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Retail analytics market to reach $5.1bn

 

Analytics is changing the retail industry fast as more retailers begin to realise the importance of big data and how it will drive successful marketing decisions based on insights gained from customer intelligence and predictive analytics.

According to a MarketsandMarkets report, the retail analytics market is expected to reach $5.1 billion by 2020, boosted by increasing demand for customised analytics solutions in the emerging economies of Middle East and Africa (MEA) and Asia Pacific (Apac).

With MEA market alone projected to record the highest CAGR for the same period, SAS, the leader in analytics, is hosting the first SAS Retail Analytics Cruise on March 16, aboard the Lotus Mega Yacht, at Pier 7, Dubai Marina.

With the UAE retail market to be worth $54.5 billion in 2017, according to Dubai Chamber of Commerce; and industry forecasts that consumer spending is set to top $204 billion for 2017 across a range of industries, the one-day event will feature sessions from domain and industry experts on using analytics for demand forecasting and planning optimization, customer intelligence and retail analytics, to help organizations become more competitive, reduce operational costs, increase revenues and optimize profitability and shareholders value.

Marcel Yammine

According to Marcel Yammine, general manager, Gulf & Emerging Markets at SAS, “In terms of technological advancements, the UAE and regional retail sectors have significantly evolved in recent years as more and more retailers now understand the role of big data analytics in enhancing better customer service and experience,”. “This unique event will serve as a perfect platform to gain insights and the opportunities that retail analytics has to offer and the key role it plays in improving the efficiencies in daily business management and successful decision making.”

Through this event, retailers and C-Level executives will learn ways of using analytics to their advantage and taking decisive action to deliver results. Additionally, attendees will gain insights into best practices, technology, skills and techniques that will facilitate marketing teams to improve sales, generate more revenue and optimise supply chain.

Addressing the event will be high-calibre speakers from retail heavyweights including Landmark, Hepsiburada, and host of global SAS experts.

This article was originally publshed on www.tradearabia.com and can be viewed in full

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