Cloud-based Solutions Serve as Efficient and Cost-effective Option for Retailers
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.
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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.
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.
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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.
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Analysts’ Viewpoint
The retail analytics market is projected to flourish at a striking CAGR of ~19% over the forecast period. However, the retail analytics market is moderately consolidated, which poses a challenge to emerging players in gaining strong ground in the market. Hence, emerging market players should invest in the developing countries of Asia Pacific, since the region is estimated to grow from a market share of ~18% in 2019 to 25% by 2027, in the retail analytics market. For instance, the Indian retail industry is experiencing a sea of change in technological advancements, with the introduction of virtual shopping assistants, in-store stylist robots, and AI-powered recommendation engines.
Retail Analytics Market in Brief
- The retail analytics market is projected to expand at a CAGR of ~19% between 2019 and 2027. The increasing adoption of digitalization is helping retail analytics collect large data from personal devices, and gain more insights about customer behavior, purchasing decisions, and buying preferences. Moreover, the increasing demand for better customer experiences is prompting retailers to adopt retail analytics.
- The global retail analytics market is projected to reach ~US$ 6 Bn by the end of 2019, and further increase to ~US$ 24 Bn by 2027. Increasing competition in the retail industry and rising integration of advanced technologies such as artificial intelligence, Internet of Things, and big data are projected to boost the retail analytics market in the near future.
- Asia Pacific remains a prominent retail analytics market, globally, and is an estimated offer an incremental opportunity of ~US$ 5 Bn from 2019 to 2027. Increasing population, rising purchasing power of customers, and demand for better customer experience across Asia Pacific are expected to drive the retail analytics market exponentially in the region during the forecast period.
- The retail analytics market in Asia Pacific is projected to expand considerably during the forecast period, due to increasing competition and number of retails stores, and relaxation in government policies.
Retail Analytics Market Definition
- The retail analytics market report provides analysis of the global retail analytics market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In the retail analytics market report, we analyze the drivers that are increasing the adoption of digitalization, and how organizations are using advanced technologies to remain ahead of their competitors and provide enhanced customer experience services. Moreover, companies are heavily investing in retail analytics due to the increasing need for better customer experience, low operational cost, and high operational efficiency.
- Retail analytics help enterprises around the globe become more aware about the usage of data with the help of various advanced technologies. These solutions intelligently analyze the data and provide insights about the quantity, price, and sales of products, to target the right customers. Moreover, they also identify trends and developments, and provide intelligent recommendations for the future.
Asia Pacific Retail Analytics Market – Snapshot
- Asia Pacific is witnessing an increasing demand for advanced technologies and services, which is a key factor driving the retail analytics market in the region.
- Moreover, a large untapped market, low adoption of retail analytics, and relaxation in foreign direct investment in the region are likely to offer significant opportunities to retail analytics market.
- Additionally, widespread adoption of digitalization and increasing competition are compelling enterprises to adopt retail analytics. This is expected to boost the retail analytics market in Asia Pacific.
Key Drivers of Retail Analytics Market
- Increasing adoption of digitalization – Increasing use of personal devices such as smartphones, tablets, and laptops for shopping is helping retail analytics software to collect data from such devices and acquire more insights about customer behavior, purchasing decisions, and buying preferences. The analysis of such data with the help of retail analytics enables organizations in making better business decisions. Moreover, it also lowers their operational cost and boosts revenues. This eventually leads to the growth of the global retail analytics market.
- Increasing demand for better customer experience – In today’s omni-channel world, customers are not just concerned about products and prices, but are attracted toward the customer experience services offered by retailers. Therefore, retailers need to be aware about the needs of customers in order to provide enhanced customer experience services. Retailers can now analyze data related to customers and predict customer needs with the help of retail analytics. It also helps target the right customer and retain loyal customers. Additionally, it can analyze the buying pattern of customers and attract new customers through lucrative offers, leading to increasing demand in the global retail analytics market space.
Key Challenges Faced by Retail Analytics Market Players
- Retail stores require highly skilled employees to cater to the rising demand for retail analytics. However, employees are unaware about advanced technologies and require to be properly trained. Thus, retail stores are unable to utilize the capabilities of retail analytics, and fail to attract new customers. Retail analytics is expected to provide assortment intelligence, pricing intelligence, promotional insights, and inventory management in the near future, which would prompt employees to learn these new technologies and deal with skill shortage.
- Retail stores collect and store large amounts of customer data through advanced technologies such as big data and artificial intelligence, owing to increasing digitization. This data is either stored in the cloud or on servers of companies that are prone to hacking. Additionally, the initial deployment cost of retail analytics is considerably high for small and medium retail store vendors. This is expected to hamper the retail analytics market in the near future.
Retail Analytics Market – Company Profiles
- Microsoft Corporation: Founded in 1975, Microsoft Corporation is a major player in the field of technology. It engages in the development, manufacture, and selling of various technology products, worldwide. The company operates through three business segments: business processes, intelligent cloud, and personal computing.
- Oracle Corporation: Founded in 1997, Oracle Corporation provides applications, platforms, and IT infrastructure products and services, which comprises database products, middleware software, operating systems, and cloud software applications. It also provides its cloud and license support services to government agencies and educational institutions.
- SAP SE: Founded in 1972, SAP SE is a leading company that offers enterprise solutions for software and software-related services. The company offers solutions for public services, industry sectors, financial services, energy, and natural resources. These solutions address various lines of businesses, including commerce, manufacturing, marketing, research & development/engineering, sourcing & procurement, and supply chain.
- Adobe Systems: Founded in 1982, Adobe Systems Incorporated is a software company that is focused on the creation of creativity and multimedia software products, along with rich Internet application software. The company’s popular products include Acrobat Reader; Adobe Creative Suite; Photoshop, an image editing software; Dreamweaver CC, a website and mobile app design tool; and the recently released Adobe FrameMaker.
- Hewlett Packard Enterprise Development LP: Founded in 1939, Hewlett Packard Enterprise Development LP is a technology-driven company that offers hybrid storage solutions, and data center networking products such as top-of-rack switches, core switches, and open networking switches. It also offers networking and security solutions.
- Major players operating in the global retail analytics market and profiled in the report include
- IBM Corporation
- SAS Institute, Inc
- RetailNext, Inc.
- Manthan Software Services Pvt. Ltd
- Fractal Analytics Inc.
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