Omnichannel Retail Commerce Platform Market Overview
The Omnichannel Retail Commerce Platform Market Size was valued at USD 5.36 Billion in 2023. The Omnichannel Retail Commerce Platform market industry is projected to grow from USD 6.39 Billion in 2024 to USD 26.06 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.20% during the forecast period (2024 - 2032). Rising e-commerce platforms and increased social media shopping are the significant market drivers augmenting the growth of the market.
Figure 1: Omnichannel Retail Commerce Platform Market Size, 2024-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Omnichannel Retail Commerce Platform Market Trends
The rising demand for centralized data points drives market growth.
Retailers can use omnichannel systems to collect and combine data from several touchpoints, including online and offline. Retailers acquire a comprehensive perspective of consumers' behaviors, preferences, and purchase history by centralizing customer data. This in-depth knowledge enables companies to create personalized and targeted experiences, ultimately increasing consumer pleasure and loyalty. Customers nowadays want a uniform and unified experience across all media. An Omnichannel Retail Commerce Platform allows companies to create a unified experience by allowing customers to begin their buying journey on one channel and continue on another without interruption. Retailers can boost consumer engagement, conversion rates, and overall revenues by providing a smooth experience.
Centralized data points enable retailers to acquire real-time visibility into their inventory across several channels. Retailers may optimize their stock levels, prevent out-of-stock situations, and increase overall inventory management efficiency by having accurate and up-to-date inventory information. This results in lower costs, higher operational performance, and increased customer satisfaction by ensuring products are available when and where customers want them. The increasing demand for centralized data points corresponds to developing technologies in retail, such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT). These technologies can be integrated by Omnichannel Retail Commerce Platforms, which can then use the centralized data to enable personalized suggestions, AI-driven chatbots, smart inventory management, and predictive analytics. This integration improves the overall consumer experience as well as operational efficiency, hence contributing to market growth.
With the growing popularity of smartphones and tablets, mobile commerce has become an essential component of omnichannel retail. Omnichannel Retail Commerce Platforms respond to this development by integrating seamlessly with mobile apps. This connection gives merchants a uniform and optimized shopping experience across devices, allowing customers to browse, purchase, and engage with the brand on their mobile devices smoothly.
Social media platforms have evolved as effective means of reaching and engaging customers. Social commerce elements are being integrated into Omnichannel Retail Commerce sites, allowing businesses to sell products directly on social media sites. Customers can use these platforms to explore things, purchase, and share their experiences with their social networks. Retailers can utilize social commerce integration to tap into the massive user bases of social media platforms and leverage user-generated content to boost sales and brand advocacy. Live commerce, often known as Livestream shopping, has become popular as a social commerce trend. Retailers can offer live video sessions on social media platforms to showcase products, demonstrate features, and connect with customers in real-time. This dynamic shopping experience provides a sense of urgency, encourages engagement, and pushes fast sales.
Omnichannel Retail Commerce Platform Market Segment Insights
Omnichannel Retail Commerce Platform Deployment Insights
The Omnichannel Retail Commerce Platform market segmentation, based on deployment, includes SaaS and On-premise. The on-premise segment is expected to lead the omnichannel retail commerce platform market throughout the forecast period. On-premise solutions provide the opportunity to integrate, dependability, and customization. Furthermore, with the assistance of expert services, organizations can completely reap the benefits of on-premise system customization. In an on-premise deployment strategy, the hardware and software required to operate and administer an omnichannel retail solution would be deployed. As a result, merchants will have greater control over their data, which is expected to accelerate the segment's growth.
The SaaS (Software-as-a-Service) segment is expected to be the fastest-growing Omnichannel Retail Commerce Platform market segment over the forecast period. SaaS-based Omnichannel Retail Commerce Platforms are accessible from any location with an internet connection. Retailers can use the platform via web browsers or mobile apps, making it handy and simple to use. This eliminates the requirement for on-premises infrastructure and decreases the complexity associated with software installation and maintenance.
