The global outbreak has upended the retail industry, driving the shutdown of physical stores and causing uncertainty for the future of the in-store experience. However, digital-first and omnichannel retailers have pivoted more easily, but retailers that prioritized physical stores and face-to-face engagement over omnichannel strategies have struggled to respond. Retail companies in Asia- Pacific saw the largest growth in big data roles in the last quarter compared to the previous year. Asia-Pacific is propelling the retail industry, generating about three-quarters of global growth through its digital innovation.
The retail analytics market is projected to grow to $18.33 billion in 2028 at a CAGR of 17.7% in forecast period 2021-2028. Asia-Pacific retailers have been at the forefront of new technology adoption. Increasing demand for data visualization and continuous generation of data are driving retail analytics market’s revenue growth. The need to optimize business processes and to fulfill customer demand is also rising among retailers with an increasingly competitive industry. Additionally, market revenue growth of retail analytics is being driven by factors such as proliferation of smartphones and growing use of social media and online shopping. Retail analytics not only gives detailed customer insights but also provides a better understanding of various processes and business of an organization. Further, it provides simple, cost-effective, scalable, and flexible solutions, for which its demand has been increasing across a range of industry verticals.
Retail giants are spending millions on real-time analytics to build the world’s largest private cloud for tracking millions of transactions daily. Retail algorithms can help retailers carry out various business functions more efficiently and develop an improved understanding of customer preferences. Hence, organizations are harnessing retail analytics to enhance their marketing campaigns. Retail analytics further assists firms create higher success rates for their marketing campaigns by combining demographic data with information such as consumer preferences, shopping habits, and purchase history.
This edition of Retail Tech Insights APAC brings you the story of some of the promising retail analytics solution providers such as My Secure Place and Krunchbox. It also features thought leadership articles from subject matter experts and exclusive insights from CIOs and CXOs such as Sunando Das, CMI Director, Predictive Marketing and Retail Analytics at Unilever and Anupama Biswas, Regional Director Ecommerce, Media and Analytics - AMEA at Kellogg. We hope this edition will provide you with the right assistance in choosing the best retail analytics solution provider according to your requirements.
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