Enterprise analytics can change the face of retail industry, says Vehant Technologies’ Anoop G Prabhu

New Delhi: Digitization has been a hot issue for quite some time – but the pace with which offline businesses have had to digitize their sales and operations owing to competitive pressure and the various changes brought on by the web has been both difficult and astounding.

The inflow of data that companies may access as a result of the retail industry's total digitization delivers many more insights than were previously available.

In an interview with Zee News English, Anoop G Prabhu, co-founder & CTO, Vehant Technologies talks about the role of enterprise analytics for the retail industry and how it is evolving with time.

How does enterprise analytics work for the retail industry? 

Our recently growing Retail industry is built on a new covenant of data-driven retail experiences and heightened consumer expectations. With Networks evolving beyond connecting billions of people to connecting hundreds of billions of things, shifting the focus of network design from human cognition to machine cognition. These connected things will generate massive amounts of data which will require multi-level computing infrastructure with AI powers large enough to provide connectivity at massive scales. Moreover, delivering a consistent retail experience from homes, offices, and vehicles will require satellite broadband Internet, and a scalable network for delivering an AI-native network with deterministic experience, embedded security, and trustworthiness. 

Analytic solutions can assure that customers have a positive experience by developing a personalised customer experience, acquiring new customers and retaining them, building good relationships, and providing loyalty initiatives for high-value customers. Harness the power of data to gain actionable insight into giving your customers a tailored experience that will keep them coming back, time after time.

How do analytics help retailers in their business?

Video analytics will not only help the digital business but will also help in the growth of the physical worlds of retail by seamlessly allowing people and machines to interact through perception and emotion. AI will be everywhere powering new experiences in retail and helping us enhance our customer’s engagements in all-new ways. The retail industry is already making extensive use of digital technology will become more intelligent with AI, and that will be powered by even more energy-efficient computers that will bring us closer to zero carbon computing.

Retailing will become a new intelligent space, powered by AI, biometric recognition, optical sensors, and AR/VR that will bring new features to the retail industry. These technologies will truly transform retail from a brick mortar space to an intelligent space that combines the virtual and physical worlds. 

What is the market size of Enterprise Retail analytics software?

Retail business analytics is a growing market globally. The global Retail Analytics market size is projected to reach USD 4.5 billion by 2027, from USD 2.4 billion in 2020, at a CAGR of 9.0% during 2021-2027. In spite of being a growing market around the globe, the need for this solution in India has just begun a few years back. 

How is the market demanding during covid?

It has been almost 2 years into the pandemic now and nearly every business around the globe has been affected by COVID-19, but the performance has varied widely, even within countries and industries.