Pretty often, we come across researches and reports that catch our attention more so than others. We’re making it a habit here on PostFunnel to digest and share these with you. Hopefully, with a bit of context, as well.
That’s just the angles that work here, I guess.
And now, let’s start with what market research firm, Fortune Business Insights, published in their report last week titled the Retail Analytics Market, Global Industry Analysis, Insights and Forecast, 2019 – 2026.
The article starts off by reading “Global retail analytics market size was valued at 3.5 billion dollars in 2018 and is projected to reach 13.3 Billion by 2026, exhibiting a compound annual growth rate of 19.2% during the forecast period of 2019 to 2026.”
Here’s what it looks like in a chart:
And if you’re wondering where this money will go, from your perspective as a marketer worrying about your tech-stack budgets, here’s a breakdown by function:
As you can see, customer management is leading with 29%, with in-store operations, and strategy & planning following. There’s a lot more to it, and we recommend downloading the full report.
Second, check out what one Australian creative agency, Optimo Design (no, not related to us at Optimove), published in the recent data analysis they ran.
“The push in recent years around recycling, waste, and plastics is still important, but the data shows it’s not nearly as much in consumers’ minds at present,” explained Chelsea Parkinson, managing director Optimo Design. As if we needed more somber news right now.
“Also, pre-COVID-19, we saw plant-based products and the expedient rise of veganism, but in recent months this trend has been in steady decline,” she added. Okay, we got it!
People, in times of crisis, just probably care more about some immediate needs. And some needs are bigger than others. This may be looping us back to the Maslow Pyramid of Needs discussion, where we showed how it can be considered when strategizing CRM efforts.
Brands who are most agile to these changes every week and every month can anticipate some of it and put themselves in an excellent position to endure such changes.