Tokyo, Japan, May 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Omnichannel Retail Commerce Platform Market: By Deployment, By Solution and Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 19.20% to attain a valuation of around USD 14.3 Billion by the end of 2030.
Omnichannel Retail Commerce Platform Industry Key Players
Eminent industry players profiled in the global omnichannel retail commerce platform market report include,
- NCR Corporation (US)
- Diebold Nixdorf AG (Germany)
- Infosys Ltd (India)
- Salesforce.com (US)
- Toshiba Corporation (Japan)
- Oracle Corporation (US)
- SAP SE (Germany)
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Omnichannel Retail Commerce Platform Market Report Scope:
| Report Metrics | Details |
| Omnichannel Retail Commerce Platform Market Size by 2030 | USD 14.3 Billion (2030) |
| Omnichannel Retail Commerce Platform Market CAGR during 2022-2030 | 19.20% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Growing adoption of e-commerce for convenient online shopping purposes and increasing adoption of smartphones and tablets are the major key factors that drive the market. |
Market Segmentation
The global omni-channel retail commerce platform market is bifurcated based on vertical, solution, and deployment.
By deployment, on-premise will lead the market over the forecast period.
By solution, e-commerce will domineer the market over the forecast period.
By vertical, consumer electronics will spearhead the market over the forecast period.
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Drivers
Booming E-Commerce Sales to Boost Market Growth
The rapid expansion of e-commerce sales globally is one of the key factors affecting growth in the worldwide retail omni-channel commerce platform market. E-commerce retail is expanding rapidly and becoming the customers' favorite sales channel both in developed and developing nations. The rapid rise in sales and use of mobile devices, particularly smartphones, and the expanding use of low-cost Internet services are the two main factors driving the expansion of retail sales via online channels. The e-commerce industry's rapid expansion has enormously favorable effects on the market for retail omni-channel commerce platforms because it is recognized as one of the primary channels in omni-channel commerce ecosystem.
Opportunities
Increasing Investments by Small & Medium-Sized Shops to offer Robust Opportunities
Due to the increasing sophistication of technologies & the ease with which essential resources are accessible, it is projected that small and medium-sized businesses will invest in this software, which might hasten the market's rise. This platform is used in a wide range of sectors and has several opportunities for omni-channel retail commerce platforms to drive the ORCP market's expansion. A number of omni-channel retail solutions were introduced by renowned digital commerce platform Shopify in May 2020 with the goals of improving online stores, offering a "buy now, pay later" option, and offering flexible local delivery. Shopify is also working with Facebook to establish optimal company processes to aid small-to-midsize retailers.
Restraints and Challenges
Privacy and Data Security Issues to act as Market Restraints
The dangers related to privacy and data security, high installation cost, complexity in the supply chain, and dearth in skilled expertise may act as market restraints over the forecast period.
Besides, the unpredictability of delivery times due to unforeseeable weather events or governmental regulations that may cause delivery of the goods to the consumer to be delayed can have a significant negative impact on the market's expansion. It is predicted that these issues will hinder market expansion during the projection period.
COVID-19 Analysis
Most of the important sectors are adversely impacted by the COVID-19's prevalence. Governments all across the world are firmly enforcing lockdowns, shutting down production sectors, banning transit, keeping social distance, & many other measures to stop the coronavirus from spreading. The business sector suffered significant losses as a result of the ongoing lockdown, which also caused production to stop. Even the large retailers, like Walmart, are seeing a decline in casual shopping. The electronics sector has been most negatively impacted by COVID-19 as China has outlawed China products from the other nations. China is the world's biggest producer of electronic goods and their parts, as per the International Trade Union Federation. Online purchasing has been more popular among customers during this pandemic as a result of social withdrawal and keeping at home, & e-commerce has accelerated growth. Due to its advantages for better shopping, consumers staying at home are favoring this platform, which has a beneficial impact on the market for omni-channel retail commerce platforms. As a result, in the current market environment, demand is rising.
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Regional Analysis
North America to Head Omni-Channel Retail Commerce Platform Market
Due to its high level of digitization and a rise in online sales relative to offline sales, North America is expected to contribute a significant portion of the global market for omnichannel retail commerce platforms. Also, as compared to other regions, this region's retailers use omnichannel commerce solutions at a rather high rate. Due to its high level of digitization and increasing online sales in comparison to offline sales, North America is anticipated to make up a sizeable percentage of the market. Also, this region's retailers adopt omnichannel commerce solutions in a comparatively higher proportion when compared to other regions. Due to the area's rapid internationalization and commercialization, retailers there are using more omni-channel commerce solutions. A number of industry players are increasing the range of products they offer in order to create fresh client experiences.
APAC to Have Admirable Growth in Omnichannel Retail Commerce Platform Market
Asia-Pacific will grow at the highest rate due to the significant e-commerce sector and the use of click & collect systems. The expansion of the internet retail industry could drive market expansion. The market is expanding for the rising need for omnichannel platforms in developing nations like China, Japan, and India. The major e-commerce industry and growing popularity of click-and-collect systems both support the expansion of the region.
Industry Updates
April 2023- Reliance Retail Ltd., the retail division of the Reliance Group, announced the opening of Tira, an omnichannel platform for selling beauty products. Tira is an omnichannel retail model that offers a selected selection of both international and domestic brands. It is powered by technology and personalized experiences. It features blogs, shoppable videos, tutorials, fashion-forward advice, user-submitted recommendations, and a virtual try-on function that lets users test out color cosmetics in the convenience of their own homes.
The Asia Pacific area now dominates the worldwide live streaming market, led by a large user base. Furthermore, the proliferation of live video-streaming services and increased customer demand for live streaming over traditional television channels boost the market growth.
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