Burlingame, May 13, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Omnichannel Retailing Market" was valued at $7.80 billion in 2023, and is estimated to reach $19.51 billion by 2030, growing at a CAGR of 14% from 2023 to 2030, According to the report, the Omnichannel Retailing Market, By Retail Format (Brick-and-Mortar Stores and E-commerce Platforms), By Industry Vertical (Fashion & Apparel, Electronics & Appliances, FMCG & Grocery, Home Improvements), and By Geography, Market Size, Share Analysis - Growth Trends & Forecasts, 2023-2030
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Market Dynamics:
The Omnichannel Retailing market is primarily driven by the enhanced customer experience offered through this model. Omnichannel Retailinging provides a seamless shopping experience to customers by allowing them to research, shop and complete purchases across various channels such as online stores, offline stores, mobile apps and more in a unified experience. Additionally, Omnichannel Retailinging offers personalized customer experience throughout different channels by collecting customer data digitally. This helps retailers in understanding customer behavior and demands better to address their needs effectively.
Omnichannel Retailing Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $7.80 billion |
| Estimated Value by 2030 | $19.51 billion |
| Growth Rate | Poised to grow at a CAGR of 14% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Retail Format, By Industry Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Changing Consumer Behavior • Growing Importance of E-commerce • Increasing Mobile Adoption • Personalization and Customer Experience |
| Restraints & Challenges | • Technological Complexity and Integration Challenges • Data Management and Privacy Concerns • Channel Conflict and Competition |
Market Trends:
Growing preference for omni-fulfillment is a key trend witnessed in the Omnichannel Retailing market. Omni-fulfillment enables retailers to fulfill customer orders from multiple sources such as own retail stores, warehouses or third-party distribution centers located closest to the delivery address. This helps retailers in providing faster delivery, ensuring high in-stock levels and greater flexibility to customers. Furthermore, growing use of Artificial Intelligence (AI) and automation is another major trend. Retailers are increasingly leveraging AI and automation technologies to gain real-time insights into customer behavior and demands. This assists them in streamlining supply chain operations, enhancing inventory management, optimizing pricing strategies and delivering more personalized experiences.
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Market Opportunities:
Brick-and-mortar stores continue to play a pivotal role in Omnichannel Retailing strategies. Physical stores enable consumers to experience and test products before purchase, while also allowing returns and order pickups. Many retailers are investing in upgrading brick-and-mortar stores with new technologies like digital signage, interactive kiosks and mobile POS systems to enhance the shopping experience.
E-commerce platforms have seen exponential growth in the recent years and account for a significant portion of Omnichannel Retailing sales. Retailers are focusing on developing robust online storefronts, integrating them with physical stores and bolstering fulfillment capabilities like buy-online pickup-in-store to provide a seamless shopping journey. Investments in personalized recommendations, payment options and swift delivery are crucial for e-commerce channel success.
Key Developments:
In December 2021, Infosys Equinox, a digital commerce platform driving omni-channel shopping experiences, partnered with Packable, an e-commerce company. The aim of the partnership is to expand Direct-to-Consumer (D2C) e-commerce offerings for brand partners.
In January 2022, NCR Corporation and Google, Inc. collaborated to bring additional platform and cloud capabilities, along with artificial intelligence (AI) and machine learning (ML) solutions. Retailers worldwide are expected to get efficient tools and unrivaled flexibility to deliver exceptional omni-channel services.
Key Market Takeaways
The global Omnichannel Retailing market is anticipated to witness a CAGR of 14% during the forecast period 2023-2030, owing to growing preference of consumers for a seamless shopping experience across multiple touch points.
On the basis of retail format, brick-and-mortar stores segment is expected to hold a dominant position owing to their widespread presence and ability to offer instant gratification.
By industry vertical, fashion & apparel is expected to be the leading segment driven by trends in personalized styling and experiential retail.
North America is expected to hold a dominant position over the forecast period, due to early adoption of new technologies and strong logistics infrastructure in the region.
Key players operating in the Omnichannel Retailing market include NCR Corporation, Diebold Nixdorf AG and Infosys Ltd among others. Collaboration with retailers will be the focus for vendors to tap market opportunities.
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Detailed Segmentation:
By Retail Format:
- Brick-and-Mortar Stores
- E-commerce Platforms
By Industry Vertical:
- Fashion & Apparel
- Electronics & Appliances
- FMCG & Grocery
- Home Improvements
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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