Retail analytics is a crucial tool that delivers insights associated with the customers, sales, inventory, and other essential aspects which is useful in merchants’ decision-making process regarding the marketing and procurement. There are several online and offline retailers that are adopting retail analytics solution to make better-informed decisions. Rising adoption of retail analytics platform by offline retailers is a crucial factor contributing to the growth of the market. The offline retailers that have started using analytics includes Pantaloons, Shoppers Stop, and Arvind Mills. The retail analytics platform offers significant benefits such as encouraging consumers to try new products and optimize product placement. This enables to boost the brand and sales by delivering seamless shopping experience across all channels where consumers shop. It offers businesses the capability to collect customer related data in order to effectively understand various aspects of customer needs. The retail analytics data usually comprise store promotions, foot traffic, and product purchases. Such information allows business owners to address store issues and prepare strategies for promotions, new products, and certain signage. This makes retail analytics a useful tool for potential marketing for offline customers. It is estimated that the demand for retail analytics in offline stores is expected to rise significantly due to increasing competition in the retail sector and significant demand for predictive analytics solution to improve performance across the entire value chain.

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The global retail analytics market is segmented on the basis of the component, application, and end¬-user. Based on the component, the market is further classified into software and service. Based on application, the market is further segmented into merchandising analysis, customer management, pricing analysis, performance analysis, inventory analysis, yield analysis, and supply chain management. Merchandise analysis is one of the major applications of retail analytics. Several retail merchandising analytics solutions are commercially available to offer actionable insights into category planning and merchandising operations that support retailers to work smarter. The solutions enable a business to track new product performance, improve margins, optimize markdowns, and store-front layout. It offers relevant information for strategic planning that supports to improve store performance. Based on end-user, the market is further segmented into online and offline.

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Global Retail Analytics Market Segmentation

By Application

Merchandising Analysis

Customer Management

Pricing Analysis

Performance Analysis

Inventory Analysis

Yield Analysis

Supply Chain Management

By Deployment Model

Cloud-Based

On-Premise

Regional Analysis

North America

United States

Canada

Europe

UK

Germany

Italy

Spain

France

Rest of Europe

Asia-Pacific

China

India

Japan

Rest of Asia-Pacific

Rest of the World

Company Profile

Alteryx, Inc.

Arcade Solutions, Inc.

Backbase

Benchmark Intelligence

datapine GmbH

Euclid, Inc.

EXL Service Holdings, Inc.

Google, LLC

Happiest Minds Technologies Pvt. Ltd.

HCL Technologies, Ltd.

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