Omnichannel Retail Commerce Market (2029) : A Seamless Shopping Experience Revolution

The Omnichannel Retail Commerce Market witnessed a valuation of US$ 5.57 Bn in 2022 and is poised for substantial growth with an estimated CAGR of 14.53% over the forecast period.

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Omnichannel Retail Commerce Market Overview:

Revolutionizing the retail landscape, omnichannel retail commerce adopts a multichannel sales strategy, ensuring a consistent customer experience across various touchpoints - be it online, on a laptop, or in a physical store. Recent studies reveal that over 73% of global clients utilize multiple channels in their purchasing journey. According to the State of Commerce Experience 2021, 44% of B2C shoppers and 58% of B2B buyers always research products online before visiting physical stores.

Merchants embracing a robust omnichannel strategy experience higher customer retention rates, with over 89% retained consumers compared to those who don't. Organizations implementing omnichannel engagement strategies witness a significant 9.5% increase in annual revenue, compared to 3.4% for those without.

Omnichannel Retail Commerce Market Dynamics:

1. Rapid Adoption of E-Commerce:
The surging popularity of e-Commerce globally, driven by increased internet penetration and smartphone adoption, directly influences the growth of the omnichannel retail commerce market. Top retailers have embraced omnichannel commerce platforms, positively impacting 2021 e-commerce retail sales with a growth rate soaring from 20% to 30%.

2. Technological Advancements:
With modern technology at their disposal, small and medium-sized businesses are expected to invest in omnichannel retail commerce systems to stay competitive globally. The widespread internet adoption has propelled the global e-commerce business, compelling retailers to embrace sophisticated omnichannel commerce platforms connecting physical stores with online channels.

3. Cost and Complexity Challenges:
However, the high costs of installing software and setting up omnichannel retail commerce systems pose challenges to market growth. The complexity of supply chains also acts as a restraining factor.

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Omnichannel Retail Commerce Market Driving Revenue and Loyalty:

Adopting omnichannel retail commerce not only boosts revenue but also fosters long-term customer loyalty. Organizations utilizing omnichannel tactics experience a 91% higher year-over-year client retention rate. In-store customers using smartphones for research consider their devices more vital to the in-store experience.

2022 Trends in Omnichannel Retail Commerce Market:
1. Social Media Shopping:
Social media takes on a more significant role in brand engagement, with features like Facebook's retail and Instagram's Shopping. More than 60% of companies have begun using social e-commerce features.

2. Digital Payments:
Digital payments, including contactless payments, are crucial for creating seamless customer experiences. Predictions indicate that over 61 billion individuals worldwide will be using digital payments by 2023.

3. Shoppable Videos:
Shoppable videos emerge as a trend, blending shopping, entertainment, and interaction. People spent an average of 100 minutes per day watching online videos in 2022.

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Omnichannel Retail Commerce Market Segment Analysis:

Segmented into e-Commerce, Order Management, Point of Sales, Retail Order Broker Cloud, CRM, Warehouse Management, and others, the e-Commerce segment dominated with a 47.15% market share in 2022. E-commerce, once considered distinct, is now an integral part of the omnichannel commerce platform, providing customers with seamless online purchasing experiences.

by Deployment
SaaS
On-premise

by Solution
E-Commerce
Order management
Point of sales
Retail order broker cloud
CRM
Warehouse management
Others

by End User
Apparel & footwear
FMCG
Consumer Electronics
Others

Regional Insights:

North America holds the largest market share at 34.20% in 2022, driven by high digitization levels and a surge in online sales. Asia Pacific is expected to experience rapid growth at a CAGR of 18.3%, fueled by increased internet penetration, a growing e-commerce sector, and the adoption of click-and-collect systems.

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Key Players are:

1. Cognizant Technology Solutions Corp
2. IBM Corporation
3. Salesforce.com
4. NCR Corporation
5. SAP SE
6. Oracle Corporation
7. Diebold Nixdorf AG
8. Infosys Ltd
9. Toshiba Corporation
10. Infor Global Solutions Inc
11. iVend Retail
12. Dunnhumby
13. Retail pro international
14. SEPHORA
15. SAP SE
16. Aptos, Inc.
17. Fujitsu Limited
18. HCL Technologies Limited
19. Microsoft Corporation

Table of content for the Omnichannel Retail Commerce Market includes:

Part 01: Executive Summary

Part 02: Scope of the Omnichannel Retail Commerce Market Report

Part 03: Global Omnichannel Retail Commerce Market Landscape

Part 04: Global Omnichannel Retail Commerce Market Sizing

Part 05: Global Omnichannel Retail Commerce Market Segmentation

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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