What is Retail Analytics Market?
Retail analytics is the process of providing analytical data on supply chain movement, inventory levels, sales, and consumer demand that are crucial for making procurement and marketing decisions. The analytics on demand & supply data can be used for maintaining procurement level and also for taking marketing decisions. It also offers detailed customer insights along with insights into the business and processes of the organization with need and scope for improvement.
The market study is being classified, by Application (Merchandising Analysis, Pricing Analysis, Customer Management, Performance Analysis, Yield Analysis, Inventory Analysis and Others) and major geographies with country level break-up. According to AMA, the Global Retail Analytics market is expected to see growth rate of 20.1%
International Business Machines Corporation (United States), Oracle Corporation (United States), Microsoft Corporation (United States), Manthan Software Services Pvt. Ltd. (India), Fujitsu Limited (Japan), Information Builders, Inc. (United States), Microstrategy Incorporated (United States), SAP SE (Germany), Bridgei2i Analytics Solutions Private Limited (India) and SAS Institute Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Qlik Technologies Inc. (United States), 1010data Inc. (United States) and Angoss Software Corporation (Canada).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Retail Analytics market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Retail Analytics market by Type, Application and Region.
On the basis of geography, the market of Retail Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Internet Penetration
- Technological Advancements, Such as Machine Learning, AI, and AR
- Increased Use of Data-Intensive Platforms and Rapid Adoption of Social Media
- A Renewed Focus on Customer Metrics
- Actively Harnessing AI to Improve Efficiency and Drive Profitability
- Evolved Daily Flash Sales Reporting
- Adoption of 5G Networks That Enable VR/AR and Video Analytics
- Increased Inventory Awareness and Accuracy Enabled By Visual Analytics
- Lack of Skilled Personnel
- High Initial Setup Costs
- The advent of Cloud-Based Analytics
- Growing Inclination of Vendors toward Merging In-Store and Digital Operations
- Complexities in Gathering and Integrating Data from Omnichannel E-Commerce Streams
- Increased Consumer Preferences
Market Leaders and some development strategies
On 7 Jan 2019, Kroger and Microsoft partnered to redefine the customer experience and introduce digital solutions for the retail industry. and On 17 July 2018, Walmart Inc. announced a strategic partnership with Microsoft Corp. to accelerate Walmart’s digital transformation in retail. The partnership is expected to empower its associates worldwide and will also make shopping faster and easier for millions of customers around the world.
On 18 Oct 2018, Oracle Retail has combined three cloud services into a new Oracle Retail Insights Cloud Service Suite. By combining existing science and insight cloud services, Oracle can provide a spectrum of analytics that aligns with key performance indicators for the retail community. and On 26 Sept. 2018, Fujitsu opened connected retail experience center in Dublin. Fujitsu’s Connected Retail Experience Center open by appointment to retailers and hospitality providers showcases Omni-channel solutions that offer new ways to serve customers, by optimizing everything from product placement, customer tracking, analytics, online purchasing, and support.
Key Target AudienceConsulting companies, Government agencies, Investors and venture capitalists, Value-Added Resellers (VARs), Small, medium, and large-sized enterprises, Third-party providers, Consultants/consultancies/advisory firms, Professional service providers and Retailers