The global Retail Digital Transformation Market is estimated to be valued at US$ 7230.57 Mn in 2023 and is expected to exhibit a CAGR of 13.0 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The retail digital transformation market involves the integration of artificial intelligence and other emerging technologies to enhance customer experience and optimize business operations. Adopting digital technologies helps retailers gain insights from customer data, improve inventory management, and scale up omnichannel services.

Market key trends:

One of the major trends in the retail digital transformation market is the rise of AI-powered personalized shopping experiences. Retailers are increasingly adopting AI and machine learning solutions to gain actionable customer insights. AI algorithms analyze browsing behavior, past purchases, demographics and other data points to deliver hyper-personalized product recommendations, customized content and offers. This elevated personalization has been found to boost customer satisfaction, engagement and average order value leading to increased revenues for retailers. For example, fashion retailers provide style suggestions based on weather, occasions or previous purchases while supermarkets can recommend recipe ingredients based on past grocery lists.

Segment Analysis

 The Global Retail Digital Transformation Market Share is segmented into software, services, and hardware. The software segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is because software solutions help businesses improve customer experience through technologies like analytics, CRM, and AI. Adoption of retail management software for inventory management, point-of-sale, purchasing, supplier engagement, and workforce management is driving the software segment growth.

Key Takeaways

The global retail digital transformation market is expected to witness high growth, exhibiting CAGR of 13.0 % over the forecast period, due to increasing demand for omnichannel commerce solutions from retailers. The Asia Pacific region is expected to fastest growing as well as dominating region over the forecast period due to rapid adoption of digital technologies across China, India and other Asian countries.

The global retail digital transformation market size was valued at US$ 7230.57 Mn in 2023. North America currently dominates the market due to presence of established retail giants and early adoption of digital technologies. However, the Asia Pacific region is expected to outpace North America due to growing e-commerce sector in China and India.

Key players operating in the retail digital transformation market are Amazon.com, Inc., MercadoLibre, Inc., eBay, Inc., Otto Group, Wal-Mart Stores, Inc., Snapdeal.com, Alibaba Group Holding Limited, Tesco PLC, Rakuten, Inc., and Flipkart Internet Private Limited. Amazon.com and Alibaba Group Holding are the largest players due to their strong e-commerce presence and continuous investments in enhancing digital capabilities.

Read More:

https://perfectinsights.blogspot.com/2023/12/digital-retail-transformation-is.html