Retail analytics help a business make more informed decisions. It can improve the customer experience based on metrics like store performance, consumer habits, sales trends, and more.
The retail analytics market continues to grow and is expected to expand at a rate of 18% up to 2025. By then, it will be valued at $9.5 billion. Companies are increasingly considering retail analytics as part of their competitive advantage.
From sales and marketing to planning and pricing, retail analytics is a critical enterprise asset and an essential competency for today’s modern retailer.
What is Retail Analytics?
Retail analytics refers to a set of analytical data that helps a retailer manage a variety of operations like:
- Inventory levels
- Supply chain movement
- Consumer demand
- Sales and marketing strategies
- Procurement optimization
Retail technology sits at the heart of the digital transformation of retail business. It provides detailed customer insight with scope and need for improvement.
If you’re looking to equip your business with the latest retail technology, consider these popular retail analytics companies to get you started:
Top Retail Analytics Companies
CARTO brings spatial analysis to a wide range of organizations. They offer spatial retail analytics tools for site planning, geomarketing, and supply chain optimization.
The brand gives customers a superior omnichannel experience while taking the pain away from selecting, collecting, and consuming spatial data.
- Predict revenues, identify twin areas, and use new data streams to monitor performance
- Human mobility data allows you to hypertarget your campaigns at a deep granularity
- Spatial techniques and data can enable a team to define efficient territories
- Wide range of curated datasets on standardized spatial aggregations
- Data from Wi-Fi, beacons, GPS, and Apple Indoor Maps to optimize layouts and maximize efficiency
Location: San Francisco
RetailNext is the first in-store analytics platform that was expressly designed to address the changing face of retail.
Trusted by hundreds of brands from around the world, the system offers a complete suite of products for the modern retailer, from visual merchandising to asset protection, the Shopper Journey platform, traffic tools, and more.
- Measure, display, and control store occupancy in real-time to instill shopper confidence
- Analyze and optimize staff schedules to reduce labor costs and maximize conversion
- Study the impact of product assortment and placements on shopper engagement and purchase behavior
- Perform effective, data-driven A/B testing of store layouts and product assortment
- Instant access to high-resolution recorded video to easily perform your own audits
Location: South Carolina
eSite Analytics offers customer behavior analysis for growing retailers. The full-service spatial analytics firm helps retailers make more profitable, location-based decisions.
The company has a variety of tools like forecasting, address appending, site selection, customer profiling, and much more. eSite Analytics helps a business maximize earning potential and avoid underperforming locations.
- Append addresses and segment customers to target the right people at the right time
- Ensemble Modelling to ensure you pick places with the highest earning potential and lowest chances of retail cannibalization
- Gain clarity on which locations and channels will attract your best customers
- Consumer-driven marketing analytics down to household and street levels
- Easily identify the best customers, who they are, where they go, how much they spend
Location: Fort Worth, TX
Buxton is a platform designed to offer consumer intelligence technology and services for purpose-built decision-making. This helps to guide retailers with site selection, strategy, marketing, economic development, and more.
Buxton has a growing number of applications to help a retailer survive and thrive in a rapidly changing environment. Companies can discover insights about consumers and markets to make the right choices for their brands.
- Know true trade areas based on visits and reveal trends over time
- Understand competitive foot traffic levels and customer types
- Equip store managers with local insights and analyze cross-shopping
- Center business strategies around unbiased, 3rd party data
- Inform marketing tactics to drive measurable results
Sensormatic IQ is a part of Johnson Controls, a company innovating retail and technology for over 120 years. The program integrates diverse data streams in an open and agile environment under a single platform umbrella.
Sensormatic IQ empowers retailers to optimize store operations, act on intelligent, data-driven outcomes, and identify new opportunities for growth. Harness the power of data, inventory, and loss prevention and turn insights into outcomes.
- Loss prevention and liability to protect merchandise, prevent shrink, and fight fraud
- Inventory visibility to maximize revenue and enhance customer experience
- Traffic analytics that enable retailers to deliver stronger customer experiences and increase conversions
- Understand shopper traffic patterns to better predict and prepare for them
- Analytics tools to get the most from marketing, merchandising, and labor
SiteZeus is a site selection platform powered by advanced artificial intelligence. Forward-thinking companies leverage the tool to make better location-based decisions.
