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Omnichannel retailing allows customers to seamlessly shop across various channels like store, mobile, online and social media. It offers a unified shopping experience by providing customers a single view of products, inventory, orders and customer data across all channels. Customers can research products online, try them in-store and complete purchase via their preferred channel.
The global Omnichannel Retailing Market is estimated to be valued at US$ 12.3 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integrated online and offline purchase journeys is a key trend propelling growth of the omnichannel retailing market. Customers want a consistent brand experience regardless of the shopping channel. Omnichannel retailers are investing in technologies that allow customers to seamlessly switch between channels while shopping. For example, customers can check product availability and pricing online, place the order for pickup at a nearby store. Some retailers also allow customers to try products in-store and complete the purchase on their mobile apps. This provides customers added convenience while allowing retailers to optimize inventory and fulfillment across all channels.
Key players operating in the omnichannel retailing market are Walmart, Amazon, Target, IKEA, and Best Buy. There is growing focus among these players on enhancing their supply chain and fulfillment infrastructure to meet delivery expectations of omnichannel shoppers. Customized omni-apps and in-store technologies are also being developed to improve the shopping experience.
SWOT Analysis
Strength: Omnichannel retailing enables businesses to provide seamless customer experiences across online and offline channels. It allows customers to shop whenever and wherever they want.
Weakness: High costs involved in developing and maintaining the infrastructure required to support omnichannel operations. It requires integration of different systems and databases.
Opportunity: Changing consumer preferences towards experiences that let them switch between digital and physical shopping channels easily. Rising adoption of technologies like AI and IoT also supports omnichannel retailing.
Threats: Security and privacy concerns regarding customer data collected across channels. Intense competition from emerging new platforms can affect market share.
Key Takeaways
The global Omnichannel Retailing Market is expected to witness high growth. Retailers are investing heavily in integrating online and offline experiences to offer convenience to customers. The global Omnichannel Retailing Market is estimated to be valued at US$ 12.3 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
The Asia Pacific region is dominating the market currently due to rising internet penetration and adoption of smartphones in countries like China and India. North America is also a major market for omnichannel retailing driven by strong promotional activities by retailers. Stores are enriching digital features to provide seamless navigation between channels. Large retailers are using customer data insights to offer personalization across channels.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
