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 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.
Also Read: https://www.marketwatch.com/press-release/omni-channel-retail-commerce-platform-market-is-rising-due-to-increasing-adoption-of-e-commerce-for-convenient-online-shopping-purposes-2020-03-30?mod=mw_quote_news
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.
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.
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.
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.