Escalating competition among the business players and the need for reducing customer chain has driven penetration of big data analytics in retail industry.
Growing need for enhancing customer experience, increasing sales, improving operational efficiency, and reducing costs will expedite big data analytics in retail market globally. The onset of new technologies such as IoT, artificial intelligence, machine learning algorithms, and deep learning algorithms has provided an impetus to the growth of the global industry. Escalating competition among the business players and the need for reducing customer chains have driven the penetration of big data analytics in retail industry. In addition, thriving e-commerce activities and online retailing business has contributed sizably to the application of big data analytics in retail market. Moreover, utilization of big data analytics in retail industry will boost customer engagement and help firms reduce customer defection. As per the study published by Allied Market Research, global big data analytics in retail industry is slated to accrue earnings worth $25,560 million by 2028. Let us discuss the latest trends observed across the global big data analytics in retail market.
SAS Institute Launch Cloud Analytics Service on Azure
New technology and service launches have influenced the use of big data analytics in retail industry. Moreover, SAS Institute, an analytics software developer in the U.S., launched cloud analytics solutions on Azure. For the record, it is the first software-as-a-service offering on Azure. Moreover, this has helped the firm in achieving a milestone and assist organizations in retail or other kinds of businesses transfer their business operations to the cloud. The strategic move will boost the expansion of global big data analytics in retail market. Furthermore, Amazon, Inc., made use of big data analytics for launching a new physical retail store analytics service. The new service provides insights into product performance, brand promotions, and advertisement campaigns. Reportedly, the new service offers insights and information on products available at Amazon Fresh and Amazon Go Stores across the U.S. Moreover, the service will also offer performance metrics for in-store campaigns including digital signage.
Continuing with the trend of new technology and service launches, Macy, a key player in the online Omni channel retail business, introduced a curated online market space through which the firm will offer a new range of brands and merchandise categories from reputed vendors and partners on its website. Reportedly, the online retail firm made use of big data analytics for targeting its potential customers digitally. This initiative will help the firm establish a strong position in the online onmichannel retail industry and will also contribute significantly to the use of big data analytics in retail business.
Industry participants are implementing the strategy of new technology and service launches for expanding the consumer base by attracting new customers and retaining existing customers. This will also help firms in business expansion along with contributing massively towards market profitability. Moreover, the strategy will also help firms in effective brand positioning along with increasing the presence of their brands felt across the globe. The strategy will also help the firms in gaining a competitive edge over their business rivals.