Omnichannel Retail Commerce Platform Market 2021 Top Countries Data Analysis By Project Economics, Growth Factors, Business Challenges, Covid-19 Impact, Future Demand, Development Trends and Forecast to 2023

New York, United States, Fri, 08 Jan 2021 07:01:10 / Comserve Inc. / -- The Asia-Pacific region is expected to be the fastest growing region owing to the large e-commerce market and increasing adoption of click and collect system which is driving the growth of omnichannel retail commerce platform market in this region.

The Omnichannel Retail Commerce Platform Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market synopsis

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.Key factors driving the growth of omnichannel retail commerce platform market are the increasing adoption of e-commerce for convenient online shopping purposes and the rising adoption of smartphones and tablets. The use of multi-channel approach enables retailers with enhanced operational efficiency and thus increase their sales subsequently increasing their profits.The retailers also get an added advantage of knowing the customer behaviour and purchasing habits, thereby reducing the store traffic and minimizing their expenses. However, high initial investments and complexity in the supply chain are factors hampering the growth of omnichannel retail commerce platform market.

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Omni-channel retailing is the retailers ability to combine multiple established sales channels and integrate them efficiently to interact with the customers, providing customer satisfaction increasing one's own sales. Some channels used by the retailers include websites, mobile applications, and physical stores. The retailer does not necessarily have to operate through all these channels, however the greater number of channels help create more interaction with the customers thereby increasing the overall sales.

Omni-channel retail commerce platform is used in multiple fields of retailing and has a wide scope of opportunities in the market. Among different end-use segments, the consumer electronics segment and the fashion segment  are expected to have significant growth in the omnichannel retail commerce platform market. Factor attributing to the growth is the increasing adoption of mobile phones leading to increase in e-commerce.

Omnichannel Retail Commerce Platform Market

Omnichannel Retail Commerce Platform Market Research Report – Global Forecast till 2023 -Report image 00

Source: MRFR Analysis

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

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.

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North America is expected to have the largest market share due to high level of digitization and an increase in online sales as compared to that of offline sales. The Asia-Pacific region  is expected to be the fastest growing region owing to the large e-commerce market and increasing adoption of click and collect system which is driving the growth of omnichannel retail commerce platform market in this region.

Competitive Analysis

Omnichannel is creating a seamless shopping experience for the customers whether the customer is in a brick-and-mortar store or on any other digital channel and therefore the retailers focus on providing proper omnichannel platform and an integrated shopping experience to the customers. Many online retailers went offline as well as that of traditional retail businesses went digital considering the potential of the omnichannel retailing. For example, the two biggest e-commerce giants in the market such as Amazon and Alibaba, have now expanded their offline footprints by launch of new brick and mortar stores to gain maximum market share. Also, many other companies are involved in mergers, acquisitions, partnerships and joint ventures to enhance their sales channels and thus gain considerable profits.

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).

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Intended Audiencesss

E-commerce websites

Marketing agencies

Services providers and distributors

Advertising firms

Enterprises

Research institutes, organizations, and consulting companies

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