With the ongoing digitalization of several businesses catering to industries such as retail and consumer goods, utilities, travel and transport and entertainment, consumer awareness is on the rise. Thus, consumers are able to make well informed decisions pertaining to their buying choice in a quick time. Moreover, digitalization has also led to the collection of enormous quantity of structured as well as unstructured data which could be used for analyzing buying trends amongst consumers. Such data gathered from various channels such as social media, television advertisement, web, mobile, print media and other channels, enables business owners to understand their clientele in an efficient and convenient manner. Analysis of such data enables businesses in retail industry to gain insights about consumer behavior and help them to make better decisions in their businesses.
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This, in turn, creates value to consumers in terms of higher availability of desired products and convenient placement. Owing to these factors, high end analysis of such consumer centric data is crucial for the growth of retail industry. Moreover, retail analytics enables businesses in the retail industry to gain competitive advantage through lowering costs, target marketing and better inventory control and management.
One of the major factors driving the retail analytics software and services market is the rise of big data analytics. Previously, various data mining techniques were used to cluster consumer choices and analyze their buying trends through basket analysis. However, such data mining for gaining consumer insights was restricted to conventional relational databases only storing structured data. With the emergence of big data analytics, business owners are able to analyze large volumes of unstructured data collected from various media channels. Another factor leading to the growth of retail analytics is the capability of sentiment analysis. Using retail analytics, retailers can measure the success of their marketing campaigns across various segments categorized using parameters such as geographic, demographic, age and sex. However, the growth of retail analytics market faces various technological challenges such as lack of technological awareness and technological advancements to deal with enormous quantity of dynamically collected data. Despite its immense capabilities, retail analytics is yet to realize its full potential to provide complete insights of the market and irrelevant consumer behavior information.
The global retail analytics software and solution market can be categorized on the basis of application, by business function, by component, by deployment model, by organization size, by end-user and region. In global retail analytics software and solution market, the application segment can be further classified into merchandising analysis, pricing analysis, customer management, performance analysis, yield analysis, inventory analysis, and others. On the basis of business function, the global retail analytics software and solution market can again be categorized into finance, sales, marketing, supply chain, and store operations. On the basis of component segment, the global retail analytics software and solution market can be categorized into software and services. On the basis of service, the global market can further be categorized into professional services, and managed services. On the basis of deployment model, the global retail analytics software and solution market can be categorized into on premises, and on demand. On the basis of organization size, the global retail analytics software and solution market can be categorized into SMEs or small and medium-sized enterprises and large enterprises. On the basis of the end user, the global retail analytics software and solution market can be categorized into online and offline. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Retail analytics software and services offers significant insights to digital retailers, thus enabling them to improve their business tactics and operations and revamp their business strategies. Innovative retail analytics software provides various functionalities such as collaborative filtering, cluster planning, propensity modeling, inventory management and space optimization. Software companies are developing user friendly platforms to provide well-integrated solutions in retail analytics to business across the retail industry. Various retail analytics providers have realized the huge growth opportunity in the retail analytics market and have invested heavily in the development of advanced technologies for consumer behavior analysis. Some of the key players in the retail analytics market are Statistical Analysis Systems (SAS) Institute Inc., Adobe Systems Inc., Microsoft Corporation, Oracle Corporation, MicroStrategy Inc., Tableau Software and International Business Machines (IBM) Corporation in U.S., Angoss Software Corporation in Canada, Experian Plc in Ireland and SAP SE in Germany.
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