Retail Analytics Technology to Identify Customer Buying Pattern
Since half a decade, the retail industry has significantly evolved due to the developments in infrastructure and advancements in technology. Brick and mortar retail model is witnessing a significant change owing to the growing e-commerce industry and intense competition among retailers across the globe. Retail analytics provides the ability to analyze customer data from multiple sources and identify buying behavior thereby allowing retailers to enhance customer experience and gain competitive advantage. Thus, conventional retailers are rapidly adopting retail analytics solutions including retail analytics and video analytics to attract customers and gain an edge over other retailers.
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The rise in the volume of structured and unstructured data needs in-store analytics, growth of cloud technology, and the necessity for data-driven decision making are some of the major drivers for the growth of retail analytics market. Major retail players are implementing big data analytics and other solutions to provide an enhanced multi-channel shopping experience to the customers. The aim is to capture the customer data to gain actionable insights to come up with pricing models, loyalty programs, personalization, and optimizing total expenditures. The market is segmented by functional areas, types, solutions, and services.
Significant changes in customer demand over time need a deeper understanding of evolving customer preferences, resulting in demand for solutions to gather the analytical insights and subsequently, devise appropriate strategies for improved business processes. The demand for retail analytics is predominantly driven by its capability to produce data-driven solutions by analyzing changing customer preferences in real-time. Several organizations are significantly investing in developing retail analytics and are leveraging several technologies to uniquely position their competitive advantage. Retail analytics technology is being used in the retail sector is expected to have a significant contribution in the coming years.
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Few of the key happenings are detailed below:
- August 2019, Metro Cash and Carry (a German wholesaler retailer) has launched an app for local retailers. This app allows traditional retailers to order stock, keep a check on inventory, and facilitate payments. The app will also provide analytics to these local retailers.
- July 2019, CCG Analytics has introduced its customer intelligence solutions for retail in the Microsoft Azure Marketplace. Retailers across the globe can use the Azure-based service to get a holistic view of all interactions with their customers.
- July 2019, TRAX, which is a startup providing computer vision and retail analytics for the retail industry has done US$100 million investment to expand its footprint in China as well as on a global level.
Conclusively, with the increasing adoption of technologies, retail analytics will become more adaptive and will be supported by advancing hardware and software components. Considering the significant demand for enhancing customer experience, retail analytics will certainly contribute significantly towards the retail industry across the globe. Retail analytics is expected to play an important role in enhancing user engagement and loyalty.
– Rahul Kumar Pandey
ICT – Research Analyst