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Deep Dives 9 minutes

How Data Analytics Is Driving Digital Transformation in Retail

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Coresight Research

Key Points

The use of data analytics is powering digital transformation in retail, from supply chain and in-store inventory management to customer service and engagement. In this report, we offer key insights into the growing adoption of analytics by the retail sector:

  • The use of analytics enables retailers to collect and analyze data on operations, supply chains and consumers, which informs strategic and operational decision-making.
  • The adoption of analytics is considered a priority by the retail industry, with nearly 80% of retailers in Europe having already adopted advanced data analytics capabilities, according to a recent Coresight Research study. Data availability, technology and competition are encouraging further adoption of analytics in retail.
  • Analytics is the building block of artificial intelligence (AI), the technology that enables retailers to advance digital transformation through price-optimization strategies and the rationalization of inventory, and to enhance communication and experiential retail, as described by Coresight Research’s CORE framework for AI in retail.
  • Further adoption of data-intense technology—including AI, the Internet of Things (IoT) and 5G mobile connectivity—is expected to facilitate, and enhance the importance of, analytics in retail.

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