The system empowers teams to make the right call in any economic landscape and optimize portfolio health. It’s designed to boost the confidence of multi-unit brands when optimizing across markets.
- Make complex location decisions with multi-dimensional datasets and A.I. analytics
- Pick better locations, perform impact studies, and identify opportunities
- Thousands of sales projects representing revenue potential across markets
- Quantify market potential with 70+ geosocial segments based on real results
- Visualize overlaps in trade areas with mobile geofencing technology and path to purchase data
Tango Analytics is a cloud-based SaaS solution that offers a variety of innovative features for retailers, like Store Lifecycle Management (SLM), real estate consulting, and Integrated Workplace Management Systems (IWMS).
The retail analytics platform was built to address the demands of today’s omnichannel retail; where location is everything. This requires a universal solution that’s cloud-based, easy to use, and driven by innovation.
- Real estate and facilities software to actively manage a retailer's entire location portfolio
- AI-driven predictive analytics to inform store strategy and execution
- An end-to-end solution brings together facilities strategy, development, and management
- Innovative, diverse, and real-time data sets deliver insight into optimal positioning
- Single multi-tenant cloud solution addresses unique requirements of retail companies
Founded: Washington, D.C.
Radius Networks is a retail analytic provider that uses location intelligence to help retailers streamline their data. The company offers a wide range of hardware and software services designed to enable hyper-proximity and micro-location engagement opportunities.
When it comes to eliminating wait times and improving customer engagement, FlyBuy by Radius Networks is a prime choice for vendors.
- Provide peace of mind and operational efficiency with continuous asset monitoring
- Wide range of hardware, software, and proximity services designed to enable hyper-proximity, micro-location engagement capabilities, and analytics
- Location-based payments with contactless transactions
- Customized, first-class loyalty redemption experience for customers, saving staff time
- In-app customer experiences with proximity-triggered notifications
Dor helps to drive retail operations with foot traffic analytics. It’s a complete “people-counting” solution for retail and facility management. It democratizes the power of big data and offers every retailer an affordable and accurate customer monitoring system.
Dor provides tools that help make better staffing and marketing decisions. The simple data visualization and analytics programs help hundreds of brands understand the story their foot traffic tells.
- World’s first thermal sensing, battery-operated people counter
- Store performance and conversion rate insights with direct or custom point-of-sale integrations
- Custom business intelligence tools that work seamlessly with API support
- Proprietary thermal technology and advanced machine-learning algorithms ensure consistently accurate counts
- Actionable real-time data instantly available on the universal dashboard
Location: New York City
Reonomy empowers teams to research property details, identify opportunities, and strengthen an organization’s infrastructure. The platform helps to elevate strategic business decision-making with location-based data sets.
Reonomy is the leading provider of CRE insights. They empower leading retailers with actionable data and automated solutions to better understand your customers. It helps to streamline the research process and gain a comprehensive market understanding.
- Fuel your in-house systems via API or data feeds with reliable insights on property details, tax, transactions, ownership, and more
- Monitor asset performance and comps, and identify distressed assets
- Search any market in the U.S. to identify properties in need of your services
- Identify targeted opportunities, enter new markets, and build relationships with property owners
- Access sales and debt data to understand property history and gauge potential opportunity
The Future of Retail Analytics
There are many factors driving growth in the retail analytics space. More retailers are adopting cloud-based software, as well as location-based hardware like RFID, in-store Wi-Fi, and IoT devices. Since these two technologies work hand-in-hand, retailers have access to more information than ever before.
When it comes to trends, here is what to expect next in the retail technology industry:
This is retail analytics that uses data mining, predictive modeling, and machine learning to predict what will happen next. It takes the guesswork out so retailers are more confident about the decisions they make.
Taking artificial intelligence to the next level, once a solution predicts what will happen next, it can also prescribe to retailers the best course of action. For example, software that recommends items to mark down based on sales and inventory data.
Retailers should also be seeking a custom analytics solution to best suit their business needs. Every store is different. It makes sense that the best retail analytics companies will have tailored offerings and personalized solutions for the greatest data efficiency.