SaaS providers often invest in comprehensive security measures and data protection policies to safeguard the security and confidentiality of retailers' data. This includes safeguards such as data encryption, secure access controls, regular backups, and disaster recovery systems. Retailers can enjoy dependable and secure access to their omnichannel platform by leveraging the SaaS provider's knowledge and infrastructure.
Figure 2: Omnichannel Retail Commerce Platform Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Omnichannel Retail Commerce Platform Solution Insights
The omnichannel retail commerce platform market segmentation, based on solution, includes E-Commerce, Order management, POS (Point of Sales), CRM, Warehouse management, Retail Order Broker Cloud Service, and Others. The e-commerce category is expected to hold the major share of the Omnichannel Retail Commerce Platform market over the forecast period. E-Commerce solutions include tools and features for creating and customizing online shops. Retailers can customize their websites by including branding components, product catalogs, pricing information, and promotional banners. To make website building easier, these systems frequently use drag-and-drop interfaces or pre-designed templates.
Analytics and reporting functions are available in e-commerce solutions for tracking key performance indicators (KPIs) and gaining insights into online sales performance. Metrics such as website traffic, conversion rates, average order value, and consumer behavior are available to retailers. These findings assist merchants in making data-driven decisions, identifying trends, and optimizing their e-commerce strategy.
Omnichannel Retail Commerce Platform Vertical Insights
The omnichannel retail commerce platform market segmentation, based on vertical, includes Apparel & footwear, FMCG, Consumer Electronics, and Others. The apparel & footwear category is expected to hold the major share of the omnichannel retail commerce platform market over the forecast period. Retailers of apparel and footwear can use Omnichannel Retail Commerce Platforms to provide personalized suggestions based on consumer preferences, purchase history, and browsing behavior. The platform may offer personalized product suggestions, specials, and size recommendations by analyzing data from numerous channels, such as website interactions, prior purchases, and loyalty program information, thereby improving the shopping experience and promoting customer happiness.
Omnichannel Retail Commerce Platform Regional Insights
By region, the analysis offers market insights into North America, Asia Pacific, Europe, and the Rest of the World. The North American Omnichannel Retail Commerce Platform market is anticipated to lead the market throughout the forecast period. Retailers in the region are increasingly using omnichannel commerce solutions due to increased ization and commercialization. Several industry participants are expanding their product offerings to generate new customer experiences. For example, Oracle Corporation debuted its Oracle Retail Xstore Office Cloud Service in January 2019. Retailers may fully utilize cloud technologies on-premises, including critical point-of-service operations, with Oracle Retail Xstore Office Cloud Service integrated.
Further, the key countries considered in the market report are The US, Canada, German, France, the UK, Spain, Italy, China, Japan, India, South Korea, Brazil, and Australia.
Figure 3: OMNICHANNEL RETAIL COMMERCE PLATFORM MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Omnichannel Retail Commerce Platform market accounts for the second-highest market share. To remain competitive in the changing retail market, European merchants are embracing digital transformation. Omnichannel Retail Commerce Platforms play an important role in this transformation path by offering the technological foundation and capabilities needed to connect various sales channels, optimize inventory management, and deliver personalized customer experiences. The need for Omnichannel Retail Commerce Platforms is increasing as retailers recognize the value of digitalization. Further, the German Omnichannel Retail Commerce Platform market held the largest market share, and the UK Omnichannel Retail Commerce Platform market was the fastest-growing market in the European region.
The Asia Pacific Omnichannel Retail Commerce Platform Market is expected to grow at the fastest CAGR from 2023 to 2032. The expansion of the regional market can be ascribed to increased internet penetration, as well as the development of the online retail industry in various nations, including China, India, and Japan, among others. Moreover, China’s Omnichannel Retail Commerce Platform market held the largest market share, and the Indian Omnichannel Retail Commerce Platform market was the fastest-growing market in the Asia Pacific region.
