The use of data analytics sits at the root of the current revolution in retail, from supply chain and in-store inventory management to customer service and engagement. This has large implications for both the retail and tech industries and beyond.
To better understand current trends – and how they can be applied to transform operational practices – MassTLC member Newmine has sponsored a new report by Coresight Research, How Data Analytics Is Driving Digital Transformation in Retail.
The report, which can be downloaded for free, identifies and explores several key insights into adoption of analytics by the retail sector:
- The use of analytics enables retailers to collect and analyze data on operations, supply chains and consumers, which informs strategic and operational decision-making.
- The adoption of analytics is considered a priority by the retail industry, with nearly 80% of retailers in Europe having already adopted advanced data analytics capabilities, according to a recent Coresight Research study. Data availability, technology and competition are encouraging further adoption of analytics in retail.
- Analytics is the building block of artificial intelligence (AI), the technology that enables retailers to advance digital transformation through price-optimization strategies and the rationalization of inventory, and to enhance communication and experiential retail, as described by Coresight Research’s CORE framework for AI in retail.
- Further adoption of data-intense technology—including AI, the Internet of Things (IoT) and 5G mobile connectivity—is expected to facilitate, and enhance the importance of, analytics in retail.
As the adoption of data-intense technology continues, analytics is expected to continue to play an increased role in the sector. To download and read the full report, click here.