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The omnichannel retailing market involves selling both online and offline through integrated multi-channel platforms. It allows consumers to complete transactions whenever and wherever they choose across physical and digital touchpoints. With omnichannel retailing, consumers have access to an extensive catalog, convenient returns and exchanges, and assistance around the clock. It offers advantages such as consistent brand experience, enhanced customer service, centralized inventory visibility and management, and actionable customer insights. Omnichannel meets today’s demanding consumers’ needs by providing them with a seamless and engaging shopping experience no matter the device or channel.
The global 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 key trends:
One of the key trends in the omnichannel retailing market is retailers adopting unified commerce platforms. Unified commerce platforms help integrate offline and online sales channels, inventory, order management and fulfillment. This enables retailers to deliver a consistent omni-channel experience to customers. Another trend is use of analytics and customer data to personalize experiences. Retailers are leveraging customer demographic data, purchase history and online behaviors to provide customized recommendations, personalized content and tailored loyalty programs. Advancements in areas like AI, IoT, mobile technologies are also supporting delivery ofrich omnichannel experiences. Moreover, growing popularity of buy online pickup in store models and expansion of fulfillment capabilities are augmenting adoption of omniretailing worldwide.
Porter’s Analysis
Threat of new entrants: Low barriers to entry with increasing digital technologies enables new players to enter the market easily. However, established players have strong brand recognition and supply chain capabilities.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of multiple options and substitutes in the market. However, large suppliers may enjoy some negotiating power.
Bargaining power of buyers: Buyers have high bargaining power due to availability of multiple omnichannel retailers and price comparison options online. Buyers can easily switch between retailers.
Threat of new substitutes: Threat of substitutes is moderate as other emerging technologies like social commerce and mobile commerce are gaining traction.
Competitive rivalry: Intense competition due to presence of global established retailers and growing e-commerce players.
Key players operating in the omnichannel retailing market include 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, and ASOS PLC. Major players are focusing on enhancing their omnichannel capabilities to provide seamless shopping experience and drive higher customer engagement.
Key Takeaways
The global omnichannel retailing market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing adoption of omnichannel strategies by retailers and changing consumer shopping behavior.
Regionally, the market in Asia Pacific is expected to grow at the fastest rate owing to rising internet penetration and growing e-commerce adoption in emerging economies like China and India. North America is expected to dominate the global market, with United States accounting for the largest share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
