The latest report from Marketsandmarket predicts that the retail analytics market is estimated to grow from $1.88B in 2014 to $4.4B by 2019 and is entitled, “Retail Analytics Market by Business Function (Marketing and Customer, Merchandizing and in-Store, Supply Chain, Strategy and Planning),& by Solutions ( Analytical Tools, Mobile Applications, Reporting Tools) – Worldwide Forecasts and Analysis (2014 – 2019)”.
The research defines and segments the retail analytics market into various sub-segments with an in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with the insights on trends, opportunities, and challenges.
According to recent studies, various sources of shrinkage such as theft, organised retail crime (OCR), fraud from supplier’s end, shoplifting and others caused an overall loss of around $112 Billion in 2012. Minimizing such monetary losses is one of the functionalities that the retail analytics solutions offer today. Thus, a number of Small and Medium Businesses (SMBs) and large enterprises are rapidly deploying data analytics tools that can provide effective prediction, analysis and reporting for alleviating shrink.