Digital transformation in the retail sector
incorporates the integration of digital technologies to physical stores in
order to enhance customer experience. Ecommerce retail digital transformation
solutions help retailers compete with online and omnichannel retailers by
enabling them to deliver seamless shopping experience across multiple channels.
These solutions allow customers to browse products online, check inventory
availability in stores, reserve or buy online for pick up in store, and
complete payment anywhere.
The global
Retail Digital Transformation Market is estimated to be valued at US$ 8329.62
in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024
to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Omnichannel experience has emerged as one of the major trends driving the
growth of the retail digital transformation market. Customers today want a
seamless experience regardless of whether they are shopping online or in-store.
Retailers are implementing digital technologies and integrating online and
offline channels to create an omnichannel environment for customers. This
allows customers to complete their shopping journey seamlessly across multiple
channels such as websites, mobile apps, emails, social media, kiosks, and
physical stores. Technologies like customer data platforms, order management
systems, inventory management solutions help retailers provide personalized and
consistent experience to customers. Focus on delivering exceptional omnichannel
experience is expected to remain an important growth driver for the retail
digital transformation market over the forecast period.
Segment
Analysis
The global retail digital transformation market is segmented based on
component, technology, deployment mode, organization size and application. The
solutions segment holds the largest market share under component segment.
Retailers are increasingly adopting digital transformation solutions such as
customer relationship management (CRM), business intelligence (BI), analytics,
and others to enhance customer experience. The cloud segment dominates the
deployment mode segment. The easy deployment, flexibility, scalability and low
costs associated with cloud deployment are boosting the adoption of cloud based
retail digital transformation solutions across large as well as SME retailers.
Key Takeaways
The global retail digital transformation market is expected to witness high
growth over the forecast period of 2024 to 2031. Global
Retail Digital Transformation Market Size is estimated to be valued at
US$ 8329.62 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the
forecast period 2024 to 2031.
Regional analysis: The North America region is currently the dominating region
in the retail digital transformation market owing to presence of major players
in countries such as US and Canada. Additionally, early adoption of latest
technologies and rapid infrastructure development are supporting growth of
retail digital transformation in the region. Asia-Pacific is expected to be the
fastest growing region during the forecast period due to rapid digitization of
retail sector in developing countries such as China and India.
Key players: Key players operating in the retail digital transformation market
include Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL Corporation,
Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of America,
RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc. Bio Bidet, Kohler Co., Inc.
and Toto USA Inc. hold significant share in the global retail digital
transformation market owing to their diversified product portfolio and wide
dealer network.
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