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The necessity to analyze product performance enforces retail chains to adopt advanced analytical techniques to increase the profit levels. The numerous unstructured and structured datasets generated at every interaction touch-point provide valuable insights into customer’s behaviour. With the growing proliferation of merchandising analytics-driven insights retail analytics framework becomes more and more profitable. Product adjacency, assortment planning, and space allocation are the crucial aspects of merchandising analytics. Retail assortment analytics plays a vital role in retail assortment planning to determine the availability of set of stock-keeping units (SKU). The assortment analytics is useful for determining which products to keep, add, and drop for merchandising process improvement. The assortment helps retailers to meet the changing customers' demand by periodically revising their assortment for each category. Thus, the retailers are increasingly looking for an advanced assortment analytics solution to enhance customer experience and maximizing revenue or profit.
The ongoing rapid digitization prompted retailers to adopt an advanced retail analytics strategy, which is the key factor to drive the assortment analytics market. The proliferation of cloud-based applications has increased data generation volume across all industries. The increased data volume entices organizations to adopt a data-driven analytical solution to utilize the collected data to enhance the customer experience. Thus, the proliferation of data-driven analytics in the retail industry is another crucial fact for driving substantial market growth. The transition of retail into a consumer-driven business boosts the adoption of assortment analytics. Increasing competition in retailers for strengthening their customer base encourages them to adopt advanced analytical and data-driven solutions. Thus, the growing popularity of automation and advanced analytics to improve sales and profitability would fuel the demand for assortment planning and analytics. With the ever-increasing need for pricing optimization and assortment localization, the assortment analytics market would experience unprecedented growth in the coming years.
Key Market Driver -
• Digitization in retail industry to drive the market growth • Increasing demand for the retail analytics solutions would fuel the market growth
Key Market Restraint -
• Lack of awareness is hampering the market growth
Key players in the global market are adopting various ultimate business strategies to expand their business and sustain their market competence. Leading market players are focusing on the advancements of their product line. They offers agile and scalable retail analytics solutions to sustain their competitveness. Many companies are collaborating and associating with top retailers to increase their sales and revenue. The advent technologies helps key companies to upgrade their existing portfolio and offerings. Mergers and acquisitions are fundamental business expansion strategies adopted by the market players.
Key companies summarised includes IBM Corporation, The Nielsen Company LLC., Information Resources, Inc., SAS Institute Inc, Solvoyo, Neal Analytics LLC., QueBIT, Experfy Inc., Intel Corporation, o9 Solutions, Inc., Oracle Corporation, dunnhumby Limited, and among others.
North America is estimated to hold a maximum share in the global assortment analytics market as the region is leading in the adoption of advanced technologies. The presence of prominent market players and leading retail chains such as Walmart, The Kroger Co, and others flourish market growth. The major retailers and consumer packaged good manufacturers are increasingly looking for solutions to optimize product allocation and evaluation. Apart from this, the increasing demand for retail analytics is further supporting the assortment market growth across North America. The trend of big data analytics is another supportable factor to drive market growth across the region.
Europe is expected to exhibit significant market growth due to major retailers' presence, including Schwarz Group, Tesco PLC, and Auchan Holding SA across the region. Adequate technology development and acceptance would be likely to inspire European retailers to adopt retail analytics solutions. The retail industry's growing business competition would drive significant demand for merchandising analytics to enhance sales and profitability. Thus, the ever-increasing demand and adoption of retail and merchandising analytical solutions would accelerate the assortment analytics market growth across Europe.
The Asia-Pacific is home to various emerging economies that offer significant opportunities for retail technology to grow. Countries like China, Japan, and India, in particular, are focusing on developing data-based business solutions to enhance business processes in the retail marketplace. Thus, the Asia-Pacific is anticipated to record the highest growth rate globally during the forecast period.
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