Data-driven Retail Solution: Introduction
- Data-driven retail solutions measure everything in the organization and delivers higher value to customers by developing consumer context, create meaningful marketing interactions, and optimize channel selection with accurate data and analytics to map the business objectives.
- Retailers across the globe are adopting data-driven solutions to create personalized and customer-centric experiences to compete more effectively and better reach their customers. Furthermore, retailers are also leveraging data and analytics to guide customer-marketing initiatives and take better business decisions.
- Data-driven retail requires various external data sources, such as customer points of interest, loyalty status, and transaction histories.
- Data-driven retail solutions help to develop a successful retail strategy, evaluate the competitive landscape, optimize operations, attract and retain customers, and drive additional business revenue and margin.
- The global data-driven retail solution market is projected to expand at a rapid pace over the forecast period, due to the rise in integration of advanced technology and marketing strategies by the retail industry across the globe.
Global Data-driven Retail Solution Market: Dynamics
Global Data-driven Retail Solution Market: Key Drivers
- The increase in usage of data-driven retail solutions by retailers to personalize the consumers experience and integrate successful marketing strategies are the primary factors driving the growth of the global data-driven retail solution market.
- Increasing awareness among retailers about the benefits of cloud computing & intelligent solutions such as smart solutions is also boosting the demand for data-driven retail solutions.
- The growing popularity of data analytics along with the rapid development in tracing information from stored data is further influencing the growth of the data-driven solution market.
- Limited digitization in under-developed countries and low spending on technology-proven solutions due to COVID-19 may hamper the market.
- Moreover, several benefits of data-driven retail solutions and rising implementation of analytical tools and technological advancement in the retail sector are fueling the demand for data-driven retail solutions.
Impact of COVID-19 on the Global Data-driven Retail Solution Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Hence, demand for digital and advanced technology solutions is increasing in retail sectors around the globe. Emerging data-driven retail solutions help the retail business to effectively manage & engage customers, and design innovative roadmaps, etc. Thus, vendors in the retail sector are adopting this solution to transform their business. During the COVID-19 pandemic, continuous decline in consumer spending due to job uncertainties significantly impacted the retail industry. Thus, adoption of new technology in the retail industry is a slowdown that negatively impacts growth of the data-driven retail solution market in the next few years.
North America to Hold Major Share of the Global Data-driven Retail Solution Market
- In terms of region, the global data-driven retail solution market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global data-driven retail solution market. Developed economies such as the United States and Canada are likely to witness the highest growth due to technological transformations in the retail sector.
- The Asia Pacific market is anticipated to expand at a fast pace during the forecast period due to the high internet penetration, increasing digitalization, and rising retail transactions in this region.
Global Data-driven Retail Solution Market: Competition Landscape
Several players are active in the data-driven retail solution market with a strong presence. Vendors of the data-driven retail solution market are focusing on various growth strategies such as partnerships, mergers and acquisition, collaborations, new product launches, and business expansion to strengthen their geographic presence and solutions portfolio to cater to the needs of the market. Key players in the retail sector are emphasizing on strategic partnerships and alliances with key vendors to develop interactive retail solutions.
Key Players Operating in the Global Data-driven Retail Solution Market Include:
- ActionIQ, Inc.
- Data Driven Solutions (DDS)
- Solix Technologies, Inc.
- Hitachi Vantara Corporation
- Sisense Inc.
- Data Axle
- Neustar, Inc.
- Oracle Corporation
- Tata Consultancy Services Limited
- Microsoft Corporation
- Wipro Limited
- IBM Corporation
Global Data-driven Retail Solution Market: Research Scope
Global Data-driven Retail Solution Market, by Component
Global Data-driven Retail Solution Market, by Enterprise Size
- Large Enterprises
Global Data-driven Retail Solution Market, by Retail Store Type
- Apparel and Accessories
- Fast-moving Consumer Goods
- Hardlines and Leisure Goods
Global Data-driven Retail Solution Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.