LONDON--(BUSINESS WIRE)--Competition among organizations in the retail sector is increasing due to the complexities of global expansion, currency fluctuation, rapid product cycles, and changing customer preferences. This increased competition has businesses turning to retail analytics, looking to gain a competitive advantage and see where improvements are needed.
The global retail analytics market has experienced tremendous growth in the last two years and is showing no signs of slowing down. Global analytics and advisory firm Quantzig expects the market to more than double between 2016 and 2020, surpassing USD 7 billion by the end of the forecast period. The market for retail analytics is growing for good reason as organizations continue to experience significant ROI using BI and analytics tools and services. These tools help them analyze data in order to improve business performance with a focus on reducing operating costs and enhancing customer experience. Analytics tools and services help improve marketing and merchandising effectiveness, while reducing operational time and cost by allocating resources more efficiently.
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Retail analytics tools and services are growing in every region across the globe; a CAGR of over 20% between 2015-2020 is expected for North America, Asia-Pacific, and EMEA according to Quantzig. In Europe, the UK, France, and Germany are the leading countries for retail analytics. Retail is a massive industry for the EU, contributing over 11% to its total GDP and representing nearly 15% of the region’s total employment.
A large retail chain in Europe recently tasked Quantzig’s analytics experts with developing new market segmentation strategies in order to yield higher returns and profits. The client was not achieving expected returns from their marketing investments using traditional segmentation strategies and although they had access to a vast amount of data, identifying critical parameters for classifying customers for targeted marketing strategies was challenging.
After analyzing the data, research analysts at Quantzig were able to assess the client’s existing strategies to identify gaps and propose an improved scheme for better customer segmentation. Quantzig provided innovative solutions and developed a predictive model for assessment of profitability levels of customers and segmented them accordingly.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.