A study by technology research firm Gartner has found that retailers will increasingly need 'advanced analytic capabilities' in order to compete in the new digital marketplace.
An example of advanced analytics is a customer's refrigerator that can sense the need to replace its water filter. Retailers, Gartner argues, need to be positioned to capitalise on this trend.
"Consumers have taken control of the shopping process, and there is no sign that they plan to let go," said Robert Hetu, research director at Gartner. "As the Internet of Things (IoT) continues to expand over the next five years, the effects on multichannel retailers will be more disruptive than anything seen to date, and will require advanced analytics capabilities to cope with this disruption."
Retailers without advanced analytic capabilities may be toppled by their inability to capitalise on IoT-driven revenue opportunities, Gartner suggests.
In addition, the need to improve real-time business decision-making will force retailers to acquire self-service and big data-discovery capabilities.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones.
