The Omnichannel Retailing Market is estimated to be valued at US$ 7.80 Bn 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 Overview:
Omnichannel retailing includes providing a seamless shopping experience for customers across various online and offline sales channels. It aims to offer a unified experience regardless of how, when, and where customers shop. Key aspects of omnichannel retailing include buy online pick up in store, buy online return in-store, ship-from-store capabilities, end-to-end omni-inventory, and personalized recommendations.
Market Dynamics:
The growth of the Omnichannel Retailing Market Size is driven by the increasing adoption of digital technologies among consumers and retailers. Customers today expect convenient, consistent, and personalized shopping experiences across all touchpoints. Retailers are deploying digital tools and technologies to engage with customers through online as well as physical stores. For instance, the adoption of cloud computing enables retailers to manage inventory across channels on a real-time basis. Utilizing big data and analytics helps retailers gain insights into customer behavior and tailor their experiences.
Another key factor aiding the market growth is the rising popularity of BOPIS (buy online pick up in-store) options. BOPIS allows customers to purchase items online and pick them up from a nearby store location. This hybrid of online and in-store shopping provides added convenience. Retailers are promoting BOPIS options to drive more customers to physical stores and boost sales conversions.
Segment Analysis
The omnichannel retailing market can be segmented into electronics, apparels and accessories, home and kitchen, beauty and personal care, food and grocery and others. The apparels and accessories segment currently dominates the market owing to rising demand for fashion apparels and changing consumer preferences. Consumers are increasingly adopting omnichannel approach for shopping apparels and accessories due to benefits like home delivery, increased convenience, better variety and comparision of prices.
PEST Analysis
Political: The omnichannel retailing market growth is positively influenced by supportive government policies and regulations towards development of infrastructure to aid e-commerce sector growth.
Economic: Rising disposable incomes and penetration of internet is driving the demand for omnichannel retailing. Developed economies currently dominate the market.
Social: Changing lifestyles, busy schedules and increasing preference for convenience in shopping is a major factor propelling the omnichannel retailing market growth.
Technological: Adoption of advanced technologies like AI, IoT, analytics is allowing retailers to provide personalized shopping experience to consumers across different channels. Advancements are improving efficiency and consumer satisfaction.
Key Takeaways
The global omnichannel retailing market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing penetration of internet and smartphone usage. The market size is estimated to reach US$ 17.30 Bn by 2030. North America region currently dominates the market owing to high internet penetration, tech-savviness of consumers and presence of major players in the region. The Asia Pacific region is projected to witness fastest growth owing to rising middle class population, rapid urbanization and increasing digital awareness in developing countries like India and China.
Key players operating in the omnichannel retailing market are Amazon, Walmart, Alibaba Group, Target Corporation, 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. These players are focusing on implementing advanced technologies to improve customer experience across all channels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
