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Data-driven Retail Solution Market Trends And Growth Factors Analysis By TMR
2. Retailers across the globe are adopting data-driven solutions to create personalized and customer-centric experiences to compete more effectively and better reach their customers. Furthermore, retailers are also leveraging data and analytics to guide customer-marketing initiatives and take better business decisions.
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3. Data-driven retail requires various external data sources, such as customer points of interest, loyalty status, and transaction histories.
Data-driven retail solutions help to develop a successful retail strategy, evaluate the competitive landscape, optimize operations, attract and retain customers, and drive additional business revenue and margin.
4. The global data-driven retail solution market is projected to expand at a rapid pace over the forecast period, due to the rise in integration of advanced technology and marketing strategies by the retail industry across the globe.
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Global Data-driven Retail Solution Market: Key Drivers
1. The increase in usage of data-driven retail solutions by retailers to personalize the consumers experience and integrate successful marketing strategies are the primary factors driving the growth of the global data-driven retail solution market.
2. Increasing awareness among retailers about the benefits of cloud computing & intelligent solutions such as smart solutions is also boosting the demand for data-driven retail solutions.
3. The growing popularity of data analytics along with the rapid development in tracing information from stored data is further influencing the growth of the data-driven solution market.
4. Limited digitization in under-developed countries and low spending on technology-proven solutions due to COVID-19 may hamper the market.
Moreover, several benefits of data-driven retail solutions and rising implementation of analytical tools and technological advancement in the retail sector are fueling the demand for data-driven retail solutions.
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Impact of COVID-19 on the Global Data-driven Retail Solution Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Hence, demand for digital and advanced technology solutions is increasing in retail sectors around the globe. Emerging data-driven retail solutions help the retail business to effectively manage & engage customers, and design innovative roadmaps, etc. Thus, vendors in the retail sector are adopting this solution to transform their business. During the COVID-19 pandemic, continuous decline in consumer spending due to job uncertainties significantly impacted the retail industry. Thus, adoption of new technology in the retail industry is a slowdown that negatively impacts growth of the data-driven retail solution market in the next few years.
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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