Multi-channel analytics is a process used by business organizations in which they collect data from multiple sources or channels and then link the data together to perform analysis. The analyzed information is further used to help the business mangers take informed decisions related to strategic planning and execution of the same. Multichannel analytics helps the business organizations to improve the overall operational efficiency in understanding the customer behavior.
Use of analytical solutions reduces the excessive spending of an organization for customer engagement and promotion campaigns. According to the current trends observed in the industry, customers use various online and offline channels to collect information such as reputation of brand, prices, and feedbacks and reviews of various products and services. Thus, in order to interpret the buying behavior of the customer, the organizations are encouraged to implement multichannel analysis.
The rise in adoption of multichannel analytics solutions is attributed to the growing awareness about the importance of managing the customer relationship and marketing campaigns across various channels. Multichannel analytical solutions are capable of tracking the purchasing trends of the customer and monitor the channels such as call centre; mobile, social media retail purchase, online advertising, blogs and others.
Multichannel analytics market is primarily driven by the rising adoption of analytical solution to understand customer behavior. Multichannel analytics helps the business organizations to strategies their spending by calculating the expected revenues and return on investments. Additionally, the growth of multichannel analytics market is driven by the rising adoption of social media. The business organizations collect data from these social media websites and use analytical solutions to analyze the customer behavior in terms of likes and dislikes and the buying behavior of the customer. Moreover, the players in this market find potential growth opportunities by providing single packaged solutions that can be used for several analytical applications. However, these solutions require high level of expertise to develop such solutions and results in higher price which is a potential challenge for the growth of this market.
Multichannel analytics market is segmented on the basis of solutions and software, services, applications, type of deployment, size of organizations, and end-use industry. The solutions and software segment includes data mining and predictive analytics solutions, query handling and reporting solutions and visualization software. These software and solutions are used to provide services such as professional analytics and maintenance services.
These multichannel analytical solutions are either deployed on the premises or are available on cloud. Moreover, the rising adoption of cloud based services across the industries is expected to boost the market for cloud-based multichannel analytics market. Small, medium and large sized business organizations use these analytical solutions for applications such as customer relationship management, advertising management, performance management and sales management.
Primarily, the multichannel analytical solutions and software are used in industries such as banking, financial and insurance, media and entertainment, telecommunications, IT, healthcare, retail, consumer goods and government. Retail and consumer goods segments are expected to show high growth rate over the forecast period. The high growth rate is attributed to the growing online sales of consumer goods across the globe. Moreover, the ease of getting data through online portals is further adding to the growth of multichannel analytics market.