Retail Store Analytics Market Analysis (2023 - 2030)
In 2021, the retail store analytics market was worth more than USD 6.95 billion, and from 2022 to 2027, it is anticipated to increase at a CAGR of over 19.5%. Global social media user growth and rising online purchasing demand are projected to fuel industry expansion.
Consumer behaviour, product demand, and the accessibility of logistical services have all been significantly impacted as the coronavirus disease (COVID-19) pandemic continues to spread over the world. As a result, store owners are implementing retail store analytics solutions to evaluate risks and develop effective re-opening plans. For instance, Tango, a US-based provider of Integrated Workspace Management Systems, provides merchants with access to its retail location-visualization tool to analyse how exposed their stores were to the coronavirus during the lockdown. In addition, cloud-based retail store analytics solutions are widely used in the expanding e-commerce and retail sectors because they give retailers the on-demand processing capability to handle enormous volumes of data and produce meaningful insights quickly.
Utilizing retail store analytics is primarily motivated by the fact that it provides concrete and useful insights into consumer behaviour. Retail store analytics services prioritise giving each customer individualised attention. Companies have used data-driven retail store analytics solutions that keep customers engaged with the brand for a longer period as a result of shifting consumer needs and increasing rivalry among retailers for customer loyalty. With the aid of retail predictive analytics, retailers may examine customer data and anticipate client requirements and desires. The correct customer can be targeted as well as devoted customers are kept. It can also examine customer purchasing trends and draw in new clients with alluring deals.
Key Market Insights:
- The worldwide retail store analytics market is divided into solutions and services based on component type. In 2021, the solution segment had the biggest revenue share. Information on sales, inventory, customers and other crucial variables that merchants must take into account when making choices is the main emphasis of retail store analytics solutions. The discipline integrates different fine-grained categories to create an overall picture of the sales and health of the retailer, as well as areas for growth and reinforcement. As it helps them make better decisions, run organisations more effectively, and offer better customer service, numerous businesses are showing an increasing desire for retail store analytics, which is propelling this market's revenue growth.
- In 2021, the services segment's revenue contribution was just minor. With the use of customer behaviour data, retail store analytics services offer advantages like scalability, cost-efficiency, and better-targeted marketing and communications. This segment's revenue growth is being driven by the ability to convert foot traffic into sales, improve digital and social marketing skills by delivering customised electronic mailers based on client purchase patterns, and provide insightful business analytics.
- The worldwide retail store analytics market is divided into the following categories based on application type: merchandising analysis, price analysis, customer analytics, promotional analysis & planning, yield analysis, inventory analysis, and others. In 2021, the inventory analysis category had the biggest revenue share. Why consumers purchase particular things is influenced by a variety of external influences. Due to aggressive TV advertising, HDMI cables may be in great demand. In preparation for a winter storm, customers may stock up on essential household items. Businesses that use retail store analytics more frequently can benefit from predictive retail store analytics by improving stocks beforehand and setting up promotions to take advantage of upcoming events.
- The worldwide retail store analytics market is divided into major enterprises and Small & Medium Enterprises based on the size of the company (SMEs). Due to their increased focus on enhancing consumer contact through the usage of retail store analytics, the large enterprise segment accounted for the largest sales share in 2021. Large companies can invest in innovative technology, such as retail store analytics, owing to their robust financial standing. Additionally, COVID-19's market disruption, harsh competition, and unstable market conditions compelled large companies to utilise retail store analytics to boost profits and cut losses, which is what is causing this market segment's revenue to rise.
- In 2021, the retail store analytics market in North America accounted for the biggest market share. The United States is one of the most influential markets since it was a technical early adopter and because major corporations there invest extensively in new technology to remain competitive. Numerous significant businesses are investing more money in creating cutting-edge smart stores, which are also anticipated to fuel market expansion in this area. For instance, Amazon has started opening actual Amazon Go food and convenience stores around the United States.
Market Segmentation:
By Component:
By Application:
- Merchandising analysis
- Pricing analysis
- Customer analytics
- Promotional analysis & planning
- Yield analysis
- Inventory analysis
- Others (order management, transportation management)
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Region:
- North America
- Europe
- Asia-Pacific
- Rest of the World
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