Companies in the retail industry want to truly understand buying behavior to drive sales and profitability. The gigantic amount of information being generated across the supply chain requires sophisticated tools for analysis. These factors have been encouraging the retail industry to invest in technologies such as business intelligence software.
According to TechNavio, the market for business intelligence software in retail industries is forecasted to reach $893.49 million by 2012. These kinds of technologies have been enabling companies to maximize the value of information and aid in better business decision making.
Other technologies that are being effectively used in the retail industry include customer relationship management (CRM) software which aids various retail organizations to maintain customer loyalty and satisfaction. CRM software also enables organizations to understand customer needs and deliver a positive customer experience.
Key trends in the industry:
· Strong demand in the Data Capture Hardware market for RFID hardware (tags, readers, encoders etc)
· The retail market is witnessing an increasing demand for the real-time architecture based data warehouse software
· The web version of digital assessment models is becoming a popular trend in the retail industry
· Several retailers are migrating to integrated solutions from the earlier disparate SCM solutions
TechNavio conducts extensive research on various areas of the retail industry. For a complete list of reports visit https://www.technavio.com/content/retail
Technology taking Customer Management in Retail Industry to the Next Level
