Erosion of Retail Sector’s Share to e-Commerce amid Changing Customer Demand to Drive Growth of the In-Store Analytics Market

Wed, 26 June 2019 8:25

Brick and mortar retail is experiencing a wave of disruption on account of the growing e-commerce industry and stiff competition in the overall retail industry. The ability to analyze customer behavior is a vital factor contributing to the e-commerce sector’s growing popularity. Thus, conventional retailers are rapidly adopting technological advancements such as in-store analytics to attract customers and gain an edge over their e-commerce competitors.

Widespread Adoption of Advanced and Innovative Technologies

Retailers are rapidly moving towards embracing digital methods to understand customers better. Apart from e-commerce retailing, brick and mortar retailers are adopting advanced technologies such as AI, cloud, IoT, and others to drive sales. This wave of adoption is expected to drive the demand for in-store analytics in the coming years.

Understanding Ever-Evolving Customer Preferences

Dramatic changes in customer demand over time necessitate a deeper understanding on evolving customer preferences, which in turn creates a demand for adequate tools to gather effective analytical insights and subsequently, devise appropriate strategies for improved business processes. The demand for in-store analytics is predominantly driven by its capability to produce data-driven solutions by analyzing changing customer preferences in real-time.

Independent & Privately-Held Retailers, Accounting for 95% of North America’s Retail Industry, to Drive Demand for In-Store Analytics

Geographically, the audience analytics market has been segmented to North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).

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North America is expected to witness dynamic growth in the in-store analytics market on account of the regional retail industry’s well-established distribution channel. According to the National Retail Federation (NRF), retail businesses that are independent and privately held account for 95% of the retail industry. These businesses drive the demand for in-store analytics, owing to the increasing adoption rate of technologies such as AI to better understand customer insights.

Europe is expected to witness significant growth in the in-store analytics market on account of the presence of established retailers such as Tesco, Carrefour, and others in the region. These retailers plan to optimize inventory management to enhance customer experience by gathering data from stores and processing it to aid decision-making.

Digitalization of all commerce is expected to be the key to solve traditional commerce. Asia Pacific is expected to grow at an accelerated pace with the rising adoption of in-store analytics market reshaping the entire retail landscape during the forecast period.

With the flow of technology across borders, the LAMEA region is expected to witness healthy growth in the in-store analytics market with natural momentum improving sustainability.

Key Players

Some of the prominent players in the global in-store analytics market are RetailNext, SAP, SAS Institute, Inc., Thinkinside, Mindtree, Happiest Minds, Celect, Capillary Technologies, and Scanalytics, among others.

Key Developments

  • In January 2018, RetailNext announced its Aurora all-in-one IoT sensor integrated with onboard deep learning-based artificial intelligence to offer data transmission in real-time to gather powerful insights across all stores in the chain.
  • In January 2016, Mindtree announced the launch of its Flooresense platform to increase in-store conversions for retailers, enabling retailers to enhance customer experience and improve the productivity of store associates.

In-Store Analytics Market Segmentation

  • By Component
    • Service
    • Solution
  • By Application
    • Customer Experience Management
    • Sales and Marketing Management
    • Competitive Intelligence
    • Merchandising Analysis
    • Store Operations Management
    • Others
  • Deployment Mode
    • On-Premise
    • Cloud
  • By Region
    • North America
    • Europe
    • Asia Pacific
    • LAMEA

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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