It has been discovered that a retail social marketing approach is critical for increasing in-store and online purchases, building customer partnerships, and creating brands. Furthermore, the number of subscribers is used to evaluate the advantages of social media for retail businesses. About 68 percent of Americans use Facebook, and more than 70% use YouTube. Every day, new people join social media platforms such as Instagram, Twitter, Pinterest, and Snapchat. Furthermore, 6 billion mobile subscribers, 1.01 billion Facebook users globally, 400 million daily Tweets, and 84 million users using Twitter through mobiles have resulted in a surge in smartphone usage and social media addiction. The retail industry understands the value of data insights, but it continues to focus on using data to drive retail decisions. The rest of businesses, on the other hand, have no idea how to use the data they receive. With the global proliferation in big data and technology, it has been discovered that while retailers want to take full advantage of analytics, they are unaware of how to deploy and embrace it. Retailers are perplexed and unsure what to do with ever-increasing data due to a lack of understanding of data handling techniques and a scarcity of professional personnel.
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Kroger uses details about its 40+ million cardholders’ buying habits to deliver customised coupons to a significant percentage of them on a daily basis. Data-driven customization has become a possible possibility, thanks to the large amount of data that retailers may obtain on their customers’ (on- and/or offline) purchases. Furthermore, by supplementing these data with information on the state of inventory in the supply chain, location-specific environmental data, a range of social-media analytics, and/or sensor data, the data available to a retailer usually exhibits significant variety. Despite the fact that online and offline revenues account for the majority of growth (12.6 percent unadjusted year-over-year), the retail industry has continued to outperform the economy, investing in consumer service and smooth omnichannel implementation. Top retailers such as Sephora, ULTA Beauty, Adidas, Dick’s Sporting Goods, TJX, L Brands, Aerie, and Old Navy, among others, are pursuing the same sales and store growth plan in order to achieve their customer loyalty goals. In 2016, the stay-at-home economy, as described by CNBC’s Jim Cramer, exploded. Individuals looking to save money, as well as millennials who despise being on the phone and coping with money, have emerged as one of the industry’s big developments. As compared to Wal-Mart, Target, and McDonald’s, companies like Domino’s, Amazon, Etsy, and Netflix have done better.
The Retail Analytics Market is divided into applications and services based on components. The service segment still dominates the market; but, after 2022, the software segment is projected to surpass the service segment, with the majority of retailers deploying analytics technologies in-house. The global Retail analytics industry is divided into two types of deployments: cloud and on-premises. Customer management, merchandising analytics, supply chain, in-store operations analytics, and others are the technology areas in which the global Retail analytics industry is segmented (Strategy & Planning). The Customer Management sector led the industry in 2019, bringing in US$ 1,350.3 million in sales.
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A comprehensive country-level research was performed for major regions like North America (US, Canada), Europe (UK, Germany, France, Spain, Italy), Asia-Pacific (China, Japan, India, South Korea, Australia), and Rest of the World to gain a deeper understanding of the overall acceptance of analytics technologies or big data solutions among retailers customised consumer experience. North America led the industry in 2019, but due to the region’s growing population base, Asia-Pacific is projected to emerge as one of the main markets for retail analytics solutions in 2020. Some of the major players profiled in the report include Cisco Systems Inc., SAP SE, Microsoft Corporation, Oracle Corporation, IBM Corporation, Tableau Software, Adobe Systems Inc., SAS Institute Inc., Domo, MicroStrategy. The industry has witnessed the emergence of several analytics solution providers who are coming up with innovative retail solutions for the retail companies.
Retail Analytics Market Segmentation
Market Insights, by Component
Market Insights, by Deployment Type
- Cloud Deployment
- On-Premises Deployment
Market Insights, by Application Area
- Customer Management
- Merchandising Analytics
- Supply Chain
- In-Store Operations Analytics
- Others (Strategy & Planning)
Market Insights, by End-User
- Store-based Retailers
Market Insights, by Region
- North America Retail Analytics market
- United States
- Rest of North America
- Europe Retail Analytics market
- United Kingdom
- Rest of Europe
- Asia-Pacific Retail Analytics market
- South Korea
- Rest of APAC
- Rest of the World Retail Analytics market
Top Company Profiles
- Cisco Systems Inc.
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- IBM Corporation
- Tableau Software
- Adobe Systems Inc.
- SAS Institute Inc.
- Domo Inc.
The Global Retail Analytics Market can further be customized as per the requirements. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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