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Omnichannel retailing involves seamless shopping experience for customers across various sales channels like e-commerce websites, mobile apps, social media, stores and more. It allows customers to research, order and return products across different channels. The omnichannel approach provides customers choice, convenience and consistent experience.
The global Omnichannel Retailing Market is estimated to be valued at US$ 7.80 Bn or Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The omnichannel retailing market is witnessing rising adoption of technologies like artificial intelligence, machine learning and analytics tools. Retailers are increasingly leveraging such technologies to gain insights into customer behavior and preferences. This helps them provide personalized omnichannel experience matched to individual customer needs. Automation is also enhancing the omnichannel operations through automation of supply chain management, inventory syncing, order fulfillment and more.
SWOT Analysis
Strength: Omnichannel retailing allows consumers to seamlessly shop across various channels like online, mobile, social media and physical stores offering greater convenience. It leverages robust analytics and technologies to gain valuable customer insights.
Weakness: Huge upfront investment is required in upgrading technology infrastructure, training employees and integrating different systems. Technical glitches or delays experienced across channels can negatively impact customer satisfaction and loyalty.
Opportunity: Growing smartphone and internet penetration especially in developing regions is increasing online shopping. Changing consumer preferences towards seamless shopping experience present new opportunities.
Threats: Stiff competition from niche online retailers and rising customer expectations are constant threats. Security breaches and data privacy issues can damage brand image.
Key players Operating in the omnichannel retailing market are Amazon, Walmart, Alibaba Group, Target Corporation, com, eBay Inc., Best Buy Co. Inc, Zara (Inditex Group), The Home Depot Inc, Nordstrom Inc, Macy’s Inc, Costco Wholesale Corporation, Apple Inc., Tesco PLC, ASOS PLC. The key players are focusing on omnichannel strategies like buy online pickup in store, seamless inventory visibility, personalized experience to strengthen their positions.
Key Takeaways
The global omnichannel retailing market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing preference of consumers for seamless shopping experience across different purchasing channels.
Regional analysis
North America dominates the omnichannel retailing market currently owing to high smartphone and internet penetration along with rising adoption of advanced technologies by major retailers. Asia Pacific is expected to grow at the fastest pace during the forecast period with China, India and other developing countries emerging as lucrative markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
