The field of retail analytics is fast becoming a leader in the business world with its many applications and usefulness. Retail stores can utilize the information available through retail analytics to help them improve their business practices, as well as the services that they offer their customers. The applications and utility of retail analytics have been further improved with the availability of several open-source retail analytics software programs that are designed to be easy to use, as well as being highly configurable to meet any unique retail requirements.
A common application of retail analytics is the loss prevention or fraud detection application. This application utilizes retail data analysis tools to help it detect patterns in order to detect potential loss prevention opportunities. This application can help the loss prevention department identify opportunities for prevention as well as identifying sources of loss. This application is also commonly used by manufacturers and retailers to identify areas that are at high risk for loss or theft. In addition, the retail data analysis tools have been successfully used to reduce loss prevention costs, while improving customer service and customer retention.
Owing to the increase of online retailing in the world, significant demand is getting created in the global retail analytics market. For instance, according to Etailinsights, there are currently around 7.9 million online retail companies in the world. Moreover, the increasing usage of artificial intelligence and machine learning across sectors is propelling the growth of the market. Additionally, rising demands for cognitive computing are also driving the growth of the global retail analytics market.
In addition, a retail data analysis tool can also be used to analyze customer satisfaction and customer loyalty using a comprehensive POS system. The POS system application provides retailers with a simple yet effective means of managing and tracking sales, merchandise, and customer service data. In fact, the post system is so versatile that it can even be integrated with other retail management programs such as the retail asset tracking system. However, stringent data regulations imposed by governmental bodies all across the globe are the main restraining factor that is negatively affecting the growth of the global retail analytics market.
Owing to the development of online retailing websites and companies in North America, the region is witnessing tremendous demand in the global retail analytics market. For instance, according to Etailinsights, among the 7.9 million online retail companies in the world, around 2.1 million are from the United States itself. Additionally, the development of advanced technology in the region is promoting the growth of the global retail analytics market. Owing to these factors, there have been some key industrial developments in the global retail market. For instance, in May 2020, Sportina Group, a multi-brand fashion retailer of Europe adopted the cloud-based retail solution of Oracle, in order to break down the challenges between geographies and brands.
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