Market Highlights
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.
MRFR concludes in a recent research study that the 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. Advanced retailing models such as interactive stores, social commerce, click and collect, and virtual stores will witness significant growth.
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.
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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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 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 and Europe are the pioneers in adopting the omnichannel retail commerce platform strategies and have made various advancements in the same so as to provide seamless experience to the customers. Also, due to the strong digital infrastructure these regions are expected to have potential growth in the upcoming years.
In the APAC region, China is the leader in the omnichannel retail commerce platform market in segments such as apparel and footwear. The blooming market for online shopping and the rising use of e-commerce have led China to be the key player in this region. Also, other major factors such as the rapid adoption of mobiles and extensive use of social media platforms make China a favourable market in the APAC region.
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.
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