The latest report on Retail Analytics Market by Infinium Global Research gives complete coverage of the Retail Analytics Market by component (software, and services), deployment model (on-premises, and on-demand), application (customer management, merchandising analysis, pricing analysis, inventory analysis, performance analysis, and other applications) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Retail Analytics such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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Retail Analytics Allows Retailers to Make Smarter Decisions and it Helps to Manage Business More Effectively and Efficiently
Retail analytics allows retailers to make smarter decisions and it helps to manage business more effectively and efficiently. It helps to understand crucial data for business regarding inventory, sales, supply chain activities, and more. The analytics on demand and supply data is used for maintaining the procurement level and taking marketing decisions.
The rapid development of technologies such as artificial intelligence, machine learning, and augmented reality is a major factor driving the growth of the retail analytics market. Machine learning collects data from customers and helps retailers to check and monitor the prices of competitors. IKEA launched a new augmented reality application that allows users to test IKES’a products in real-time with Apple iOS 11’s ARKit technology. The Internet is a key pillar of the modern information society.
The global internet penetration rate is 57% which contributes to the growth of the retail analytics market. The rising use of social media worldwide augments the market’s growth. In 2018, around 2.65 billion people were using social media globally. The proliferation of smartphones and the digital revolution are reasons for the rising demand of the retail analytics market. The increasing use of retail analytics for enhanced profitability, the surge in the rate of return with minimum investment, and optimized customer relationships are likely to augment the market growth.
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The Analytics on Demand and Supply Data is Used for Maintaining the Procurement Level and Taking Marketing Decisions
In addition, changing consumer behavior with rising preference for personalized and tailored shopping supplements the growth of the retail analytics market. On the other side, the lack of skilled professionals in retail analytics hampers the growth of the retail analytics market. Moreover, the growing advancement of cloud-based analytics creates several opportunities for the market.
North America is anticipated to have a dominant share in the global retail analytics market due to the growing adoption of e-commerce services and an increasing number of retail chains. Europe is expected to grow in the global retail analytics market with a healthy CAGR over the forecast period. The presence of large players in Europe stimulates the growth of the retail analytics market in Europe. On the other hand, Asia-Pacific region has the fastest growth in this market owing to the growing smartphone adoption and infrastructure development. Four of the top seven markets globally related to smartphone adoption are in the Asia-Pacific region which are Singapore, South Korea, Macao, and Australia.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Retail Analytics.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.