BANGALORE, India, Dec. 17, 2021
BANGALORE, India, Dec. 17, 2021 /PRNewswire/ -- The Retail Analytics Market is Segmented by Business Function (Finance, Marketing and Sales, Human Resources, Operations), by Enterprise Type (Large Enterprises, SMEs), by Company Type (ERP/CRM Enterprises, Cloud Providers, Pure Analytics Players), by Function (Merchandising Analysis, Pricing Analysis, Customer Analytics, Promotional Analysis and Planning, Yield Analysis, Inventory Analysis,Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
The global Retail Analytics market size is projected to reach USD 4514.8 Million by 2027, from USD 2471 Million in 2020, at a CAGR of 9.0% during 2021-2027.
Major Factors Driving The Growth Of The Retail Analytics Market:
The retail analytics market is predicted to increase due to the growing e-commerce sector, digitization 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 visualization dashboards, cloud adoption, and the constant increase in data generation is expected to drive the growth of the retail analytics market.
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Trends Influencing The Growth Of The Retail Analytics Market:
The increasing need for price optimization strategy is driving the growth of the retail analytics market. Customers today are savvy, knowing how to get the most value for the money. They compare prices online while shopping in stores, have applications that provide discount codes, and are devoted to retailers who provide the most value for their money. As a result, a healthy and rising bottom line necessitates a strong pricing optimization approach. In the retail industry, pricing analytics allows companies to set optimal pricing for certain products, seasons, and stores by analyzing missed sales, inventory turn, selling trends, and other factors. Pricing analytics also has an impact on inventory, allowing you to better manage your stock based on inventory, demand, and seasonal variations.
Retail analytics help gain a deeper understanding of retail business and customers, which can lead to new ideas for how to market and sell your products. This feature is expected to further increase the adoption thereby driving the growth of the retail analytics industry. For example, 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 your clients tick (i.e., based on their behavioral data), you can determine what types of messaging to utilize in your marketing and advertising efforts.
The Retail analytics market is seeing an increase in the number of next-generation consumers, as well as a rise in the use of social and mobile platforms for buying. As a result of these considerations, merchants are utilizing a wealth of psychographic data and analytics technologies 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.
Traditional development options for brick-and-mortar store expansions have been rendered obsolete by the introduction of e-commerce. The way merchandising analytics is treated has changed as a result of online platforms, regional assortments, and worldwide market growth. Retailers entered the market as a result of fierce competition from online platforms, which provided a clearer image of assortment, pricing, promotions, sourcing, replenishment, and in-store planning and execution. Furthermore, governments all over the world have advised individuals to stay at home and are enacting social distancing regulations, which have boosted online purchasing even more. This has in turn increased the growth of the retail analytics market.
Furthermore, with the advent of computer vision, businesses are installing computer vision cameras that can track customers' movements throughout the store in order to discover their purchasing patterns, favorite and most time-spent regions, and behavior in relation to certain products. Retailers can use this data to make better decisions regarding product placement, store layout, and personnel.
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Retail Analytics Market Share Analysis:
Based on company type, ERP/CRM Enterprise is expected to hold the largest market share. And based on function, Merchandising Analysis is expected to be the most lucrative followed by Pricing Analysis and Customer Analytics.
Based on end-user, Large enterprises held the largest market during the forecast period. Large businesses have strong financial backing, allowing them to invest in modern technologies like retail analytics. However, due to increased acceptance of cloud-based deployment and low-cost software availability, the SMEs category is likely to develop rapidly in the near future.
Based on region, North America is expected to be the most lucrative. Increased demand for customized retail analytics solutions to predict and understand customer insights, as well as increased adoption of retail analytics to improve business processes, are expected to drive market growth in the North American region.
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