Lucrative business developments and strategies play pivotal roles in significantly sustaining large scale growth and development in global retail analytics space. To cite an instance in this regard, Fractal has inked a partnership deal with Nielsen focusing on consumer packaging goods.
Fractal is best known for its advanced AI capabilities and analytics which Nielsen is likely to harness for superlative returns in retail. Inclusion of AI based retail analytics is likely to foster mindful business discretion favoring precise customer behavior analysis for improved returns. Factors as such are likely to manifest high end growth in global retail analytics market.
On the back of seamless technology integration digital technologies are taking a leap forward, paving way for AI based retail experience. Some of the unresolved challenges in retail space include, exponential financial burden, customer dissatisfaction, and drooping sales and stark competition.
Floor Management and Inventory Control to Entice Steady Adoption and Growth in Retail Analytics
AI based retail experience is expected to carve niche opportunities to unravel new business opportunities, thereby allowing the global retail analytics market to witness uninterrupted growth. AI integrated retail analytics is broadly classified into learning technology, deployment and type encompassing both solutions and services.
Some of the core functionalities such as predictive merchandising, store based surveillance and location based sales and marketing are likely to further expedite growth opportunities in global retail analytics market. Basic retail tasks such as floor maintenance and inventory management are tedious tasks, often citing mismanagement and discrepancies. To offset this limitation, ai integrated retail analytics is steadily showing signs of rampant adoption allowing the global retail analytics market to remain remunerative.
Customer information is brewing to the brim from myriad sources of both online and offline channels, resulting in data explosion. To decipher meaningful, result driven business insights, retail experts are fast relying on advanced retail analytics platform to acquire appropriate information on store information and real time customer feedback. Online buying trend and lurking opportunities in e-commerce has leveraged reliance on business intelligence tools and software applications to mediate crucial understanding on consumer behavior and purchase discretion. Advances in e-commerce is therefore expected to encourage million dollar growth in global retail analytics market. Cart abandonment is a commonplace situation in online retail. With novel expeditions in inventory monitoring and floor management retail analytics is likely to remain overtly lucrative in the coming years.
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