Advancements in data analytics are taking the retail industry by storm. From predictive insights and analytics using big data to inventory management with IoT applications, retail analytics is scaling new heights to help retailers make profitable purchasing and business decisions. In the wake of these trends, the global retail analytics market size is estimated to reach $11.1 billion by 2025, at a CAGR of 21.2 percent.
Among the factors driving this market growth, Internet of Things (IoT) technology plays an indispensable role. IoT-enabled devices consist of sensors that monitor and track data transmitted to an array of connected devices like smartphones, POS systems, and security systems to provide visibility to retailers in monitoring and tracking product movement and location. Through continuous monitoring of warehouse shelves, IoT devices relay real-time inventory data to the management system and ensure retailers with effective inventory management. IoT also helps retailers build dynamic pricing and labeling based on the items’ popularity and expiration dates. Through IoT analytics tools, retailers gain actionable insights that help them make sound business decisions and forecast future events.
To put the spotlight on such developments in the industry, Retail Tech Insights illustrates how retail analytics solution providers are leveraging the latest developments to enhance retail performance. The edition also features thought leadership articles from Sean MacCarthy, Executive Director Global Analytics and Store Segmentation, Claire’s, Inc., Ken Collins, Director, Information Security at Sunbelt Rentals, and Leah Balter, Chief Information Officer, Bunnings, who shed light on various trends in the retail analytics industry, including key developments in digital transformation, e-commerce, supply chain, and analytics agility.
In this edition of Retail Tech Insights, we also bring to you the story of some of the top retail analytics solutions providers that deliver the best outcomes for their clients. The list comprises Vision Group Inc., offering innovative AI and IoT solutions to digitalize and automate retail operations; Forklift Data, for its robust retail analytics solution for impactful e-commerce growth; and AWAS Solutions, which delivers strategic analytic tools to provide insights into the four key pillars of retail sales: inventory, pricing, merchandising, and shelving.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the retail analytics industry. We would like to know your thoughts.