The global omnichannel retail commerce platform market was analyzed by Market Research Future (MRFR) and it was projected that a strikingly high CAGR of 21.48% will be attained by the market over the forecast period of 2018 to 2023. The global market is reported to be majorly driven by the increasing number of internet and social networking users. Additionally, the market is also seeing an increase in demand due to the booming usage of smartphone devices and rising adoption of mobile commerce facilities. The valuation of the omnichannel retail commerce platform market was further stated to surpass its previous valuation of USD 2.99 billion back in 2017 to an estimated valuation of USD 11.01 billion by the end of the forecast period.
The global omnichannel retail commerce platform market size has been segmented in terms of vertical, solution, and deployment.
By deployment, the market segments into SaaS platform and on-premise deployment.
By solution, the market includes retail order broker cloud services, Point of Sale, ecommerce, warehouse management, CRM, order management, and others.
By vertical, the market comprises FMCG, apparel & footwear, consumer electronics, and others.
The global omnichannel retail commerce platform market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America and Europe are two of the leading regions in the world when it comes to adopting the omnichannel retail commerce platform strategies. The regions have, over the years, made considerable advancements in the field to offer customers with a seamless experience. Add to this, the strong and established digital infrastructure in these regions is expected to further drive the potential growth of the market in the coming years.
Elsewhere, in Asia Pacific, China is majorly contributing to the region’s fast-paced growth in the omnichannel retail commerce platform market. The nation is particularly dominating the regional market when it comes the apparel and footwear segment. The expanding market for ecommerce, preference among consumers to purchase online, and the growing penetration of smartphone devices have pushed China to spearhead the overall growth of the Asia Pacific regional market. Additionally, various other factors like fast-paced adoption of mobile phones and increasing use of social networking platforms is pushing the market demand in this region.
The global omnichannel retail commerce platform market comprises a host of key players. This includes names like NCR Corporation (US), SAP SE (Germany), Cognizant Technology Solutions Corp (US), Infosys Ltd (India), Oracle Corporation (US), IBM Corporation (US), Diebold Nixdorf AG (Germany), Salesforce.com (US), Toshiba Corporation (Japan), and Infor Global Solutions Inc. (US).
In addition to these players, other players were identified and profiled in the report by MRFR as well, this includes names like iVend Retail (US), Dunnhumby (UK), and Retail pro international (US).
Omnichannel has been and continues to create an unmatched and seamless experience for the consumers. This is irrespective of whether the customer is in an offline brick-and-mortar store or on any digital mediums. This has prompted retailers to lay focus on offering a proper omnichannel platform and integrated customer shopping experience.
In recent years, we have seen various large and mid-sized retailers shift base or expand their business from digital to offline stores. Likewise, various traditional retail businesses are seen moving towards the digital world considering the massive potential omnichannel retailing holds. Two of the biggest ecommerce giants, namely Amazon and Alibaba, recently expanded their offline reach by opening new brick-and-stores. Additionally, the players in the global omnichannel retail commerce platform are also being increasingly involved with key strategies like acquisitions, joint ventures, and partnerships to improve their sales result, gain competitive advantage, and increase their profit potential.
July 2019, Walmart is making some important organizational adjustments in its executives in order to support and help better integrate its digital operations and retail brick-and-mortar store.
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