Jun. 13, 2022
Strong Growth Forecast For Retail Analytics
In the North American region, retailers are increasingly using technology to help understand the customer journey and how they can improve it. The North America in-store analytics market was valued at $772.82 million in 2021 and is expected to reach a value of $2,516.69 million in 2027, which is a compound annual growth rate (CAGR) of 22 per cent during the forecast period, says a study from ReportLinker. In-store analytics have the potential to transform the store layout and improve the customer experience across different business segments. Retailers are using technologies such as POS systems, electronic price labels, smart carts, position beacons, intelligent shelving, pin-sized cameras installed near shelves, and in-store wi-fi networks to see how many shoppers enter the store, how they move around when inside, and which key areas they visit. This process can even provide basic demographic data, such as gender and age group. The rapidly growing amount of data across store operations is driving market growth. With increasing sales value, the amount of data increases. With growing data volume, it has become difficult to track every customer’s record, behaviour, and footfall without implementing analytics. As the application rate for digital technologies is high in the North American region compared to other parts of the world, the demand for analytics in stores is expected to see an upward trend during the forecast period. The North America in-store analytics market is highly competitive due to the presence of numerous software system providers and technological innovation in the retail industry. The players in the market are continuously involved in changing their pricing schemes, which creates price pressure on other companies and thereby increases competition in the market.