Global Data-Driven Retail Solution Market: Overview
Data-driven retail solution helps retailers to identify and understand consumer by collecting customer’s information such as profile attributes, mode of transaction and behavior etc., from customer relationship management, point-of-sale, e-commerce, navigation logs and social media such as Facebook, Twitter and Pinterest etc. It automates the industry insights about loyal customer, purchases behaviors, audience behaviors, customer segments, and customer journey by analyzing the collected customer information. Data-driven retail solutions enable retailers to integrate their marketing strategies or program with the data-driven solution in order to personalize the purchase experience, engage with each customer specifically, and simplify the purchase process. Data-driven solution’s multi-funnel tracking feature provides easy and actionable sales analytics dashboards which enable retailers to improve the efficiency and coordination of multi-funnel strategy and multi-channel respectively.
Global Data-Driven Retail Solution Market: Segmentation
Global Data-Driven Retail Solution market is classified into solution, deployment model, service, and region.The global data-driven retail solution market can be segmented on the basis of solution which includes retail customer intelligence, media intelligence, customer relationship management, collaboration tools and other solutions. Deployment model includes on-premise and cloud-based. On the basis of service the market can be segmented into consulting, implementation service and integration. Region wise, global data-driven retail solution market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA). At present, North America is dominating the market followed by Western Europe. Among all the regions, APEJ is expected to create huge market opportunity for major players operating in the data-driven retail market during the forecast period.
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Global Data-Driven Retail Solution Market: Drivers
The global data-driven retail solution market is majorly driven by the increased awareness among retailers regarding the benefits of implementation of cloud-based customer & market intelligence solutions and services for business operations. Cloud-based solutions and services enable retailer to manage and control the cost associated with the IT infrastructure. In addition, increasing popularity of software as a service (Saas), cloud computing and big-data analytics in order to improve business operations, sped up information retrieval, and facilitate work are projected to increase the demand for data-driven solution in retail sector across globe.
Global Data-Driven Retail Solution Market: Restraints
While studying the data-driven retail solution market we came across some of the restraints that are limiting the digitization of retail sector worldwide. Some of them are lack of awareness across the sector especially in emerging markets such as India, China, Brazil and Argentina, regarding adoption of digital retail solutions and services for enhancing business operations and high initial cost associated with the implementation of these solutions and services are hindering the growth of data-driven retail solution market.
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Global Data-Driven Retail Solution Market: Competitive Landscape
Key players in the global data-driven retail solution market focus on strategic alliances with industry experts in order to improve their offerings and strengthen position in digital customer identity management field. For example, Silentale signed a partnership agreement with Gigya Inc. in order to enhance its social media capabilities by integrating the digital platforms of Silentale and Gigya.
Global Data-Driven Retail Solution Market: Key Players
Some of the major players identified in the global data-driven retail solution market are Tata Consultancy Services Limited, Oracle Corporation, Microsoft Corporation, Neustar Inc., Infogroup, and Silentale etc.
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