Retail analytics is a definite process to provide analytical data on inventory levels, consumer demand, supply chain movement and sales, which is very important for making marketing & procurement decisions. On-demand and supply analytics data can be used to maintain acquisition levels and make marketing decisions. Retail Analytics provides detailed information about the customer and the business and process perspective of the company with room for maneuver and room for improvement.
As per analysis, “Retail Analytics Market” the key companies operating in the global retail analytics market include Information Builders, 1010data, SAP, Click, Manthan, Micro strategy, Bridgei2i, Fujitsu, Angoss, Microsoft, SAS Institute, Oracle and others. These leading players offer solutions that consist of a variety of business functions such as marketing, merchandising, in-store analytics, customer analytics, supply chain management, supply chain management and store analysis, strategy and planning.
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In terms of the component types, retail analytics market can be divided as solution and services. Solution segment dominates the global market caused by rise in demand for enriched visualization & unified dashboards to track the live sales data & extract valuable business intelligence. In terms of the function type, market can be divided as human resources, finance, operations and marketing & sales. In terms of the application type, market can be divided as promotional analysis & planning, pricing analysis, merchandising analysis, inventory analysis, yield analysis, customer analytics and others. Inventory analysis segment is predicted to exhibit considerable growth rate because of increase in need to enhance the business processes by keeping track of stocked goods & ensuring surplus inventory during the forecast period. Additionally, in terms of the organization size, market can be divided as small & medium sized enterprises (SMEs) and large enterprises.
Growth of m-commerce sector, followed by increase in significance to enhance the customer experiences & retail operations and increase in number of Smartphone are some major factors, which are responsible for growth of the retail analytics market. Apart from this, legal concerns & data privacy issues and unstable & perpetually fluctuating markets may impact the market. Moreover, rise in advent of computer vision and growth in adoption of cloud services in retail are leading opportunities for market.
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Based on regional analysis, the North-America is a prevalent region in global retail analytics market owing to growth in focus on the utilization of advance technologies, presence of large retail companies, increase in investment in the retail analytics and change in consumer behavior across the region. The Asia-Pacific and Europe regions are anticipated to witness higher growth rate due to analyze consumer purchasing patterns and growth in focus toward online & personalized shopping over the forecast period. It is predicted that future of the global retail analytics market will be bright on account of rise in adoption of disruptive technologies during the forecast period.
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Ankur Gupta, Head Marketing & Communications