The emergence of IoT has already had a tremendous influence on retail analytics market. For instance, Wi-Fi sensors fitted in retail stores can now help stores obtain accurate data pertaining to consumer purchasing patterns through their Wi-Fi-enabled devices. This data can help analyze insights such as the number of repeat visits consumers may have made to the store, customer movement sequence in the store, and the time spent by the consumer in a specific store. The information collected through IoT is certain to be a tremendous help to retailers for gathering consumer insights and their changing preferences.
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Retailers have lately been deploying the location centric data analytics process to accumulate bulk data and obtain a detailed perception regarding prominent consumer locations that would eventually help them track consumer purchase patterns and offer geo-targeted push notifications. Renowned retail stores such as Nordstrom have already adopted location analytics across their stores with a view to get an insight into the store visiting patterns of the consumers falling in the different age-groups, which would certainly provide a boost to the overall retail analytics market.
The AR and VR technologies have now penetrated the retail space as well, and are likely to enhance consumer experience, helping them visualize the products in terms of their look & feel effect. With consumers enjoying the experience of viewing an all-dimensional angle of their products, the demand for analytics is certain to rise a few notches higher. The deployment of AR and VR will also support retailers in designing their store lay outs and product shelves for virtual products to attract more customers to their stores.
The ever-expanding e-commerce domain is likely to have a proportional impact on retail analytics market. Not to mention, the requirement to enhance the consumer shopping experience at the retail stores and the demand for data-centric business solutions is certainly expected to propel retail analytics market expansion.
Reputed firms such as Adobe Systems, Teradata, IBM Corporation, Angoss Software Corporation, Tableau Software, and Oracle Corporation have made significant contributions to the retail analytics market in recent times. Global market Insights, Inc., forecasts retail analytics market size to grow at a rate of nearly 19% over 2017-2024.
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Glimpse of Table of Content (ToC)
Chapter 3. Retail Analytics Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Technology landscape
3.4.1. Advanced Analytics
3.4.4. Trade Promotion Optimization (TPO)
3.4.5. Optimization & collaboration
3.5. Retail industry outlook
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
184.108.40.206. Growing e-commerce industry in China and India
220.127.116.11. Increasing penetration of big data in the retail industry in the U.S.
18.104.22.168. Growing proliferation of smartphones in Asia Pacific
22.214.171.124. Increasing competition among retailers and growing need for differentiation in North America
126.96.36.199. New generation of highly informed and demanding customers in Europe
188.8.131.52. Growing need for analytics maturity in Asia Pacific
184.108.40.206. Growing adoption of ecommerce in retail in Latin America
220.127.116.11. Expanding retail sector in Middle East and Africa
3.7.2. Industry pitfalls & challenges
18.104.22.168. Lack of technical expertise
22.214.171.124. Data privacy concerns
3.8. Growth potential analysis
3.8.1. Business models
3.9. Porter’s analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10. Competitive landscape, 2016
3.10.1. Strategy dashboard
3.11. PESTEL analysis
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