Big Data Analytics In Retail Market – Growth, Trends And Forecast (2019 – 2024)
In the retail sector, Big Data analytics is being used at every stage of the retail process to understand the customer behavior, predict demand, and optimize pricing. Most of the Big Data applications in retail are for system-wide cost reduction, improving online and in-store customer experience, data-driven adaptive supply chains, and real-time analytics and targeting. In terms of application, big data analytics in retail sector is being segregated as merchandising & supply chain analytics, social media analytics, customer analytics & operational intelligence which is being used in small and medium enterprises & large-scale organizations.
The global big data analytics in retail market was estimated at USD 3.45 billion in 2018. This market is expected to reach USD 10.94 billion by the end of 2024, registering a CAGR of 21.20% during the forecast period (2019 – 2024).
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Top Companies in the Global Big Data Analytics In Retail Market:
SAP SE, Oracle Corporation, Qlik Technologies Inc., Zoho Corporation, IBM Corporation, Retail Next Inc., Alteryx Inc., Tableau Software, Inc., Adobe Systems Incorporated, Microstrategy Inc., Hitachi Vantara Corporation, Fuzzy Logix LLC
– Costco, an American retail company contacted all of its customers who shopped for stone fruits to warn them of possible listeria contamination. This was only possible as the company uses Big Data to track what the customers buy.
– Recently, fashion retailer H&M started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. The fashion retailer is using algorithms to gain insights from returns, receipts, and data from loyalty cards to enhance its bottom line.
– Also, Walmart, one of the largest retailer in the world, is undergoing a digital transformation. It is in the process of building the worlds largest private cloud system, which is expected to have the capacity to manage 2.5 petabytes of data every hour.
– Therefore, as Big Data is helping retailers to cater to the customers in a more personalized way via targeted advertising, product recommendations, and pricing, the technology is being increasingly preferred by the retailers.
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Key Market Trends:
Merchandising and Supply Chain Analytics Segment Expected to Hold Significant Share
– E-commerce has had an impact on the traditional brick and mortar retailers reducing their significance marking the data-driven revolution in the retail sector.
– An efficient supply chain, the optimised movement of goods from supplier to warehouse to store to customer, is very critical to every business. Therefore, big data analytics is at the core of revolutionising retail supply chain i.e tracking and tracing product flow and stock levels in real-time, leveraging customer data to predict buying patterns, even using robots to tirelessly fulfil orders in vast automated warehouses.
– In th UK, the supply chain Big Data analytics for retail is expected to grow significantly over the forecast period following manufacturing and energy sector.
– Owing to this, it is further expected that predictive analytics and machine learning AI will revolutionize the retail supply chain.
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