The retail industry is rapidly transforming from using manual checkout processes to digitized POS-based operations. POS technology has largely contributed toward the growth of the retail industry, as business owners can efficiently manage growing sales across multiple store locations. Stakeholders in the retail analytics market are increasing their focus on cloud-based POS systems. This is because cloud-based deployment models are anticipated to record the highest revenue in the retail analytics market, with a value of ~US$ 16 billion by 2027. Hence, vendors are developing novel POS systems by adopting the cloud-as-a-service approach. They are innovating powerful networked solutions that can provide on-demand services and data analytics to help retailers gain a competitive advantage over other players in the landscape.
Also, small players can invest in enterprise-grade solutions at economical costs. Incremental opportunities in the retail analytics market are increasing, since cloud-based solutions have helped in the drastic reduction of upfront installation costs. Increasing usage of tablet and smartphone has further catalyzed the growing adoption of cloud-based POS technology.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Predictive Analytics Helps Retailers Accurately Track Customer Habits and Preferences
Big Data has helped retailers in accurately predicting customer preferences and behavioral patterns. The democratization of Artificial Intelligence has helped SMEs compete with prominent markets players, and has opened the doors for profitable opportunities. Vendors in the retail analytics market are adding value to retailers by offering software equipped with data-driven decision making solutions.
Nowadays, retailers are increasingly relying on point-of-sale transaction-level data, social media metrics, and competitive intelligence to fulfill the needs of consumers. These strategies come under the umbrella concept of predictive analysis. Thus, transactional and interactional data plays a crucial role in predictive analysis to anticipate the future needs of customers.
Since the retail industry is intensely competitive, one of the biggest challenges that retailers come across is customer retention. Hence, vendors in the retail analytics market are deploying the capabilities of predictive analytics with customer data to offer a personalized shopping experience for customers. This has led to the concept of remarketing, where major players such as Amazon — a leading American multinational e-Commerce company, suggest ‘recommendations’ based on the previously purchased items of customers.
Request a sample to get extensive insights into the Retail Analytics Market
Small Players Invest in Retail IoT Solutions to Compete with Leading Retailers
IoT is aggressively penetrating into the retail analytics landscape. Although retailers have benefitted from Internet of Things in enhancing customer experience, they might come across certain challenges with the onset of new transformations.
In the past couple of years, it has been found that, the retail industry in the U.S. and Europe has experienced increased number of store closures. This is because most small- and medium-scale retailers lack the infrastructure and network components that retail IoT applications require. This problem is of grave concern, since it is difficult for SMEs to compete with leading players who have capabilities in huge capital investments, and have the resources to accommodate the digitization of retail stores.
To overcome these challenges, stakeholders in the retail analytics market are offering IoT solutions by moderating the bundle of features in a system. This will encourage SMEs to invest in installments, while small players can gradually devote their capital to upgraded versions of retail IoT applications as and when they earn steady profits.
Read Our Latest Press Release:
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Contact
Transparency Market Research State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
