Global In-Store Analytics Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global In-Store Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global in-store analytics market report has been segmented on the basis of component, organization size, deployment mode, and region.

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Global In-Store Analytics Market: Overview

In-store analytics is a process that is offered via software and services. In-store analytics can be applied on six basic functionalities which includes traffic, marketing, operations, loss prevention, Omni-channel, and retail labs/warehouse. These analytical software provides insights regarding conversion and footfall traffic data, customer service, category and space productivity, customer behavior, store daily management, people counting, on-going trends, and many others.

Global In-Store Analytics Market: Dynamics

Proliferation of digital commerce known as e-commerce which has continuously evolved the retail landscape is a key factor to drive growth if the global market.

Growing need for unique customer service and exquisite shopping experience is driving the growth of the global market. Retailers are leveraging data analytics by gaining insights such as buying patterns, customer preferences, and demographic attributes which can help them to increase sales, optimize their business processes, enhance employee efficiency, and enable targeted promotions.

Intense competition among e-commerce player’s advent the analytical solutions in retail and commerce industries thus increasing adoption of in-store analytics. In-store analytics offer benefits such as increased conversion rates, encourages customer loyalty with enhanced customer experiences, increase in-store sales with low IT investments, and improves store associates’ work flow

Reluctance of retailers with legacy systems and reluctance in adopting to new technologies is a challenging factor that could restraint growth of the target market.

Increasing data privacy concerns associated with new technologies coupled with rising data breaches is a factor that would hamper the market growth to a certain extent.

Increasing product launches and in-store analytics software’s is a revenue growth opportunity for new and existing players in the global market.

For instance; in January 2018, RetailNext, Inc. introduced new advancement in its smart store analytics platform such as performance dashboards. This dashboard is integrated with user interface which displays predictive and actionable insights, that enables retailers to increase store management efficiency.

Global In-Store Analytics Market: Segment Analysis

In-store analytical software provides full fledge solutions which includes enhanced customer engagement insights, point of sales (POS) integrations that capture transaction data, identify customer preferences, Omni-channel insights in co-relation to online behaviour and provide in-store metrics, and many others. This is a factor too drive growth of the software segment in the near future. Thus, software segment is expected to dominate in the global market over the forecast period.

Global In-Store Analytics Market: Region Analysis

The in-store analytics market in Asia Pacific is projected to contribute highest revenue share in the global market. Attributed to increasing disposable income among individuals, number of customers, growing demand to know customer preferences, need to leverage distinct data, to offer enhanced customer experience, and to improve store profitability.

The retail industry in US and Canada are projected to register high adoption rate of in-store analytics owing to cut throat competition going on among players operating in this region and increasing adoption of in-store analytics in warehouses in order to gain outbound insights.

Global In-Store Analytics Market Segmentation:

Segmentation by Component:

Software
Services

Segmentation by Organization Size:

Large Enterprises
Small and Medium-Sized Enterprises (SME’s)

Segmentation by Deployment Mode:

Cloud
On-Premises