Retail Analytics Market To Reach $4.5 Billion by 2027: Valuates Reports
Valuates Reports projects the global retail analytics market to reach $4.5 billion by 2027, up sharply from $2.5 billion in 2020, growing at a compound annual rate of 9 per cent. The report notes that growth in the retail analytics market will occur due to the growing eCommerce sector, digitisation of retail stores, and their […]
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Valuates Reports projects the global retail analytics market to reach $4.5 billion by 2027, up sharply from $2.5 billion in 2020, growing at a compound annual rate of 9 per cent.
The report notes that growth in the retail analytics market will occur due to the growing eCommerce sector, digitisation of retail stores, and their implementation of analytics for better and more tailored experiences, simple access to product information, and superior services. The increased need for data visualisation dashboards, cloud adoption, and the constant increase in data generation are also expected to drive the growth.
Retail analytics, the report said, help retailers gain a deeper understanding of their businesses and customers, which can lead to new ideas for how to market and sell products. If stores can predict that a certain in-store display is effective at attracting customers to buy a specific item, it leads to increased sales. Alternatively, if stores understand what makes clients tick (i.e., based on their behavioural data), they can determine which types of messaging to use in marketing and advertising efforts.
Merchants, it went on to say, are using a wealth of psychographic data and analytics to collect granular data and delve deeper into consumer needs and preferences. Retailers make smart marketing decisions based on data obtained through various social media technologies, such as offers and messaging, that directly appeal to customers.
Also Read: How Retailers Can Drive Multi-brand Loyalty
Furthermore, with the advent of computer vision, businesses are installing cameras that can track customers’ movements throughout the store to discover their purchasing patterns and behaviour in relation to certain products, it said. Retailers can use this data to make better decisions regarding product placement, store layout, and personnel.
Among the technologies involved, Valuates sees merchandising analytics as the most lucrative sector, followed by pricing and customer analytics. And though larger enterprises have traditionally held a larger share of the market, increased acceptance of cloud-based deployment and low-cost software availability are expected to fuel growth among smaller retailers.
The report identifies IBM, Oracle, Microsoft, Manthan, Fujitsi, Blue Yonder. MicroStrategy, SAP, Bridgei2i, SAS Institute, Qlik, 1010data, Aptos, Symphony Retail AI, SPS, Tableau, RetailNext, Nielsen, HCL Technologies, and ShopperTrak as the leading players in the retail analytics market.
