Retail Analytics Market – Overview
With many retailers whirling towards new retail technologies to help them keep up with customer demands and market shifts, retail analytics is not only helping retailers satisfy their customers, it’s also changing the way supply chains function. Retail analytics relies on data and transforms that data into information that can be used for making market decisions. It is a flexible and cost effective solution to optimize market decisions. Retailers receive huge amount of data related to customer needs and preferences which needs to be analysed. Retail analytics helps in understanding customer analytics and businesses better. As there is major growth in availability of data, there is a requirement of analytical solutions to make efficient use of that data. The increasing availability of data is one of the major factors driving the market share globally. Another major factor driving the growth of the market is the retail analytics providing personalization as per the individual needs.
The prominent players in retail analytics market are – IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Adobe Systems Incorporated (U.S.), SAS Institute Inc. (U.S.), HCL Technologies Ltd. (India), Cisco Systems Inc. (U.S.), MicroStrategy, Inc. (U.S.) and Tableau Software, Inc. (U.S.) among others, are profiled in Market Research Future analysis and are at the forefront of competition in the global retail analytics market.
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Industry News
February 2018, AI-Driven analytics: Taming the wild world of grocery data. The largest retailers, such as Walmart, have got a big head start. They have used predictive analytics to forecast demand and set prices. Midsize and smaller retailers have been relegated to the limits of traditional business intelligence and reporting in an attempt to derive insights. With traditional predictive analytic solutions, most grocery assortment forecasting is done at an aggregate level by product by week, or perhaps product by store by week. Each product or SKU is considered independent of all other products, ignoring complex interdependent factors — such as product affinities, cross-price elasticity, customer proximity to stores, customer proximity to competitive stores, and store layout — resulting in forecasting error rates topping 38%.
January 2018, Emnos Rolls Out Retail Analytics Strategy Solution for Pet Segment. Emnos, a retail analytics and shopper insights organization based in Chicago and headquartered in Munich, has rolled out its strategy to offer solutions and services to non-grocery retail segments. Emnos has made the strategic decision to pursue verticals outside the grocery space that include pet, sporting goods, office supplies, consumer electronics, apparel, furniture, do-it-yourself (DIY), auto parts and travel. The initiative is led by a team with deep expertise in customer insights, retail analytics, data monetization and product innovation, according to company officials. The team will be focused on building and offering data and insights solutions that enable non-grocery retailers to seamlessly incorporate customer data into category management and planning processes.
January 2018, Location-Based Analytics Could Boost Retail Sales. By leveraging customer data and location-based analytics, retailers could boost their sales, drawing newfound vitality from the digital era that threatens them. Multiple tech start-ups are offering AI-powered solutions for retailers looking to get the most out of customer data. That data can be sourced through the retailers’ own apps or purchased from third parties.
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Retail Analytics Market – Segmentation
Segmentation by business function: consumer analytics, marketing analytics, supply chain analytics, merchandising and in-store analytics
Segmentation by solution: analytical tools, reporting and visualization tools, mobile applications, data management software.
Segmentation by service: consulting, system integration, maintenance and support
Segmentation by deployment: cloud, on-premise
Segmentation by region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Retail Analytics Market – Regional Analysis
The regional analysis of Retail Analytics Market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. Tokyo-based company Tamecco offers a product that is currently deployed at 2,500 brick-and-mortar-stores across Japan. Their website states, “Know when your customers come in and where they go, maximizing customer satisfaction with loyalty rewards and store layout improvements.” The major growth in retail analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region. Businesses are experiencing more efficient processes, fewer stock-outs, and in general, they’re more easily able to see both the details and the big picture. They know what’s going on throughout their business at all times.
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