Retail Analytics Software and Services Market - Driven Due to Capability of Sentiment Analysis

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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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.

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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.

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