Adroit Market Research - Industry Insights

With fast emergence of data era and stupendous rise in voluminous data, industries are re-evaluating their operational formats to align with changing times and customer expectations. Retail is a constantly evolving industry and is therefore fast embracing data analytics capabilities to align with big data needs.

Retail industry owing to ever expanding customer base and product variety, is highly competitive and offers an omni-channel approach to suit customer as well as business needs.

This leverages high scale reliance on data driven offerings such as retail analytics. Retail analy

With fast emergence of data era and stupendous rise in voluminous data, industries are re-evaluating their operational formats to align with changing times and customer expectations. Retail is a constantly evolving industry and is therefore fast embracing data analytics capabilities to align with big data needs.

Retail industry owing to ever expanding customer base and product variety, is highly competitive and offers an omni-channel approach to suit customer as well as business needs.

This leverages high scale reliance on data driven offerings such as retail analytics. Retail analytics offers a string of operations such as inventory and supply chain management, besides excelling in customer interaction and management. Backed by multi-functional features such as consumer behavior analytics, effective marketing strategies, inventory optimization, and personalized, customer based offerings, global retail analytics market is likely to remain highly profitable in the forthcoming years.

Retail analytics is vital in enabling retailers to aptly optimize their products and services in accordance with customer needs and expectations, for superlative retail relations. Banking upon the importance of analytics based management, retail analytics market is anticipated grow progressively in the coming years.

Customer Behavior Management Advocates Large Scale Reliance on Retail Analytics

Deficient understanding of retailers in managing customer expectations and demands is a brewing challenge in the retail industry. Additionally, retailers' inefficiency in comprehending customer behavior is yet another significant growth deterrent in global retail analytics market. Therefore, customer behavior management is one of the most sought after benefits of retail analytics.

Trax Acquires Qopius to Further Consolidate Position in Retail Analytics Market

Considering the dynamic inclusion of advanced technologies such as data analytics, predictive analytics and machine learning in retail, leading market participants are overtly striving to strike the right balance in cementing unparalleled lead in global retail analytics market.

In this regard, Trax, which has its HQ in Singapore is best known for its intricate services for computer vision technology to enable seamless collection, analysis, and measurement across retail chains. To further consolidate its lead, the company has sealed a lucrative acquisition deal of Qopious that offers reliable and proficient AI mediated in-store technology across Europe.

The development is crucial in further improving retail monitoring in real time besides facilitating flawless inventory management, thereby reflecting favorable results in operation management. The development is expected to specifically foster high end progress in inventory management, thus facilitating growth in global retail analytics market.

Besides high end business negotiations, Trax is also advancing in fund raising activities, thereby securing a hefty fund worth $100 million to become Singapore based behemoth in retail analytics.

Adobe Introduces Novel Features in Photoshop to Align with Specific Retail Needs

Additionally, market participants such as Adobe Photoshop has been constantly evolving its retail analytics capabilities to coincide with emerging retail specific needs. In this regard, Adobe is touted to update its Photoshop functionalities aligning with modern retail needs.

This newly added feature, 'Experience Platform' designed for retailers and the gamut of retail industry is guided to offer superlative understanding on customer support and point of sale transaction based information. Further additions such as AI and Machine Learning capabilities are further anticipated to maneuver automation and predictive analytics based solutions, allowing the global retail analytics market to grow unabashed.

Adobe focuses largely on Device Analytics for Improved Returns

Consumer based data is highly crucial in the retail industry and hence, retailers continuously bank upon device analytics to incur customer nerve and buying behavior. With multifaceted advances in e-commerce, social media and business intelligence capabilities, retail analytics is expected to take grave leap in the forthcoming years.

Further in novel developments in retail analytics platform, companies such as enVista and Retalon are swiftly entering into long term business deals for superlative profit returns and improved business intelligence features for retail analytics. Retalon is expected to actively bank upon AI and predictive analytics capabilities to integrate cloud compatibility to ensure flawless inventory management. Order management and fulfilment tasks are expected to witness stellar improvements on the back of predictive analytics and AI.

Advances in Luxury Fashion and Accessories to Foster Growth

Advances in luxury fashion, accessories and beauty industries to manifest fast track growth in global retail analytics market. Further in retail analytics, veteran, Sky I.T Group which specializes in SaaS analytics has recently affirmed its expansion spree across Europe to further improve its services in retail analytics platform, its flagship SKYPAD that improves retail branding and selling expeditions. Skypad as an advanced retail analytics platform is crucial in collaborating with fast track advances in fashion, accessories, footwear and luxury and beauty products.

At the backdrop of quintessential leap in luxury accessories and fashion retail, companies such as Caratlane is prompting improved reliance in retail analytics. To cite an instance, noted luxury jewelry brand, Caratlane is entering into long term commitment with Wesense.ai for improved customer behavior analysis and customer experience. Caratlane is touted to harbor upon Wesense.ai's AI capabilities for better inventory management, order fulfillment as well as customer behavior.