Retail analytics market has been rapidly gaining momentum in recent times, subject to the escalating requirement of thorough insights to efficiently handle and forecast future performance. Retail analytics undoubtedly help suppliers to predict consumer needs, facilitating retailers to set appropriate costs for the right products at the right time, at the right location. In addition, data analytics help in effectively devising product pricing strategies and integrating the same in mainstream retailing operations, thereby increasing their demand and inherently providing a boost to the overall Retail Analytics Market. Applying retail analytics in coining pricing strategies has of late become the need of the hour, given the rise in the complexity witnessed across the retail industry.
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Retail analytics is essentially the process of delivering critical insights about a myriad range of retail verticals such as supply chain models, distribution chain, inventory levels, sales, and consumer demand, that form the crux of making crucial decisions, In a nutshell, retail analytics industry encompasses an enormous scope, given the fact that the deployment of data analytics in the retail market gives companies an inherent overview of business, processes, and customer insights, thereby opening up the channels for improvement and progress. IBM’s recent partnership with SAP for jointly developing data solutions for the retail sphere is an instance of how companies have been forging partnerships to lead retail analytics market on the path of progress.
The emergence of IoT has already had a tremendous influence on Retail Analytics Market. For instance, Wi-Fi sensors fitted in retail stores can now help stores obtain accurate data pertaining to consumer purchasing patterns through their Wi-Fi-enabled devices. This data can help analyze insights such as the number of repeat visits consumers may have made to the store, customer movement sequence in the store, and the time spent by the consumer in a specific store. The information collected through IoT is certain to be a tremendous help to retailers for gathering consumer insights and their changing preferences.
The AR and VR technologies have now penetrated the retail space as well, and are likely to enhance consumer experience, helping them visualize the products in terms of their look & feel effect. With consumers enjoying the experience of viewing an all-dimensional angle of their products, the demand for analytics is certain to rise a few notches higher. The deployment of AR and VR will also support retailers in designing their store lay outs and product shelves for virtual products to attract more customers to their stores.
Reputed firms such as Adobe Systems, Teradata, IBM Corporation, Angoss Software Corporation, Tableau Software, and Oracle Corporation have made significant contributions to the retail analytics market in recent times. Global market Insights, Inc., forecasts retail analytics industry size to grow at a rate of nearly 19% over 2017-2024.
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Major Key Points from Table of Content:
Chapter 5. Retail Analytics Market, By Solution
5.1. Global retail analytics market share by solution, 2016 & 2024
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.2.3. Data management software
18.104.22.168. Market estimates and forecast, 2013 – 2024
22.214.171.124. Market estimates and forecast, by region, 2013 – 2024
5.2.4. Analytical tools
126.96.36.199. Market estimates and forecast, 2013 – 2024
188.8.131.52. Market estimates and forecast, by region, 2013 – 2024
5.2.5. Mobile applications
184.108.40.206. Market estimates and forecast, 2013 – 2024
220.127.116.11. Market estimates and forecast, by region, 2013 – 2024
5.2.6. Reporting and visualization tools
18.104.22.168. Market estimates and forecast, 2013 – 2024
22.214.171.124. Market estimates and forecast, by region, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.3.3. Managed service
126.96.36.199. Market estimates and forecast, 2013 – 2024
188.8.131.52. Market estimates and forecast, by region, 2013 – 2024
5.3.4. Professional service
184.108.40.206. Market estimates and forecast, 2013 – 2024
220.127.116.11. Retail Analytics Market estimates and forecast, by region, 2013 – 2024
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