omnichannel retail commerce platform market with Growth Trends, Cost Structure, Driving Factors and Future Prospects 2023
Market Highlights
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.
Major drivers shaping the omnichannel retail commerce platform market are the rising number of internet and social media users and the ever-increasing smart phone users coupled with rising adoption of m-commerce facilities. The use of multi-channel approach provides retailers enhanced operational efficiency, thereby, increase their sales and profit margin. It also lets the retailer gain an added advantage of knowing the consumer behavior such as their purchasing habits. As a result, the retailer can reduce the excess inventory in stores and minimizing their expenses. However, high initial investments and complexity in the supply chain hamper the growth of omnichannel retail commerce platform market.
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Key Players:
The prominent players in the omnichannel retail commerce platform market are IBM Corporation (US), Cognizant Technology Solutions Corp (US), NCR Corporation (US), Salesforce.com (US), Oracle Corporation (US), SAP SE (Germany), Toshiba Corporation (Japan), Diebold Nixdorf AG (Germany), Infosys Ltd (India), and Infor Global Solutions Inc (US).
Other players in the omnichannel retail commerce platform market are Dunnhumby (UK), iVend Retail (US) and Retail pro international (US).
Segmentation:
By deployment, the market is segmented SaaS platform and On-Premise deployment mode.
By solution, the market is segmented into e-Commerce, order management, Point of Sales, retail order broker cloud service, CRM, warehouse management, others.
By vertical, the market is segmented into apparel footwear, FMCG, consumer electronics and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world
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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.
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