strategy by the retailers.
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The retail analytics market is segmented into component, deployment model, application, and geography. Based on component, it is bifurcated into software and service.
Based on deployment model, it is categorized into on-premise and cloud deployments. On the basis of applications, it is divided into supply chain management, merchandizing intelligence, customer analysis, data management, and others (store management and marketing operations) are considered.
Based on region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the retail analytics market include IBM Corporation, HCL Technologies Limited, Oracle Corporation, SAS Institute Inc., Wipro Limited, SAP SE, Adobe Systems Incorporated, Fractal Analytics Inc., Manthan, and Tableau Software. These players have adopted strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and collaborations to enhance their market penetration.
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