Omnichannel Retail Commerce Market: Global Industry Analysis and Forecast (2023-2029)

Omnichannel Retail Commerce Market was valued at US$ 5.57 Bn. in 2022. Global Omnichannel Retail Commerce Market size is estimated to grow at a CAGR of 14.53% over the forecast period.
Omnichannel Retail Commerce Market Overview:
Omni-channel retail commerce is a multichannel sales strategy, which focuses on offering a consistent customer experience whether the customer is purchasing online, on a laptop, or in a physical store. According to Harvard Business Review, more than 73% of clients across the globe use various channels during their purchasing experience. the According to the State of Commerce Experience 2021, over half of B2C shoppers (44%) and 58% of B2B buyers said, that they always research a product online before visiting a physical store.

According to recent survey, merchants who have a strong Omnichannel strategy retain more than 89% of their consumers compared to those who don't. Organisations who implement an omnichannel customer engagement strategy has seen a 9.5% increase in annual revenue, compared to 3.4% for those that do not.To know about the Research Methodology :- Request Free Sample Report
Omnichannel Retail Commerce Market Dynamics:
The retail industry's rapid adoption of e-Commerce is expected to drive global market revenue growth:

The e-Commerce is becoming increasingly popular in both developed and developing countries across the globe. With increasing internet penetration and increased smartphone adoption, global sales via the online platform are on a strong growth route. The growth of the omnichannel retail commerce market is directly influenced by e-commerce, which is one of the primary channels in the omnichannel commerce platform ecosystem. Top retailers have already embraced the retail omnichannel commerce platform to provide their customers with a smooth shopping experience. These shifts has positive impact for 2021 e-commerce retail as sales increased from 20% growth to 30%.

With today's modern technology and resources readily available, small and medium-sized shops are expected to begin investing in this software in order to remain competitive in the global market. The widespread internet adoption has boosted the global e-Commerce business, which has had a positive impact on the retail industry. Retailers will need to embrace a sophisticated omnichannel commerce platform that connects their shop with their own online channel to compete with leading and well-established top e-tailers.Global sales through online platforms are experiencing a strong growth trajectory, thanks to the fast proliferation of smartphones and increased internet penetration across the globe. Medium and small merchants are expected to begin investing in this software as technical advancements and the availability of necessary resources progress. As a result, omnichannel retail commerce market is expected to grow rapidly during the forecast period.

The cost of installing software and setting up omnichannel retail commerce systems is high, which is expected to hamper the omnichannel retail commerce market growth throughout forecast period. The supply chain's complexity is also expected to restrain the market growth.

Omnichannel Retail Commerce helping in Revenue and Loyalty growth:

Growing adoption of omnichannel retail commerce leads to a rise in not only revenue but also long-term customer loyalty for the online business. According to surveys, organisations who use omnichannel tactics have a 91% higher year-over-year client retention rate than the rest. This isn't just limited to internet activity. In-store customers who use cell phones for research think their device has become more vital to their in-store experience, according to 71% of them.

According to a study of e-commerce decision-makers from around the world conducted in October 2019, an omnichannel strategy is very crucial for their organisation in 2022. As a result, that the number of retailers investing in the omnichannel has increased from 20% to more than 80% since 2021.

2022 Trends in Omnichannel Retail Commerce Market:

Social media shopping: For several years, social media has been a significant brand tool. Apart from reviews, information, and engagement, data from 2022 reveals that it is prepared to play a larger role. The next stage is to build a shopping feature right into social networking networks. The retails feature on Facebook and the Shopping feature on Instagram are already available. According to a new whitepaper, more than 60% of firms have begun to use social e-commerce features.

Digital payments: Digital payments are a key component for shops in establishing a more seamless customer experience. Such payments "may be the conduit to strengthen connections between companies and consumers, addressing their problems, satisfying their requests, and providing better, more meaningful shopping and payment experiences. Contactless payments are growing more popular as well. According to MMR prediction, by 2023, more than 61 billion individuals across the globe are expected to be using digital payments.

