Retail Analytics Software and Services Market - The Rise of Big Data Analytics

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.

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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. 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.

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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.

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