Emergence of Big Data would drive the adoption of analytics solutions in the retail sector!
It has been observed that retail social media strategy is essential for enhancing in-store as well as online sales, developing relationships with clients paired with establishing the brands. Furthermore, the benefits of social media for retail business are also analyzed via the number of users. Around 68% of the US uses Facebook, with more than 70% visit Youtube. Social media sites such as Instagram, Twitter, Pinterest, and Snapchat feature a rising number of new users each day. To add on, 6 Billion mobile subscriptions, 1.01 Billion Facebook users worldwide along with 400 Million Tweets per day with 84 million users access Twitter via mobiles have led to an explosion in smartphone use and social media addiction. The retail industry recognizes the importance of data insights, but the industry fails to shoot on driving retail decisions based on data. However, the majority of the companies do not know how to harness the data they collect. With the explosion of big data and technologies across the world, it has been observed even though retailers want to take full advantage of analytics, they are unsure of its deployment and adoption. With insufficient knowledge of methods to handle data and shortage of skilled resources has made retailers perplexed and obscure of what to do with ever-increasing data
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Kroger uses the information on the shopping behavior of its 40+ million cardholders to send a large fraction of them personalized coupons regularly. Given the extensive volume of data that retailers can collect on their customers' (on- and/or offline) transactions, data-driven customization has become a real possibility. Moreover, by augmenting these data with information on the status of inventories throughout the supply chain, location-specific weather data, a multitude of social-media metrics, and/or sensor data, the data at a retailer's disposal typically exhibit considerable variety. Although online and offline sales make up the lion’s share of growth (12.6% unadjusted year-over-year), the market has witnessed a continuous strong performance from retail sectors, the sector which is investing in customer experience and seamless omnichannel execution. Top Brands such as Sephora, ULTA Beauty, Adidas, Dick’s Sporting Goods, TJX, L Brands, Aerie, and Old Navy among others are executing the same strategy for revenue and store growth to fulfill their goal of customer satisfaction. Stay at Home Economy, as defined by CNBC’s Jim Cramer, boomed in the year 2016. Individuals aiming to save money and millennials who essentially hate talking on the phone and dealing with cash have immerged as one of the major trends in the industry. Companies such as Domino’s, Amazon, Etsy, and Netflix have performed well, compared to Wal-Mart, Target, and McDonald’s.
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Based on components, the Retail analytics market is bifurcated software and services. Currently, the service segment dominates the market, however, the post-2022 software segment is expected to overtake the service segment, a majority of the retailer would deploy analytics solutions in-house. Based on deployment type, the global Retail analytics market is bifurcated into Cloud and On-premises deployment. Based on the application area, the global Retail analytics market is segmented into Customer Management, Merchandising Analytics, Supply Chain, In-Store Operations Analytics, Others (Strategy & Planning). In 2019, the Customer Management segment dominated the market, generating revenue of US$ 1,350.3 million.
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For a better understanding of the overall adoption of analytics solutions or big data solutions among retailers personalized customer experience, a detailed country-level analysis was conducted for major regions including North America (US, Canada); Europe (UK, Germany, France, Spain, Italy); Asia-Pacific (China, Japan, India, South Korea, Australia) and Rest of the World. In 2019, North America dominated the market, however, Asia-Pacific is expected to emerge as one of the major markets for retail analytics solutions, owing to regional growth population base. Some of the major players profiled in the report include Cisco Systems Inc., SAP SE, Microsoft Corporation, Oracle Corporation, IBM Corporation, Tableau Software, Adobe Systems Inc., SAS Institute Inc., Domo, MicroStrategy. The industry has witnessed the emergence of several analytics solution providers who are coming up with innovative retail solutions for the retail companies.
Retail Analytics Market Segmentation
Market Insights, by Component
Market Insights, by Deployment Type
- Cloud Deployment
- On-Premises Deployment
Market Insights, by Application Area
- Customer Management
- Merchandising Analytics
- Supply Chain
- In-Store Operations Analytics
- Others (Strategy & Planning)
Market Insights, by End-User
- Store-based Retailers
Market Insights, by Region
- North America Retail Analytics market
- United States
- Rest of North America
- Europe Retail Analytics market
- United Kingdom
- Rest of Europe
- Asia-Pacific Retail Analytics market
- South Korea
- Rest of APAC
- Rest of the World Retail Analytics market
Top Company Profiles
- Cisco Systems Inc.
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- IBM Corporation
- Tableau Software
- Adobe Systems Inc.
- SAS Institute Inc.
- Domo Inc.