Retail Analytics Market Growth Size, Share & Forecast 2019-2025Posted by Rishabh on October 29th, 2019 The global retail analytics market is expected to grow at a significant rate during the forecast period. The market growth is attributed to the increasing e-commerce industry, rapid and consecutive increase in big data, and increasing penetration of social media which has made shopping easy for the customers. Most of the retailers are leveraging several social media platforms such as Facebook to better understand the needs, brand perception, loyalty and feedback of the customers. Request a free sample of our report on Retail Analytics Market: https://www.omrglobal.com/request-sample/retail-analytics-market The main function of Big data analytics in the Retail industry include
A full report of Global Retail Analytics Market is available at: https://www.omrglobal.com/industry-reports/retail-analytics-market Big data analytics in retail help companies in creating customer recommendationson the basis of their purchase history, which, in turn, results in personalized shopping experiences. For instance, Amazon used big data analytics for recommending items for the customers on the basis of their past searches and purchases. They generated 29% of their sales through their recommendation engine in 2018, which analyzesover 150 million accounts. This has led to big profits for the e-commerce giant, and hence increased the adoption of analytics solutions in the retail industry; thereby, surge the growth of the retail analytics market. Further, big data analytics in the retail industry offers personalized customer experience. The advent of data offers a huge opportunity for the growth of the global retail analytics market by providing better customer experiences. For instance, Costco Wholesale Corp. uses its data collection tokeep customers healthy. When a California fruit packing company in 2014 warned Costco about the possibility of listeria contamination in fruits such as peaches and plums, Costco sent an email to specific customers who had purchased the items affected by the contamination instead of a blanket email to their lists. Another application of retail analytics includes forecasting demand in retail. Apart from big data, there are some algorithms that analyzesocial media and web browsing trends for predicting predict the next big thing in the retail industry. One of the most interesting data points for forecasting demand is the weather.Brands such as Walgreens and Pantene worked with the Weather Channel for accounting for weather patterns for customizing the product recommendations for thecustomers. Walgreens and Pantene anticipated increases in humidity–a time when women would be seeking anti-frizz products–and served up ads and in-store promotions to drive sales. With this, Walgreens witnessed an increase in the purchase of Pantene products. Such applications of big data analytics in the retail industry increase its adoption and hence drive the growth of the global retail analytics market. Global Retail Analytics Market Segmentation By Deployment Model
By Application
Global Retail AnalyticsMarket Segment by Region North America
Europe
Asia-Pacific
Rest of the World
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