Omnichannel Retail Commerce Platform Key Market Players & Competitive Insights
The Omnichannel Retail Commerce Platform market is expanding as a result of considerable research and development efforts by key industry players to diversify their product lines. Contracts, mergers and acquisitions, increased investments, and collaboration with other organizations are examples of significant market changes. Furthermore, important industry players are exploring a variety of strategies to expand their international presence. To expand and thrive in a tougher and more competitive market environment, the Omnichannel Retail Commerce Platform firm must deliver services at reasonable pricing.
One of the key ways organizations utilize to service customers and expand the market sector in the Omnichannel Retail Commerce Platform market is local manufacturing to reduce operating costs. The apparel & footwear industry has recently received significant benefits from the Omnichannel Retail Commerce Platform market. Major corporations in the Omnichannel Retail Commerce Platform market, including Cognizant Technology Solutions Corp (US), NCR Corporation (US), IBM Corporation (US), Diebold Nixdorf AG (Germany), Infosys Ltd (India), and others, are trying to surge market demand by spending on research and development processes.
International Business Machines Corporation (IBM) is a company that sells and services information technology (IT). The firm manufactures and sells system hardware and software, as well as providing infrastructure, hosting, and consulting services. Analytics, artificial intelligence (AI), automation, blockchain, cloud computing, IT infrastructure, cybersecurity, and software development solutions are all part of IBM's product range. Cloud, networking, security, technology consulting, application services, and technology support services are all available from the organization. Its clients include the automotive, banking and financial markets, electronics, energy and utilities, healthcare, insurance, manufacturing, metals and mining, retail and consumer products, and telecommunications industries. The firm operates in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. IBM is headquartered in Armonk, New York, in the United States. IBM Corporation announced a collaboration with Pandora in June 2021 to modernize Pandora's omnichannel e-commerce capabilities using IBM sterling supply chain software.
Oracle Corporation (Oracle) is a provider of cloud-based enterprise solutions. Database and middleware software, application software, cloud infrastructure software, and hardware solutions are all available from the company. It also provides cloud solutions that are interconnected, such as Infrastructure-as-a-Service (IaaS) and Software-as-a-Service (SaaS). Oracle licenses new on-premises software, upgrades licenses, and provides related support solutions. The company sells its products through a network of independent software and hardware vendors, system integrators, and resellers. Hardware, servers, storage, networking, and industry-specific products, as well as related support and services, are available on-premises. The business operates in the Americas, Europe, the Middle East, and Asia-Pacific. Oracle is headquartered in Austin, Texas, in the United States. Oracle Corporation introduced the launch of the Oracle Retail Xstore office cloud service in January 2019 in order to maintain its momentum in facilitating digital transformation in the retail world.
Key Companies in the Omnichannel Retail Commerce Platform market include
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Diebold Nixdorf AG (Germany)
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Infosys Ltd (India)
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Salesforce.com (US)
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Toshiba Corporation (Japan)
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Oracle Corporation (US)
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SAP SE (Germany)
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Infor Solutions Inc. (US)
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Dunnhumby (UK)
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iVend Retail (US)
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Retail Pro International (US)
Omnichannel Retail Commerce Platform Industry Developments
January 2022: NCR Corporation and Google, Inc. collaborated to provide more platform and cloud capabilities, as well as artificial intelligence (AI) and machine learning (ML) solutions. Vendors are collaborating to improve the consumer experience and extend their product offerings.
June 2021: IBM Corporation announced a collaboration with Pandora to modernize Pandora's omnichannel e-commerce capabilities using IBM sterling supply chain software.
Omnichannel Retail Commerce Platform Market Segmentation
Omnichannel Retail Commerce Platform Deployment Outlook
Omnichannel Retail Commerce Platform Solution Outlook
Omnichannel Retail Commerce Platform Vertical Outlook
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Apparel & footwear
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FMCG
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Consumer Electronics
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Others
Omnichannel Retail Commerce Platform Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Omnichannel Retail Commerce Platform Market Highlights:
