Retail Analytics Market is Led by Rise of Omnichannel Retailing

Retail analytics is the process of analyzing data to better understand retail trends and optimize the shopper experience. By understanding how customers shop, what they buy, and when they buy it, retailers can make better decisions about inventory, pricing, promotions, and more.

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Key Trends

There are four key trends in retail analytics technology:

1. The shift from on-premise to cloud-based solutions: Retailers are increasingly moving away from on-premise analytics solutions to cloud-based ones. This is because cloud-based solutions are more flexible and scalable, and they allow retailers to access data and insights from anywhere.

2. The rise of artificial intelligence (AI): AI is becoming increasingly important in retail analytics, as it can help retailers to make better decisions about pricing, promotions, and product assortment. AI can also be used to personalize the shopping experience for individual customers.

3. The growth of big data: Retailers are collecting more data than ever before, from a variety of sources. This data can be used to gain insights into customer behavior, optimize operations, and identify new opportunities.

4. The increasing use of mobile devices: Mobile devices are playing an increasingly important role in retail, as they allow customers to research products, compare prices, and make purchases from anywhere. Retailers need to ensure that their analytics solutions are mobile-friendly in order to take advantage of this trend.

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Key Drivers

There are several key drivers of the retail analytics market. The first is the ever-increasing volume of data being generated by retailers. This data can come from a variety of sources, including point-of-sale systems, customer loyalty programs, and online transactions. This data can be used to track customer behavior, understand trends, and make predictions about future behavior.

Another key driver is the need for retailers to better understand their customers. In a highly competitive market, retailers need to know who their customers are, what they want, and how to best reach them. Retail analytics can provide this information, helping retailers to tailor their offerings and marketing messages to better meet the needs of their target audience.

Finally, the rise of omnichannel retailing is also driving the demand for retail analytics. As consumers move seamlessly between online and offline channels, retailers need to be able to track and analyze data across all touchpoints. Retail analytics can help retailers to understand how customers interact with their brand across channels and to identify opportunities to improve the customer experience.

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Market Segments

The Retail Analytics Market is segmented into component, deployment model, application, and region. Based on component, it is bifurcated into software and service. Based on deployment model, it is categorized into on-premise and cloud. On the basis of application, it is divided into supply chain management, merchandizing intelligence, customer analysis, data management, and others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

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Key Players

The Retail Analytics Market report includes players such as IBM Corporation, HCL Technologies Limited, Oracle Corporation, SAS Institute Inc., Wipro Limited, SAP SE, Adobe Systems Incorporated, Fractal Analytics Inc., Manthan, and Tableau Software.

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