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What is Driving Demand for In-Store Analytics?
Over the past decade, the retail industry has changed significantly and keep evolving further by adopting new cutting edge technologies. Retailers are working harder to deliver a seamless shopping experience to their customers. Retailers endeavor to integrate innovative digital experiences to ensure a connected and engaging in-store experience.
Digital transformation in stores is achieved when retailers deliver tailored experiences to their customers with the help of multiple technologies like analyzing customer preferences, detecting customer location in-store, personalized promotions, and purchasing patterns. Store monitoring platform analyzes these patterns and generate meaningful insights and help retailers to achieve sales, revenue and increase store footfalls.
Proliferation of IoT Sensors & RFID Tags for In-store Intelligence
Over the past few years, there has been a steady evolution in the types of sensors. Sensors are used to monitor weight, vibrations, temperature, and other factors. When it comes to retail, Radio-Frequency Identification (RFID) sensors plays a very crucial role.
RFID tags contain a microchip, reader, and antenna to transmit and receive data. These tags contain electronically-stored information that provides detailed product information, marketing, and cross-selling suggestions to retailers along with the insights regards to the customer preferences and shopping patterns.
According to a report by McKinsey, inventory management problems account for some of the biggest expenditures and losses in retail stores. The report states that inventory distortion including overstock, stockouts, and shrinkage, cost retailers a yearly $1.1 trillion, worldwide. RFID tags allow stores to track their inventory.
US Demand Outlook for In-Store Analytics
U.S. is the most significant revenue contributor to the global in-store analytics market. The country is witnessing significant developments in the in-store analytics market. In U.S., the high growth rate can be attributed to the increasing adoption of big data, the large base of in-store analytics vendors in the region, and the rising adoption of IoT devices.
Companies across the region are rapidly adopting the IoT for creating and developing new array of products and services, which are prompting development of new business models and creating new business opportunities. Businesses utilize full potential of the connected device enablement by combining with rapidly advancing Artificial Intelligence (AI) technologies, which enables store retailers to respond intelligently and aid in making informed decisions.
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Who are the Key In-Store Analytics Vendors?
Some of the leading vendors offering In-Store analytics products include
- Happiest Minds
- Capillary Technologies
- Retail Solutions
- Dor Technologies, and among others.
- In-Store Analytics Softwar
- Customer Management
- Marketing Management
- Merchandising Analysis
- Store Operations Management
- Risk and Compliance Management
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.