Today, digital transformation is reshaping shopping experiences and customer expectations of physical stores of e-commerce. And as the COVID-19 outbreak has fundamentally changed the way of doing business, it also brought many existing technologies to the forefront—reformed retail analytics, for example.
While analytics has already been in use across many physical and online retails, the current crisis will see it evolving beyond its current state. As the pandemic turns the world upside down and impacts customer demand, one of the rising concerns is predicting the shift in user behaviour. Therefore, businesses’ ability to scale their analytics solution will play a critical factor in future competition. In that sense, AI and machine learning (ML) are two crucial components of retail analytics, and comprehensively training these two tools are the key to unlock success.
Moreover, since many retail businesses are looking to use big data, demand forecasting driven by ML is becoming one of the innovative methods to optimise customer and supplier relationship management, logistics and manufacturing processes, and running smart marketing campaigns. Data science technologies, additionally, have also made significant progress in today’s personalisation tools. Data science and ML-powered engines can make personal recommendations to customers even before they know what they want themselves. The integration of different touch-points and sales channels is also a rising trend in favour of better retail analytics. Together with that, unified platforms are helping retailers centralise their data repositories and knock the information silos down.
At this juncture, retail analytics solution providers with advanced and integrated offerings are on the rise. To help agencies strengthen their operations capabilities and simultaneously enable growth in the sector, Retail CIO Outlook has compiled a list of the 10 retail analytics companies in UK. The list comprises prominent organisations in the industry that address challenges in the domain of retail analytics by implementing current trends. Besides, the magazine also includes insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Retail CIO Outlook’s, “Top 10 Retail Analytics Companies in UK– 2020.”