ID: MRFR/ICT/5491-HCR | February 2021 | Region: Global | 100 pages
Global omnichannel retail commerce platform market is expected to grow from USD 2.99 billion in 2017 to USD 11.01 billion by 2023, at a compound annual growth rate (CAGR) of 21.48% during the forecast period.
Key factors driving the growth of omnichannel retail commerce platform market are the increasing adoption of e-commerce for convenient online shopping purposes and the rising adoption of smartphones and tablets. The use of multi-channel approach enables retailers with enhanced operational efficiency and thus increase their sales subsequently increasing their profits.The retailers also get an added advantage of knowing the customer behaviour and purchasing habits, thereby reducing the store traffic and minimizing their expenses. However, high initial investments and complexity in the supply chain are factors hampering the growth of omnichannel retail commerce platform market.
Omni-channel retailing is the retailers ability to combine multiple established sales channels and integrate them efficiently to interact with the customers, providing customer satisfaction increasing one’s own sales. Some channels used by the retailers include websites, mobile applications, and physical stores. The retailer does not necessarily have to operate through all these channels, however the greater number of channels help create more interaction with the customers thereby increasing the overall sales.
Omni-channel retail commerce platform is used in multiple fields of retailing and has a wide scope of opportunities in the market. Among different end-use segments, the consumer electronics segment and the fashion segment are expected to have significant growth in the omnichannel retail commerce platform market. Factor attributing to the growth is the increasing adoption of mobile phones leading to increase in e-commerce.
Omnichannel Retail Commerce Platform Market
Source: MRFR Analysis
By deployment, the market is segmented SaaS platform and On-Premise deployment mode.
By solution, the market is segmented into e-Commerce, order management, Point of Sales , retail order broker cloud service, CRM, warehouse management, others.
By vertical, the market is segmented into apparel & footwear, FMCG, consumer electronics and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world
The global market for omnichannel retail commerce platform is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of omnichannel retail commerce platform market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to have the largest market share due to high level of digitization and an increase in online sales as compared to that of offline sales. The Asia-Pacific region is expected to be the fastest growing region owing to the large e-commerce market and increasing adoption of click and collect system which is driving the growth of omnichannel retail commerce platform market in this region.
Omnichannel is creating a seamless shopping experience for the customers whether the customer is in a brick-and-mortar store or on any other digital channel and therefore the retailers focus on providing proper omnichannel platform and an integrated shopping experience to the customers. Many online retailers went offline as well as that of traditional retail businesses went digital considering the potential of the omnichannel retailing. For example, the two biggest e-commerce giants in the market such as Amazon and Alibaba, have now expanded their offline footprints by launch of new brick and mortar stores to gain maximum market share. Also, many other companies are involved in mergers, acquisitions, partnerships and joint ventures to enhance their sales channels and thus gain considerable profits.
The prominent players in the omnichannel retail commerce platform market are IBM Corporation (US), Cognizant Technology Solutions Corp (US), NCR Corporation (US), Salesforce.com (US), Oracle Corporation (US), SAP SE (Germany), Toshiba Corporation (Japan), Diebold Nixdorf AG (Germany), Infosys Ltd (India), and Infor Global Solutions Inc (US).
Other players in the omnichannel retail commerce platform market are Dunnhumby (UK), iVend Retail (US) and Retail pro international (US).
Frequently Asked Questions (FAQ) :
NCR Corporation (US), Diebold Nixdorf AG (Germany), Infosys Ltd (India),Salesforce.com (US), Toshiba Corporation (Japan), Oracle Corporation (US) and SAP SE (Germany) are competitive elements of the market.
A 21.48% CAGR is expected to provide the momentum for unparalleled growth in the coming years.
The surge of digitization in the North American region is pushing the region to the top position.
The implementation of e-commerce for online shopping is expected to drive the market in the forthcoming period.
The increased efficiency in data collection related to customer behavior and purchasing habits is anticipated to push the market in the coming period.