The In-Store Analytics market is projected to record more than 25% growth rate during the forecast period and expected to reach US$ 5 Bn by 2031. In-store analytics is a process of analyzing and pulling meaningful insights from customers’ behavioral data.
Analytics plays very crucial role in every stages of retail businesses, from sales and marketing to inventory management and operations. In order to compete with online stores, retailers need as much information about their customers as they can get. In-store analytics can give detailed insights about the effectiveness of store displays, employee actions, and other factors that can be used to sway purchasing decisions.
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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.
- For instance, Mediamarkt opened its Digital Store in Barcelona, based on the interaction with its customers. It combines the digital experience in a physical store where customers select the product digitally and the store staff provides the support.
- Moreover, Nike’s new flagship store in New York, utilizes an app that creates digitally connected journeys for consumers to utilize mobile checkout, request try-on items throughout the store, or instantly shop in-store displays.
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.
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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.
India Demand Outlook for In-Store Analytics
Indian retail industry is one of the fastest growing in the world. Retailers in India have started harnessing the power of the data that is generated from every single transaction that are placed at stores, e-commerce sites or mobile applications. And tend to create extremely personalized offers based on buying patterns.
In perspective to retail industry, India has ranked 73 in the United Nations Conference on Trade and Development’s Business-to-Consumer (B2C) E-commerce Index 2019. Moreover, in terms of retail store availability, the country is among the highest in the world. The retail sector in India is experiencing exponential growth with retail development taking place not just in major cities and metros, but also in tier II and III cities.
Healthy economic growth, changing demographic profile, increasing disposable income, urbanization, changing consumer tastes and preferences are some of the key factors driving growth retail industry in India.
Who are the Key In-Store Analytics Vendors?
Some of the leading vendors offering In-Store analytics products include
- RetailNext
- Mindtree
- Thinkinsde
- Happiest Minds
- SAP
- Capillary Technologies
- Inpixon
- Scanalytics
- Retail Solutions
- Dor Technologies, and among others.
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Key Segments
By Solution:
- In-Store Analytics Software
- Services
By Application:
- Customer Management
- Marketing Management
- Merchandising Analysis
- Store Operations Management
- Risk and Compliance Management
- Others
By Industry:
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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