What are our data sources?
We use the data sources on the side for ranking solutions and awarding badges in retail analytics software category. Our data sources in retail analytics software category include;
Retail analytics software help online and offline retailers make operational and financial decisions based on the insights identified in their data.
Decisions such as stock levels, markdowns are critical and complex for retailers with their high number of SKUs, diverse geographic/digital footprint and historically low margins.
These decisions are even more important today with what news media is calling the retail apocalypse. Not taking into account changing customer preferences has been the end of numerous retail brands, making these decisions even more important.
To access relevant data, retail analytics software needs to work with retail POS software and other operations software used by retailers.
To be categorized as retail analytics software, a product must be:
AIMultiple is data driven. Evaluate 39 services based on
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calculated based on objective data.
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Bloomreach offers an open, java CMS and an AI-powered search and merchandising solution designed for businesses to boost conversions
Unleash the power of your big data with MicroStrategy data analytics and visualization tools.
Vue.ai is an end-to-end retail automation platform that is trusted by over 100+ retailers across the globe, including Diesel, Nordstrom, Tata Cliq, Mercado Libre, ThredUp, Rent the Runway, and many mo ... Show More
Cloud-based retail analytics service that can be taken into use without an IT project and has special features for fashion, specialty retail, food retail, coffee shops and other industries
NTS Retail's commerce solution gives CSPs absolute control over their entire retail business, sales performance and omni-channel order fulfillment.
Monetate is the world's most trusted experience optimization and 1-to-1 personalization platform.
We use the data sources on the side for ranking solutions and awarding badges in retail analytics software category. Our data sources in retail analytics software category include;
review websites
social media websites
search engine data for branded queries
According to the weighted combination of 7 data sources
BloomReach
Vend
MicroStrategy
Revel Systems
Lightspeed Retail
Taking into account the latest metrics outlined below, these are the current retail analytics software market leaders. Market leaders are not the overall leaders since market leadership doesn’t take into account growth rate.
BloomReach
Lightspeed Retail
MicroStrategy
Vend
Revel Systems
These are the number of queries on search engines which include the brand name of the solution. Compared to other Analytics categories, Retail Analytics Software is more concentrated in terms of top 3 companies’ share of search queries. Top 3 companies receive 93%, 18% more than the average of search queries in this area.
64 employees work for a typical company in this solution category which is 43 more than the number of employees for a typical company in the average solution category.
In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 30 companies with >10 employees are offering retail analytics software. Top 3 products are developed by companies with a total of 5k employees. The largest company building retail analytics software is MicroStrategy with more than 3,000 employees.
Taking into account the latest metrics outlined below, these are the fastest growing solutions:
BloomReach
Vend
Revel Systems
MicroStrategy
Lightspeed Retail
We have analyzed reviews published in the last months. These were published in 4 review platforms as well as vendor websites where the vendor had provided a testimonial from a client whom we could connect to a real person.
These solutions have the best combination of high ratings from reviews and number of reviews when we take into account all their recent reviews.
This data is collected from customer reviews for all Retail Analytics Software companies. The most positive word describing Retail Analytics Software is “Easy to use” that is used in 8% of the reviews. The most negative one is “Difficult” with which is used in 3.00% of all the Retail Analytics Software reviews.
According to customer reviews, most common company size for retail analytics software customers is 1-50 Employees. Customers with 1-50 Employees make up 42% of retail analytics software customers. For an average Analytics solution, customers with 1-50 Employees make up 27% of total customers.
These scores are the average scores collected from customer reviews for all Retail Analytics Software. Retail Analytics Software is most positively evaluated in terms of "Ease of Use" but falls behind in "Likelihood to Recommend".
This category was searched on average for 376 times per month on search engines in 2022. This number has decreased to 320 in 2023. If we compare with other analytics solutions, a typical solution was searched 438 times in 2022 and this decreased to 170 in 2023.
Retail analytics software helps retailers perform analysis on data to understand retail processes by gaining insights about customer behavior, supply chain inventory management, and customer segments.
Retail software uncovers insights such as drivers of sales, stock related problems and customer behavior patterns so that organizations can improve their marketing and operational decisions.
Like other analytics approaches, retail analytics can help organizations make data-driven decisions.
To learn more about why retail analytics is important now, we recommend you to read our article on the topic.
Retail analytics enables organizations to track customer behavior, improve demand forecasting and target their marketing efforts leading to improved revenues and reduced costs.
To learn more about the benefits of retail analytics, check out our article.
Common applications include geo-spatial analytics for store layout optimization, automation of merchandising decisions, dynamic staffing and fraud detection. For e-commerce, retail analytics solutions can map the customer journey and help identify areas of improvement. For more, feel free to read our article on retail analytics use cases.
Is it aligned with your objectives?
The right solution depends on the metrics you want to track. If you are interested in optimizing the indoor layout of the store, you should not waste time on solutions that offer price optimization. Companies should set clear analytics goals based on their strategy and then look for the right vendor that provides these capabilities.
Can you integrate it easily when needed?
Choosing a system that can integrate with the other platforms you’re using in your business should always be an important factor in your software choice. This will allow you to expand the scope of your analytics efforts with ease.
Is it scalable?
Every day your enterprise is generating more data and eventually, you will need to analyze a larger volume of data. If your retail analytics tool scalable, it is not going to be a sustainable solution for you.
Can you access data from anywhere?
If the software is a cloud-based with a mobile-friendly interface, you can access your data from anywhere. This will bring security considerations but benefits of making it easier to reach insights is more important.
Does it have the core features of a retail analytics solution?
There include trend prediction, cross-selling and real-time benchmarking. To learn more about the basic features of retail analytics software, check out our retail analytics article.