Market Highlights
As per the reports by MRFR, the global omnichannel retail commerce platform is likely to grow to USD 11.01 billion by 2023 at a CAGR of 21.48% during the forecast period. Technologically advanced retailer models such as virtual stores, interactive stores, social commerce, click and collect, will grow considerably.
The major factors for driving the omnichannel retail commerce platform are the increasing number of social media and internet users, smartphone users along with increasing usage of e-commerce facilities. The utilization of a multi-channel approach provides retailers increased operational efficiency, enhance their sales and profit margin. It also allows the retailer to gain the advantage of acquiring customer behavior such as understanding the purchasing habits. It results in reduced excess inventory in stores and reducing their expenses. But the initial investments and complexity in the supply chain can bring obstacles in the growth of the omnichannel retail commerce platform.
Omni-channel retailing is the retailers’ skill to associate various sales channels and incorporate them methodically to communicate with the consumers assuring customer satisfaction, and thereby increasing their sales. Channels used by the retailers encompass mobile applications, websites, and stores. It is not mandated for the retailer to operate through all of these channels, however, the greater number of channels help in creating better interaction with the customers which eventually leads to an increase in overall sales.
The omnichannel retail platform has a wider range of scope of opportunities in the market and is used in several fields. Among different end-use segments, the fashion segment and the consumer electronic segment is estimated to have considerable growth in the Omni-channel retail commerce platform. Factors leading to the expansion are the perpetual increase in the usage of mobile phones, which results in an increment of e-commerce.
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Segmentation:
Based on the solution, the market is segmented into e-commerce, order management, warehouse management, retail order broker cloud service, Point of Sales, and others.
Based on deployment, the market is segmented into the On-Premise deployment mode and SaaS platform.
By region, the market is classified into Asia-Pacific, Europe, North America, and the Rest of the world.
Key Players:
The eminent players in the omnichannel retail commerce platform are Toshiba Corporation (Japan), NCR Corporation (US), IBM Corporation (US), Diebold Nixdorf AG (Germany), Cognizant Technology Solutions Corp (US), SAP SE (Germany), Infor Global Solutions Inc (US), Oracle Corporation (US), Infosys Ltd (India), Saleforce.com (US).
Other significant players in the omnichannel retail commerce platform market are iVend Retail (US), Dunnhumby (UK), and Retail Pro International (US).
Regional Analysis:
The international market for omnichannel retail commerce is estimated to grow at a considerable rate during the forecast period from 2018-2023. The regional analysis is a comprehensive study that focuses on the markets of APAC, North America, Europe, and the Rest of the world.
North America and Europe are the first of the few regions to adopt omnichannel retail commerce platform strategies. They have adopted several developments in the same field to disseminate a smooth experience to the consumers. Moreover, with the presence of a strong frame of digital network and infrastructure, these regions are estimated to have robust growth in the coming time.
Asia-Pacific region is expected to be the fastest-growing region due to the click and collect system and the exposure to the e-commerce market. These two factors have played a major role in expanding the market.
In the Asia-Pacific (APAC) region, China is the leading nation in the omnichannel retail commerce platform market in segments such as apparel and footwear. The sudden increase in online shopping and the increasing use of e-commerce have resulted in China being the master player in the region of Asia-Pacific.
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Global Omnichannel Retail Commerce Platform Market Research Report, Deployment (SaaS, On-premise), Solution (e-Commerce, order management, Point of sales , Retail order broker cloud, CRM, Warehouse management, Others), Vertical(apparel & footwear, FMCG)— Forecast till 2023
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