Allied Market Research added a Report- “Retail Analytics Market” to its database
Portland, OR -- (SBWIRE) -- 11/15/2017 -- Retail analytics is the intelligence solution providing analytical modelling on various processes in the retail industry, such as supply chain management, merchandise intelligence, inventory management, cyber security, supply & demand processing, customer engagement, sales data modelling, and many others. It helps in decision making process of the retailers by providing customer insights and scope of product marketing.
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In recent years, many retail stores from domestic and international markets have adopted retail analytics solutions to augment their market reach and enhance their promotional strategies. Some of the outcomes of retail analytics solution influencing retail market with large scale, are enhanced profitability, increased rate of return with minimum investment, optimized customer relationship and loyalty, behavioral modelling, preference analysis, competitive advantage, and many others.
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Real time data gathered through customer mapping get analyzed and distributed through retail analytics and allows marketers in creating more opportunities, such as business expansion in new geographies, optimize customer services, improve operational capacities, and many others. Predictive models based upon customer intelligence and analysis help to adopt right promotional strategy by the retailers. Some of the key factors drive the global retail analytics market are increase in ICT spending in the developed and the developing countries, and cost-effective cloud deployment model. In addition, upsurge in smartphone adoption and infrastructure development has increased the number of retailers in the emerging regions, such as Asia-Pacific and Latin America, which in turn is anticipated to fuel the market growth in the coming years.
The retail analytics market is segmented into component, deployment model, application, and geography. Based on component, it is bifurcated into software and service. Based on deployment model, it is categorized into on-premise and cloud deployments. On the basis of applications, it is divided into supply chain management, merchandizing intelligence, customer analysis, data management, and others (store management and marketing operations) are considered. Based on region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
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