Shoppable videos: Video content has grown in popularity in recent years, but future year's trend appears to be shoppable videos. According to MMR report, this is the way business expected to be done in the future. It's a one-of-a-kind blend of shopping, entertainment, and interaction. In 2022, people has spent 100 minutes each day watching internet videos, and 48% of customers desire content that represent their interests.
Omnichannel Retail Commerce Market Segment Analysis:
Based on the Solution, the Omnichannel Retail Commerce Market is segmented into e-Commerce, Order management, Point of sales, Retail order broker cloud, CRM, Warehouse management, and Others. The e-Commerce segment held the largest market share, accounting for 47.15% in 2022. For many years, e-commerce channels were considered as a distinct, separate channel that was not integrated into the entire bricks-and-mortar business model. Customers need information on stock levels, delivery timelines, and shipping alternatives regardless of where they are in the retailer's network, and this is rapidly changing. With the increasing usage of smartphones and tablets, e-commerce has become a popular sector that has produced simple online purchasing objectives. The introduction of multichannel and its strategy has provided merchants with increased operational efficiency, which has benefited the omnichannel retail commerce market significantly across the globe.
Regional Insights:
The North America region held the largest market share accounted for 34.20 % in 2022. The high level of digitization and a large upsurge in online sales as opposed to offline sales are fueling the omnichannel retail commerce market growth in the North America region. Asia Pacific region is expected to witness rapid growth at a CAGR of 18.3% during the forecast period. An increased internet penetration and growing e-commerce sector along with increasing usage of click and collect systems are driving the omnichannel retail commerce market growth in Asia Pacific region.

Future Insights of Omnichannel Retail Commerce:

According to MMR research, AI-assisted, automated customer service is the way of the future. This isn't to say that human service agents are no longer required. AI and automation, are expected to provide context to human agents so they can comprehend who they're speaking with. Chatbots will also help company to stay in touch with their customers at all times.

In addition, Social media is expected to take a bigger slice of the customer care during the forecast period. Mobile apps, on the other hand, are becoming increasingly crucial. By linking online and offline touchpoints, powerful app features enhance the omnichannel shopping experience.

Customers want to be able to contact their favourite brands at any time and from any location. For a complete omnichannel experience, companies must be accessible to their customers across their preferred channels, even after they have made a purchase.

The objective of the report is to present a comprehensive analysis of the global Omnichannel Retail Commerce Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Omnichannel Retail Commerce Market dynamic, structure by analyzing the market segments and projecting the Omnichannel Retail Commerce Market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the Omnichannel Retail Commerce Market make the report investor’s guide.
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Omnichannel Retail Commerce Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.57 Bn.


Forecast Period 2023 to 2029 CAGR:
14.53%
Market Size in 2029:
US $ 14.4 Bn.


 Segments Covered:
by Deployment
SaaS
On-premise


by Solution
E-Commerce
Order management
Point of sales
Retail order broker cloud
CRM
Warehouse management
Others


by End User
Apparel & footwear
FMCG
Consumer Electronics
Others



Omnichannel Retail Commerce Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1. Cognizant Technology Solutions Corp
2. IBM Corporation
3. Salesforce.com
4. NCR Corporation
5. SAP SE
6. Oracle Corporation
7. Diebold Nixdorf AG
8. Infosys Ltd
9. Toshiba Corporation
10. Infor Global Solutions Inc
11. iVend Retail
12. Dunnhumby
13. Retail pro international
14. SEPHORA
15. SAP SE
16. Aptos, Inc.
17. Fujitsu Limited
18. HCL Technologies Limited
19. Microsoft Corporation

Frequently Asked Questions:

1] What segments are covered in the Omnichannel Retail Commerce Market report?
Ans. The segments covered in the Omnichannel Retail Commerce Market report are based on Deployment, Solution, and End User.

2] Which region is expected to hold the highest share in the Omnichannel Retail Commerce Market?
Ans. The North America region is expected to hold the highest share in the Omnichannel Retail Commerce Market.

3] What is the market size volume of the Omnichannel Retail Commerce Market by 2029?
Ans. The market size of the Omnichannel Retail Commerce Market by 2029 is expected to reach US$ 14.40 Bn.

4] What is the forecast period for the Omnichannel Retail Commerce Market?
Ans. The forecast period for the Omnichannel Retail Commerce Market is 2023-2029.

5] What was the market size volume of the Omnichannel Retail Commerce Market in 2022?
Ans. The market size of the market in 2022 was valued at US$ 5.57 Bn.