How can Retail and E-commerce Benefit from Data Science

The global retail analytics market is expected to grow by $5.1 billion by 2022 to an estimated $8.64 billion. This extraordinary growth will largely be driven by the use of data science in disrupting the retail sector -- changing the way retailers do business online and offline, from the way stores organise their layout to hyper-targeted and optimised pricing and offers. In the UK alone, the retail sector is worth more than £368bn, employs 2.3 million people and accounts for 1/3 of all consumer spending. Retail generates huge amounts of highly valuable data that businesses are only recently starting to utilise. However, recent reports suggest that the sector is struggling, due to changing spending habits and shifting shopping trends.