North America Retail Analytics Market - By Deployment Model, Vendors and Country - Forecasts and Trends (2016-2021)
The retail industry in Canada grew from $40 billion in August 2013 to $42 billion by August 2014 with a growth of 4.4%. In USA there are more than 3 million retail establishments and has a $2.6 trillion impact on the GDP. The retail market in North America is growing at a fast pace with retail trade accounting for more than 10% of the GDP in both Canada and USA. The retail market in North America is one of the biggest with Wal-Mart, Costco, Kroger, The Home Depot and Target having their origins from this region.
The retail market is going through a big change with internet being accessible on various devices like smartphones, tablets and laptops. The shopping habits of the consumers are changing with what the user sees online. Social media is affecting the sale and the brand image of products. Online shopping is growing in the region with more and more retailers coming onto the internet to sell their products. The usage of the consumers online and also in shops is being recorded to produce massive amounts of data. The retail analytics uses this data to come out with meaningful information which can be used by companies to increase their revenue and footfalls.
Retail analytics helps the companies to not only capture new markets but also manage fraud and secure their operations by giving insights about various sources like Organized Retail Crime and supplier fraud. Retail analytics helps companies to be personalized to the customers and cater to individual needs of the consumers. In sectors like banking, this will be useful where the business intelligence acquired can be used to do personal banking. Retail Analytics will help the companies do demand forecasting and predict the demand for a product in the future. This will help the company keep their warehouse stocked up before the peak demand for the product. The report analyses the market based on application segregated by the end user industry including Supply Chain management, Marketing and Customer analytics, personalized services, Merchandising and Strategic Decision making. Detailed market shares are given and forecasts for the next five years are estimated.
The major companies in the market like Vitria, GE, Splunk and others are studied and their strategies are analyzed. Recent developments and their impact on the market are analyzed.
With continuous developments in Big Data analytics, this data can now be used to generate meaningful insights that can help in the generation of revenue and capturing untapped potential in the market. This data can now be used to industrialize the analytics discipline on an enterprise-wide scale. Apart from capturing new markets, Retail Analytics also enables firms to manage fraud and secure their operations by giving insights about various sources of shrink like Organized Retail Crime and Supplier Fraud. This helps them in optimizing their business procedures by incorporating this analytical data in their strategy and planning.
Retail analytics enables personalized services customized to the needs of individual customers; this is particularly useful in sectors like Banking, where banks can use this customer information and business intelligence to deliver solutions based on each account holder's individual financial needs.
Retail Analytics will help the companies in predicting the demand for a product in the future. This will help the company in keep their controlling their inventory before the peak demand for the product.
The Retail Analytics Market faces few issue due to the lack of skilled personnel, who are not efficient enough to derive the required insights from the retail data.
The report analyses the market on the basis of applications segregated by the end user industries like Supply Chain management, Marketing and Customer analytics, Personalized Services, Merchandising and Strategic Decision making. Detailed market shares and its forecast over the next five years are estimated.
Major companies in the market like Vitria, GE, Splunk, Angoss Software, Experian, and others are studied and their current market strategies are analyzed. Recent developments in this market and their impact on the market are also analyzed.
WHAT THE REPORT OFFERS
1.North America Retail Analytics Market Overview with information on drivers and restraints
2.Retail Analytics Market Analysis and its applications in the industry
3.Identification of factors responsible for changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on global and regional scale
4.Extensively researched competitive landscape with profiles of major companies along with their market shares
5.A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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