The Omnichannel Retailing market is estimated to be valued at US$ 7.80 Bn or in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Omnichannel retailing is a multichannel approach that provides a seamless shopping experience for customers across various channels such as online, mobile, in-store and social. It enables customers to shop online and pick up or return items in-store or through curbside pickups. Omnichannel retail strategies help brands improve customer engagement and satisfaction by delivering a consistent experience.
Market Dynamics:
The Omnichannel Retailing Market Size is expected to grow at a significant rate owing to the rise in cross-channel shopping among customers. Various retailers are adopting unified commerce strategies to serve customers through multiple touchpoints like in-store, online, mobile apps and social media platforms. This provides flexibility and convenience to customers while shopping. Furthermore, growing smartphone and internet penetration is enabling customers to research products online and complete purchases through any channel, fuelling the demand for omnichannel solutions. Omnichannel retailing also helps businesses optimize inventory, improve operational efficiency and deliver personalized experiences to customers.
SWOT Analysis
Strength: Omnichannel retailing provides seamless shopping experience to customers by enabling them to complete purchases across online and offline channels. The integrated channel approach also allows retailers to have centralized control over inventory. Many retailers are investing heavily in technologies like AI and big data analytics to gain deep customer insights.
Weakness: High costs involved in the development of robust omnichannel infrastructure and integration of various sales channels. Legacy retail systems need to be upgraded which requires heavy IT investments. Data security and privacy continues to be a challenge due to increased cyber threats.
Opportunity: Younger demographic prefers integrated shopping experience and are adopting new technologies at faster pace. Rapid growth of e-commerce and m-commerce provides opportunity to leverage different digital touchpoints. Rise of social media and influencer marketing opens up new promotion avenues.
Threats: Stiff competition from niche online-only retailers threatens market share of traditional brick-and-mortar players. Entry of big technology companies like Amazon in retail sector poses threats. Changes in customer preferences and shopping behaviors due to macroeconomic shifts poses challenges.
Key TakeawaysÂ
The global Omnichannel Retailing Market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing preference of consumers for unified shopping experience across various online and offline channels. The market size for 2023 is estimated to reach US$ 7.80 Billion.
Regional analysis: North America dominates the global omnichannel retailing market currently owing to widespread adoption of advanced technologies by major retailers in the region. Asia Pacific exhibits fastest growth led by countries like China and India where e-commerce sales are surging rapidly driven by large digitally savvy population and growing internet penetration.
Key players related content: Key players operating in the Omnichannel Retailing market are Amazon, Walmart, Alibaba Group, Target Corporation, com, eBay Inc., Best Buy Co. Inc, Zara (Inditex Group), The Home Depot Inc, Nordstrom Inc, Macy’s Inc, Costco Wholesale Corporation, Apple Inc., Tesco PLC, ASOS PLC. Market leaders like Walmart and Target are heavily investing in fulfillment centers, buy online pickup in store options and improved mobile apps to offer seamless shopping journeys to customers.
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