LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global retail analytics services market and the market is poised to experience spend growth of more than USD 4 billion between 2019-2024 at a CAGR of over 13% during the forecast period. Request Free Sample Pages.
Read the 126-page research report with TOC and LOE on "The Global Retail Analytics Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Consumers are exhibiting a high degree reliance on various mobile applications and websites to do preliminary research on a brand prior to visiting the physical store and completing their purchase cycle at the store. Buyers from the retail sector are capitalizing on this trend to study consumer behavior and eventually boost their sales. To do so, they are engaging retail analytics service providers who analyze the user data collected from the mobile apps and other websites to conduct various functions such as demand forecasting of products, consumer basket analysis, competition analysis, among others. This is creating ample spend growth opportunities in the global retail analytics services market.
The prevalence of heterogenous demography is increasing the scope of the utilization of retail analytics services by buyers for the analysis of consumer behavior and increase their overall retail sales. This is driving spend growth in the retail analytics services market in North America. Meanwhile, in Europe, most of the retail stores are adopting IoT and machine learning which is resulting in the integration of data from multiple channels, such as brick and mortar, mobile, and web apps, through retail analytics. A detailed analysis of retail-related data is helping businesses across Europe to reduce their procurement costs and improve the sourcing of their products with a target to maximize their profitability.
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Insights into the market pricing trends
- Hiring and retaining professionals with a high level of expertise is crucial for retail analytics service providers to ensure the delivery of quality service. Inflation and the rising standard of living are propelling employee expenses incurred by the service providers to hire such professionals. This is exerting an inflationary impact on the overall market price.
- Retail analytics service providers are increasing their spend on R&D activities to enhance their products by incorporating additional features, improving functionalities, and compatibility features.
What are the strategies to adopt to optimize procurement spend in this market?
The retail analytics services price trends imply a substantial increase in service provider’s OPEX which will result in a gradual decline in their profit margin. To compensate for this, service providers are expected to increase the prices of their services. In view of this, this procurement intelligence report has listed the top retail analytics service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market.
Engaging with service providers who offer a single end-to-end retail analytics solution
Using a patchwork of tools/solutions to make them accessible across multiple platforms to fulfill buyer’s retail analytics service requirements entails a high cost of maintenance, the need for training, and limits cross-team collaboration. It is advised that buyers partner with retail analytics service providers who utilize a single end-to-end retail analytics solution that helps in real-time self-service visualization and data discovery across multiple platforms.
Adopt FTE-based pricing model
Buyers are advised to adopt the FTE-based pricing model while engaging with service providers. It reduces managerial complexities as prices are fixed at the beginning of the contract. This pricing model involves one-time fees and minimal recurring costs for a certain retail analytics request and maintenance.
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Some of the key topics covered in this report are:
- Retail analytics services market spend segmentation by region
- Total cost of ownership analysis in the retail analytics services market
- Regional spend opportunity for retail analytics service providers
- Retail analytics service providers cost structures
- Retail analytics services pricing models analysis
- Retail analytics services procurement best practices
- Category management objectives
- Cost saving opportunities in the retail analytics services market
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