Data analytics has a high level of impact in the retail industry compared to all other industries. Since the retail industry operates on a razor-thin margin, it is essential to maximize profitability by cutting costs wherever possible and capitalizing every possible revenue opportunities. Today, data analytics can capture data in the retail industry regarding category sales, spends, consumer shopping behavior, inventory levels, and use it to forecast future trends accurately and derive relevant insights. Major retail companies are closely monitoring different parameters such as the performance of sales, store layout optimization, customer preferences, and customer loyalty to increase their efficiency and productivity by boosting company revenues. The global spend on retail analytics services has been on the rise with the industry spend totaling US$ 6 billion.
IBM helps leading retail industries to understand and respond to fast-changing customer preferences and retail trends by analyzing over 22 years of historical retail data and other factors. This helps retail companies increase its revenue by increasing inventory turns and reducing marketing cycle times.
Deloitte Touché & Tohmatsu Pvt. Ltd
Deloitte Touché & Tohmatsu Pvt. Ltd is a subsidiary of Deloitte Consulting employing over 200,000 people for its retail analytics business. They boast an excellent clientele consisting of PepsiCo, Pizza Hut, Estée Lauder Company, and Apple Inc.
Accenture has launched five business area namely Accenture Strategy, Accenture Digital, Accenture Technology, Accenture Operations, and Accenture Consulting, recognizing the challenges presented by the “Retail Everywhere” era. This past year, Accenture has helped hundreds of retailers worldwide including 9 of the top 10 global retailers.
SAS Retail Service Inc
Founded in 1991, SAS Retail Services serves major retailers and consumer brands by developing merchandising service programs. The retail services division generated revenues of over US$30 billion by helping clients like Telenor Group, Oracle Corporation, SSE, and BP P.L.C.
Manhattan Associates Inc
Manhattan Associates Inc integrates retail analytics and supply chain intelligence tools to provide insight into retail performance. Companies like Whirlpool Corporation and McKesson Corporation opt for retail analytics services from Manhattan Associates Inc.
Genpact employs over 1,500 professionals including data scientists, statisticians, and analysts dedicated to retail analytics services. They serve clients like Tyson Foods, Nissan Motors, and KCWW across consumer goods value chain including sales, marketing, procurement, trade promotion, customer service, supply chain, risk, and business planning.
Although Mu Sigma is a relatively new player in the retail analytics services market with nine years of existence, it has risen through the ranks to obtained multi-million-dollar funding over the years. The success of this organization can be explained by the fact that it serves 125 Fortune 500 companies.
Latentview is one of the fastest and largest growing digital analytics firm in the world. With a strong presence in North America, Europe, and APAC regions, Latentview exhibits expertise across pricing optimization, forecasting, assortment planning, and promotions management.
Read more about the top suppliers in the retail analytics services market along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming report on the global retail analytics services market.