Overview and Scope
An omnichannel retail commerce platform is a comprehensive, integrated technological solution that facilitates seamless and cohesive retail experiences across multiple channels and touchpoints. The platform integrates and synchronizes retail channels, enabling consistent communication, transactions, and customer interactions.
Sizing and Forecast
The omnichannel retail commerce platform market size has grown rapidly in recent years. It will grow from $5.72 billion in 2023 to $6.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to consumer demand for convenience, rise of mobile commerce, need for real-time inventory visibility, growth of click-and-collect services, emphasis on customer experience.
The omnichannel retail commerce platform market size is expected to see rapid growth in the next few years. It will grow to $11.24 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to growth of omnichannel fulfillment options, expansion of voice commerce, emphasis on sustainability, focus on contactless payments, demand for omnichannel personalization. Major trends in the forecast period include in-store digital experiences, omnichannel marketing automation, localization and hyper-personalization, progressive web apps, subscription commerce.
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Segmentation & Regional Insights
The omnichannel retail commerce platform market covered in this report is segmented –
1) By Solution: E-commerce, Order Management, Pos(Point Of Sale), Customer Relationship Management (CRM), Warehouse Management, Retail Order Broker Cloud Service, Other Solutions
2) By Deployment: Software As A Service (SaaS), On- premises
3) By Organization: Small And Medium Sized Enterprises (SMEs), Large Enterprises
4) By End User: Consumer Electronics, Apparel And Footwear, Fast-Moving Consumer Goods (FMCG), Other End Users
North America was the largest region in the omnichannel retail commerce platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the omnichannel retail commerce platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surging e-commerce sales are expected to propel the growth of the omnichannel retail commerce platform market going forward. Electronic commerce, commonly known as e-commerce, refers to the buying and selling goods and services over the internet or other electronic networks. It encompasses a wide range of transactions, including online retail sales and online auctions. It arises because of convenience for consumers, accessibility, vast product selection, time-saving, and efficiency. E-commerce is utilized in omnichannel retail commerce platforms to create a seamless and integrated shopping experience for customers across various channels, providing retailers with the essential infrastructure and capabilities to engage with customers, drive sales, and deliver. For instance, according to the United States Census Bureau, a US-based government agency, total e-commerce sales in 2023 were $1,118.7 billion, an increase of 7.6% from 2022. Therefore, surging e-commerce sales are driving the growth of the omnichannel retail commerce platform market.
Key Industry Players
Major companies operating in the omnichannel retail commerce platform market are Google LLC, Microsoft Corporation, HCL Technologies Limited, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, SAP SE, NVIDIA Corporation, Salesforce Inc., Toshiba Corporation, Infosys Limited, Baidu Inc., Block Inc., NCR Corporation, Shopify Inc., GoDaddy Inc., Diebold Nixdorf AG, Sensient Technologies, Wix.com Ltd., Lightspeed POS Inc., BigCommerce Pty. Ltd., ViSenze, LemonStand Corp.
The omnichannel retail commerce platform market report table of contents includes:
1. Executive Summary
2. Omnichannel Retail Commerce Platform Market Characteristics
3. Omnichannel Retail Commerce Platform Market Trends And Strategies
4. Omnichannel Retail Commerce Platform Market – Macro Economic Scenario
5. Global Omnichannel Retail Commerce Platform Market Size and Growth
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32. Global Omnichannel Retail Commerce Platform Market Competitive Benchmarking
33. Global Omnichannel Retail Commerce Platform Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Omnichannel Retail Commerce Platform Market
35. Omnichannel Retail Commerce Platform Market Future Outlook and Potential Analysis
36. Appendix
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