Research Solutions - Market Research Global Omnichannel Retail Commerce Market Report 2023: Industry Analysis Report, Business Development, Growth Potential Report, 2023-2030

The global Omnichannel Retail Commerce Market Size is growing at aHiigh rate and is expected to grow at a compound annual growth rate (CAGR) of14.53% from 2024-2030. The rise is fuelled by the proliferation of various sales channels that needs to be optimally merged for superior customer experiences and the evolving needs of consumers.

Market definition and estimation

Omnichannel retail commerce is a unified multichannel sales strategy that delivers a seamless experience for the consumers who are shopping for products and services online from a desktop or mobile device, or in a brick-and-mortar store. Market size was around US$ 6.37 billion in 2023 and is expected to grow significantly during the next few years. This growth trajectory highlights both the strategic importance and the rising priority that retailers are giving to creating a seamless cross-channel experience to capture the changing needs of consumers today.

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Market growth drivers and opportunities

There are a number of primary forces behind the growth of the omnichannel retail commerce market.

Explosion of E-Commerce: The ever-increasing use of e-commerce (and Internet and smartphone penetration) has extensively modified retail strategies and structures. More retailers are embracing omnichannel platforms to deliver a seamless shopping experience, contributing to customer satisfaction and retention. Most importantly, businesses that use omnichannel strategies have seen a 9.5% in annual revenue increase compared to 3.4% for those that do not.

Technological Developments: Emerging technologies such as artificial intelligence (AI), machine learning, and augmented reality (AR) are integrated into retail platforms, providing personalized and immersive shopping experiences. By utilizing these innovations, retailers can understand consumer behavior, forecast the trends, and customize the offerings suiting individual taste, which leads to customer retention and sales enhancement.

Shifts in Consumer Behavior: The modern consumer demands a seamless, consistent shopping experience across channels. The ability to research, buy, and return goods across multiple touchpoints will reign and has already led retailers to embrace omnichannel strategies to meet this expectation.

Social Media Integration– more and more popular social media channels acting as buying channels have created options for shop owners to grab on. Shoppable posts and in-app purchasing opportunities give consumers the option to purchase products right through social media, which adds convenience and necessarily boosts sales. This trend is reflected in how by 2023, over 60% of firms began using social e-commerce features. 

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Segmentation Analysis

Based on deployment, solution, and end-user categories, the omnichannel retail commerce market is further divided as follows:

By Deployment:

SaaS (Software as a Service): Provides retailers flexibility and scalability with lower upfront costs and easier updates and maintenance.

On-Premise — More control over data and customization, attracting retailers with unique security or integration needs

By Solution:

E-Commerce: Provides a Online setting for browsing and making purchases of goods.

Order management — systems ensure order processing and fulfillment through channels.

Point of Sales(POS): In-shop systems to accept transactions and manage stock.

Retail Order Broker Cloud: Cloud-based order routing and inventory visibility optimization solutions

CRM — Tools for a stronger customer relationship and customer data.

Warehouse Management: Systems that track inventory and manage warehouse operations.

Other: Any other things, like analytics, marketing automation, and such.

By End User:

Apparel  Footwear Provides Retailers Selling Cloths and Footwear Products

Fast-Moving Consumer Goods (FMCG): Companies involved in high demand consumer goods.

Consumer Electronics: Stores which sell electronic items.

Other: These may be home goods, beauty, etc.

Country-Level Analysis

United States: Omnichannel retailing has taken great strides in U.S. market with the market leader Walmart taking the lead. Investments by Walmart into online infrastructure and e-commerce investment seem to have paid off as online sales formed 18% of its revenue. Also part of the strategy is to drive automation in its stores and warehouses, improve curbside pickup and delivery ordering of products and use its physical stores to deliver fresh items. Such measures have coalesced Walmart as a dominant force in retail.

Financial Times

Germany: With omnichannel strategies gradually catching on, Germany is one of the larger markets for omnichannel in Europe. Consumer behaviour is moving omnichannel, but German retailers have struggled to deliver integrated online  offline channels. Furthermore, compliance with strict regulations has dictated the data security and privacy practices in omnichannel implementations in the country.

Competitive Analysis

The omnichannel retail commerce market is highly competitive and comprises several major players. Notable companies include:

Cognizant Technology Solutions CorpProvides end-to-end digital solutions for retailers allowing them to connect and power all sales channels and improve customer engagement.

IBM: Offers a suite of retail solutions powered by AI to help retailers personalize customer experiences and optimize supply chains.

Salesforce. I decided to go with #Salesforce. #MustHave #WouldCheckAgainComp: Provides SaaS/Cloud CRM solutions to enable customer communications across different channels.

NCR Corporation: POS System and Retail Technology, Helping retailers to manage in-store and online business more easily.

SAP SE —Provides enterprise resource planning software that integrates core areas of business, including omnichannel retailing.

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