Persistence Market Research
The retail industry has undergone a rapid transformation over the past few years and continuous development of new technologies is expected to strengthen the retail sector in the coming years. The introduction of new technologies such as artificial intelligence and predictive analytics is driving the growth of the retail intelligence market. These technologies are integrated with retail systems to enable retailers to predict competitive pricing as well as gain insights using analytics solutions. The development of e-commerce and increased technological investment in emerging regions such as North America and Asia Pacific are creating significant demand for retail intelligence.
Retail intelligence solutions help marketers measure the impact of their retail-delivered marketing campaigns. Retail intelligence streamlines the customer data generated in retail and creates usable insights for marketers and retailers. It also offers a variety of solutions to retailers such as competitive intelligence, assortment intelligence and promotional insights. These competitive intelligence solutions help in comparing prices and assortments with those of competitors and offer the best solutions to gain customer traffic. Also, with the help of predictive analytics tools, retailers are able to boost their sales and margins. The increase in the adoption of advanced tools in the retail sector is boosting the growth of the retail intelligence market. As both online and offline retailers are dealing with a massive amount of customer data, companies are using business intelligence tools to remain competitive in a cut-throat retail market.
Retail Intelligence Market: Dynamics
Competitive intelligence helps retailers compare prices and assortments with those of competitors, which is one of the key factors boosting the growth of the retail intelligence market. Also, real-time pricing and product assortment optimization using predictive analytics tools enable retailers to increase their sales and margins. This factor is highly contributing to the growth of the retail intelligence market.
On the other hand, the lack of a skilled and proficient workforce is a crucial factor hampering the growth of the retail intelligence market.
The adoption of pricing intelligence across verticals has helped retailers track and analyze retail competitive insights, which is one of the latest trends in the retail intelligence market.
Global Retail Intelligence Market: Segmentation
The retail intelligence market can be segmented on the basis of solution, end use industry and region.
Segmentation of the retail intelligence market on the basis of solution:
Segmentation of the retail intelligence market on the basis of store type:
Segmentation of the retail intelligence market on the basis of end use Industry:
Global Retail Intelligence Market: Competition Landscape
Examples of some of the key players in the global retail intelligence market are Upstream Commerce, TC Group Solutions, ShopperTrak, DataWeave Software Pvt. Ltd., Streetspotr GmbH, Trax Retail, Retail Solutions, Inc., Wiser Solutions, Inc., Retail Intelligence AG, CART, Springboard and EnsembleIQ, Euclid, Inc., etc.
Global Retail Intelligence Market: Regional Outlook
North America, followed by Western Europe, is expected to dominate the retail intelligence market. The primary growth factor in North America is the introduction of advanced retail intelligence tools such as competitive intelligence, predictive analytics, location analytics and pricing intelligence by technology vendors. Also, the demand for retail intelligence in Western Europe is anticipated to rise as there is an increase in the adoption of competitive intelligence technologies in retail stores and specialty stores in the region. Asia Pacific, Latin America, and MEA are expected to register significant growth rates in the retail intelligence market.
For instance, in January 2018, RetailNext Inc., which is one of the market leader in IoT smart store retail analytics introduced performance dashboards into its SaaS platform that will allow retailers to increase the efficiency of store management using predictive and actionable insights. This performance dashboard uses an artificial intelligence platform that integrates multiple data sources and trend that helps in forecasting the upcoming store traffic.
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