Retail Digital Transformation and the Growth of Retail Analytics

The retail analytics market is expected to grow from USD 5.84 billion in 2021 to USD 18.33 billion in 2028, at a CAGR of 17.7% in that period. This is due to the growth of e-commerce, digitisation of retail stores, and the need to improve consumer experience to earn and maintain customer loyalty. The retail […]

Retail Challenges in 2022

Retail is continuing to struggle with changes accelerated by Covid-19. The ability to embrace and adapt to the rapidly changing industry will determine the winners. Here are some of the struggles retailers face today: Omnichannel approach: By now, we’re all aware of the omnichannel journey customers go through when shopping. From discovery to transaction, the […]

Retailers reactions to the cost of living crisis

The UK annual inflation rate hit 9.1% in May 2022. Consumers reacted by making spending cuts as the prices of essentials such as energy, food, and petrol surged. According to the BRC, retail sales was 1% lower in June 2022 than the previous year despite the demand created by the Queen’s platinum jubilee celebrations. Barclaycard’s survey reports a 5% year-on-year […]

Why Video Analytics: The Quick Answer

McKinsey’s forecast positions video analytics as one of the most important IoT solutions for retailers. It gives retailers access to valuable insights into customer behaviour which can be used to improve customer experience, streamline marketing, strategic decision making, and ultimately, maximise store revenue. All-in-one solution for in-store data. Video analytics can provide powerful insights on […]

The rental market growth: why is renting the future of retail?

The rental market is offering consumers high quality, trendy clothing without the price tag. It’s eliminating buyer’s remorse while giving shoppers a regular dose of dopamine with each rental. So, it’s no surprise that the global online clothing rental market is worth $1,215 million in 2021 and is expected to grow at an average annual […]

Retail safety: how data can help keep staff and shoppers safe from Covid-19 spread

Retailers have done exceptionally well to adapt to the new way of shopping. Safety measures such as screens at tills, face masks, contactless payments, sanitiser stations, one-way systems etc can be found in almost all retail stores. However, compliance of the new rules vary. Covid rules non-compliance. Let’s discuss an easy one, face masks. Face […]

Concept Stores: the what, how, and why.

  Concept stores are becoming more and more popular in recent years. Why? Because they offer more than just products, it’s a lifestyle. Consumers can find and purchase products online with only a few clicks so physicals stores have to offer something more to stay relevant. However, while online stores provide price competitive products and […]

Emotions and Purchasing Decisions: How Retailers Can Use Science to Improve Customer Loyalty

Up until recently, understanding consumer behaviour was done through analysing behaviour in store. Now we have new technology like the functional magnetic resonance imaging (fMRI) which can look inside the consumer brains to help retailers understand their needs better. The Science: The self-declared savvy shoppers may not want to read this, but it’s scientifically true […]

Innovation by choice can be the answer to recover from Covid-19 pandemic

Innovation can take the form of a product, a process, a way of working or doing things, an organizational structure, a recruitment method, a business or revenue model, or even how you motivate your employees. Here is where creativity, observation and data analysis can help enhance business innovation. There are two ways to approach innovation […]