Every week, we’re bringing you the latest news, trends and product launches taking place in the analytics industry.
Retailers are betting big on location analytics
Digital Analytics is ‘leaving’ the comfort of the office and heading to the customers’ front doors: Location Analytics is a growing trend for retail businesses, giving retailers new ways to tailor their services and make clients feel valued.
In today’s super competitive retail-industry, managers need to do everything they can to understand their customers and their behavior and to and deliver qualitative services in a form that matches their needs.
Retailers are adapting to the way consumers think, customizing the retail experience beyond the shop floor. This involves large amounts of complex, shifting data. However, the process is not as easy as it may sound. Retailers need to manage field assets, optimize delivery routes and ensure that they meet expectations for customer service.
That’s where analytics comes into the rescue: modern retailers use home delivery applications that integrate real time data analysis with interactive maps, giving managers an important tool to leverage their business, create more efficient routes and improved scheduling.
Managers can efficiently use their location data to improve overall customer service and guide build , as well as for long-term planning for site placement. According to Retail Dive, this will help retailers mitigate the risks associated with uncertainties, which can lead to delays, according to Retail Dive.
“There are many ways a spatial analytics platform can empower retailers to improve their operations and achieve more success. For instance, orders and trucks in the field can be tracked to manage service levels and ensure compliance with routing and safety regulations. Routes can be optimized so that multiple deliveries are made in one trip, in the most efficient way possible. And real-time data can be used to sharpen decision-making, such as using live streaming information like weather or traffic conditions to plan deliveries around potential disruptions and ensure promised levels of service”, Retail Dive reports.
Social Media Analytics market to reach $9.5 billion within 5 years
The social media analytics market will triple over the next five years. According to prnewswire.com, these rapid growth projections are driven by competitive intelligence, the increasing user engagement through mobile social media apps and the need for social media measurement to enhance the customer experience. The industry is expected to reach $9.59 billion by 2022, up from $2.71 billion dollars in 2017, meaning an annual growth rate of around 28%.
The growing demand for social media analytics is best described by the number of vendors that provide measurement solutions, such as Salesforce, Oracle, Adobe, IBM and Tableau – to mention a few. Check here a more complete list of vendors.
We also proud ourselves with our recently-launched free Cognetik connector, which helps you import your cloud data, including data from Facebook Ads and Facebook Pages, to Tableau.
Apps that help monitor and manage the sales will reach their highest market share in the social media analytics market this year, driven by the need to analyze unstructured data and to understand trends and consumer behaviors.
One of the key points in the report is the rise of social media analytics in the Asia Pacific region, which has already started gaining momentum and is expected to have the highest growth rate worldwide in coming years. This Asia Pacific region is seen as one of the markets with the highest potential, boosted by the demand for cloud social media analytics solutions for social media analytics.
Analytics is saving lives.
Social Media Analytics is not the only market expected to grow at a record pace over the next few years. World Healthcare Analytics Market Investment is set to cross $18.7 billion dollars by 2020, with a growth rate of 26.5% in Europe, North America and Asia Pacific.
Healthcare companies in both the public and private sector and companies are becoming aware of how analytics can benefit them, with tools to monitor and improve their operations. According to medgadget.com, the major drivers of growth are the pressure to improve patient outcomes and efficiency across the system, availability of big data in healthcare, the government’s initiatives to enhance EHR (Electronic Health Record) adoption, and last but not least, an important rise in venture capital investment and technological advancements.
However, the increased efficiency in the industry is not only helping the big companies in Health. With resources being better targeted and research being conducted where the actual need is, patients also see a direct impact of analytics in their lives.
North America is expected to show the highest annual growth rate and dominate the healthcare analytics market. The total healthcare analytics market is projected to reach $18.7 billion by 2020, up from $5.8 billion in 2015.