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Omnichannel Retail Commerce Platform Market Report 2024: Growth, Trends, Outlook to 2033
Omnichannel Retail Commerce Platform Market Report
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Omnichannel Retail Commerce Platform Market 2024 Key Insights:
• The Omnichannel Retail Commerce Platform Market is expected to grow to $11.24 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• E-Commerce's Meteoric Rise Igniting Omnichannel Platform Revolution
• Reliance Retail's Tira Revolutionizes Beauty Shopping With Its Seamless Omni-Channel Platform
• North America was the largest region in the omnichannel retail commerce platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the omnichannel retail commerce platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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