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    Big Data Analytics In Retail - The Future At Our Doorstep

    Published on: May 2022

    Overview of the Market of Big Data Analytics in Retail industry

    In 2020, the market for big data analytics in retail is expected to be worth USD 4.18 billion. This market is predicted to reach USD 13.26 billion by the end of 2026, with a CAGR of 21.20 percent over that time (2021-2026). Through the application of advanced analytics and Big Data technology, the retail business is undergoing a dramatic revolution. With the rise of e-commerce and online shopping, as well as increased competition for client loyalty, retailers are turning to Big Data analytics to remain ahead of the competition.

    • Costco, an American retailer, notified all of its stone fruit customers to alert them to the possibility of listeria infection. This was only feasible because the corporation tracks what clients buy using Big Data.
    • H&M, a fashion company, recently began using Big Data to adapt its merchandising mix in its physical stores. To improve its bottom line, the apparel store is utilizing computers to collect insights from returns, receipts, and data from loyalty cards.
    • In addition, Walmart, one of the world's largest stores, is experiencing a digital transition. It is now constructing the world's largest private cloud infrastructure, which will be capable of managing 2.5 petabytes of data every hour.
    • As a result, retailers are increasingly turning to Big Data to help them cater to their customers in a more personalized way through targeted advertising, product recommendations, and pricing.

    Market Trends to Watch

    The Merchandising and Supply Chain Analytics segment is expected to account for a significant portion of the market.

    • E-commerce has had an impact on traditional brick and mortar businesses, diminishing their importance and signalling the retail industry's data-driven revolution.
    • Every business relies on an effective supply chain, which optimises the transportation of goods from supplier to warehouse to store to client. As a result, big data analytics is at the heart of the retail supply chain revolution, including real-time tracking and tracing of product movement and stock levels, exploiting customer data to predict buying patterns, and even using robots to endlessly fulfil orders in large automated warehouses.
    • Following the manufacturing and energy sectors, supply chain Big Data analytics for retail is predicted to increase rapidly in the United Kingdom throughout the forecast period.
    • Predictive analytics and machine learning AI are predicted to alter the retail supply chain as a result of this.

    North America is expected to have the largest share of the market

    The retail sector in the region is massive, and sales are increasing. Retail sales in the United States are predicted to climb between 3.8 percent and 4.4 percent to more than USD 3.8 trillion in 2019, according to the National Retail Federation (NRF), citing high consumer confidence, low unemployment, and rising salaries.

    Furthermore, in terms of Big Data analytics usage, North America is among the leading innovators and pioneers. Big Data analytics suppliers have a strong presence in the region, which helps to the market's growth. IBM Corporation, SAS Institute Inc., Alteryx Inc., and Microstrategy Incorporated are just a few of them.

    With the rising creation and consumption of data in retail (due to higher sales), more significant expenditures in big data analytics hardware, software, and services are required.

    Competitive Landscape

    The retail market for big data analytics is fragmented. The rise of e-commerce and online shopping, as well as fierce competition for client loyalty, has created attractive prospects in the retail business for big data analytics. Overall, there is a lot of competition among established competitors. Moving forward, many types of large-company innovation tactics are effectively driving market growth. The following are some of the most important developments in the area:

    May 2019 - Oracle partnered with Gap Inc. to deploy Oracle Retail Merchandising Cloud Service and Oracle Retail Integration Cloud Service, both powered by Oracle Cloud Infrastructure, to improve operational agility and provide better intelligence to the Banana Republic business teams, allowing them to meet the evolving needs of their global customers and provide them with an excellent shopping platform.

    NPC International (NPC), the world's largest Pizza Hut and Wendy's franchisee, has integrated SAP SuccessFactors human capital management (HCM) and SAP S/4HANA Cloud enterprise resource planning systems, according to SAP SE (ERP). NPC has effectively optimised processes and built a digital route for the future by deploying the solutions to 40,000 US employees.

    What are the advantages of Industry Data Analytics?

    The market is rapidly changing due to the industry's continual expansion. Technology improvements have provided a number of benefits to today's businesses, resulting in daily economic fluctuations. As a result, in order to properly strategize, a firm must first grasp the patterns of market changes. Businesses with an effective strategy have a head start in planning and a competitive advantage. Industry Data Analytics is a dependable source for market reports that will assist you in obtaining the leads that your organisation needs.

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