Market Trends of In-store Analytics Industry
This section covers the major market trends shaping the In-store Analytics Market according to our research experts:
Customer Management Segment to Witness Significant Market Growth
- According to the US Census Bureau, global retail sales were USD 7745.74 billion till Q3 in the current year, which increased compared to USD 6594.81 billion in the previous year. With growing sales, other factors, such as rapidly changing demographics and uncertain economic recovery, often present retailers with challenges. Moreover, retailers try to understand which products, services, and offers are more attractive to customers, which significantly caters to the importance of the in-store analytics platform and further needs the demand for consumer engagement analytics for the retailers.
- Recently, Five9, Inc., a cloud contact center provider, unveiled new features that support companies in providing more cohesive and engaging customer experiences across voice and digital channels. The inconsistent and fragmented customer experience can lead to annoyance and, even worse, attrition. By providing flexible and practical tools for installing and managing AI systems and continuing to integrate real-time customer analytics, Five9 is assisting enterprises in overcoming these difficulties.
- AI-based video analytics also create efficiencies and offer non-security-related insights for businesses. In the retail market, store owners using surveillance cameras with analytics can spot shoplifters and alert security personnel to intervene in real-time. The in-store analytics can also measure hotspots, visitor flow, dwell time, and product display activity.
- Further, knowing the busiest store periods would help ensure staffing levels appropriately meet customer demand, keep costs down, drive conversion rates, and improve the store's customer journey. Such multiple applications of In-store analytics for customer analytics and management are expected to further fuel the market growth of the in-store analytics market globally.
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North America Accounts for Significant Market Share
- With the highest number of technology innovators and retail corporations, this region is expected to witness a significant market share with the increasing adoption of in-store analytics to enhance customers' buying experiences. Rapid embracement of technology such as cloud, AI, and others is complementing the requirement for in-store analytics in the region. Retail business enlargement is also expected to boost the implementation of in-store analytics solutions.
- The need for frequent software updates associated with in-store analytics and data security and privacy concerns over new advanced technologies would likely remain potent growth retardants for in-store analytics in the region. However, the in-store analytics market is likely to experience market growth due to the increasing adoption of AI-based in-store analytics coupled with the need for providing an improved shopping experience in the North American region.
- Further, due to COVID-19's impact on the US Retail Industry, retail companies generate a considerable base of unstructured data at an unprecedented rate, which makes it challenging to identify and capitalize on new lucrative opportunities. However, the post-pandemic world would be shaped by several factors contributing significantly to how retailers function.
- The in-store analytics would offer actionable insights by analyzing multiple data sets to help the retailers identify the right strategies for recovering lost sales and boosting market share by addressing the dynamic needs of its customers. Such applications of in-store analytics are expected to contribute to the demand for In-store Analytics in the market in North America.
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