We live in a data-driven world. Information is available to us anywhere and anytime. However, the difficulty lies in making sense of these huge amounts of data. Consider the retail sector for instance where data holds a predominant spot. Unlocking the potential of the retail data holds the key to perfecting the inventory, marketing, and merchandising operations. Evidently, there is an ever-growing trend in the retail industry to invest in retail analytics and reporting technologies. And in the wake of the COVID-19 pandemic, market dynamics and consumer behavior are changing swiftly, which is further increasing the demand for retail analytics solutions that can help in adapting to the recent trends.
Nearly all the industries and business segments are now actively interested in harnessing artificial intelligence (AI) for business benefits, and the retail sector is no exception. AI, together with machine learning, not only has the potential to enhance the customer experience but also help the retailers to optimize their business operations. AI helps retailers segment customers or make product recommendations based on customer data analytics. On the operations side, AI finds and corrects inventory distortion, optimizes supply chains, and improves product development. Similarly, machine learning allows better trend forecasts and further enhances business efficiencies that will ultimately drive more revenue.
Location-based mobile targeting is another surging trend in the sector. More than half of the retail marketers already have a location-based advertising strategy in place to attract and guide nearby customers by providing inventory searches and interactive maps.
At this juncture, from in-store thermal sensors to AI-powered personalization platforms, the retail analytics solutions available in the market are diverse and cater to the different needs of the retail businesses. To help them choose the solution that best fits their requirement, Retail CIO Outlook has compiled the list of the top 10 retail analytics solution providers. The enlisted solution providers are the frontrunners in the market that provide a wide span of features. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Retail CIO Outlook’s, “Top 10 Retail Analytics Solution Providers – 2020.”