Omnichannel Retail Commerce Platform Market Size, Insights, Outlook, Overview 2024-2033

The omnichannel retail commerce platform market size has grown rapidly in recent years. It will grow from $5.72 billion in 2023 to $6.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to consumer demand for convenience, rise of mobile commerce, need for real-time inventory visibility, growth of click-and-collect services, emphasis on customer experience.

The omnichannel retail commerce platform market size is expected to see rapid growth in the next few years. It will grow to $11.24 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to growth of omnichannel fulfillment options, expansion of voice commerce, emphasis on sustainability, focus on contactless payments, demand for omnichannel personalization. Major trends in the forecast period include in-store digital experiences, omnichannel marketing automation, localization and hyper-personalization, progressive web apps, subscription commerce.

Market Overview -
An omnichannel retail commerce platform is a comprehensive, integrated technological solution that facilitates seamless and cohesive retail experiences across multiple channels and touchpoints. The platform integrates and synchronizes retail channels, enabling consistent communication, transactions, and customer interactions.

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E-Commerce's Meteoric Rise Igniting Omnichannel Platform Revolution
The surging e-commerce sales are expected to propel the growth of the omnichannel retail commerce platform market going forward. Electronic commerce, commonly known as e-commerce, refers to the buying and selling goods and services over the internet or other electronic networks. It encompasses a wide range of transactions, including online retail sales and online auctions. It arises because of convenience for consumers, accessibility, vast product selection, time-saving, and efficiency. E-commerce is utilized in omnichannel retail commerce platforms to create a seamless and integrated shopping experience for customers across various channels, providing retailers with the essential infrastructure and capabilities to engage with customers, drive sales, and deliver. For instance, according to the United States Census Bureau, a US-based government agency, total e-commerce sales in 2023 were $1,118.7 billion, an increase of 7.6% from 2022. Therefore, surging e-commerce sales are driving the growth of the omnichannel retail commerce platform market.

Competitive Landscape -

Major companies operating in the omnichannel retail commerce platform market are Google LLC, Microsoft Corporation, HCL Technologies Limited, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, SAP SE, NVIDIA Corporation, Salesforce Inc., Toshiba Corporation, Infosys Limited, Baidu Inc., Block Inc., NCR Corporation, Shopify Inc., GoDaddy Inc., Diebold Nixdorf AG, Sensient Technologies, Wix.com Ltd., Lightspeed POS Inc., BigCommerce Pty. Ltd., ViSenze, LemonStand Corp.

Reliance Retail's Tira Revolutionizes Beauty Shopping With Its Seamless Omni-Channel Platform

Major companies operating in the omnichannel retail commerce platform market are focusing on developing innovative advancement platforms, such as Tira, an omnichannel beauty retail platform, to compete with other multi-brand beauty retailers and strengthen their position in the market. These platforms refer to a comprehensive approach that seamlessly integrates various channels, devices, and platforms to provide customers with a unified shopping experience in the beauty industry. For instance, in April 2023, Reliance Retail, an India-based retail company, launched an omnichannel beauty retail platform called Tira. The platform features a curated assortment of both global and home-grown beauty brands, making it a comprehensive destination for all things beauty. Additionally, this online platform is easy to navigate, with a clear and clutter-free interface that showcases shoppable videos, blogs, tutorials, trend-setting tips, personal recommendations, and a virtual try-on feature for color cosmetics.

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Key Segments -

The omnichannel retail commerce platform market covered in this report is segmented -

1) By Solution: E-commerce, Order Management, Pos(Point Of Sale), Customer Relationship Management (CRM), Warehouse Management, Retail Order Broker Cloud Service, Other Solutions
2) By Deployment: Software As A Service (SaaS), On- premises
3) By Organization: Small And Medium Sized Enterprises (SMEs), Large Enterprises
4) By End User: Consumer Electronics, Apparel And Footwear, Fast-Moving Consumer Goods (FMCG), Other End Users

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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