The Global Omni-channel Retail Solutions Market size is expected to reach $13.5 billion by 2028, rising at a market growth of 13.4% CAGR during the forecast period.
The omni-channel retail solution refers to the practice of integrating traditional and online sales channels. Customers are provided with a seamless shopping experience owing to omni-channel retail, which streamlines the connection between offline and online purchasing channels. Omni-channel solutions offer retailers a centralized data point from which they can obtain a centralized picture of their consumers, finances, inventory, and any other information they choose.
Traditional retailers have responded to the rapid growth of technology by diversifying their product offerings across different platforms. They are no longer limited to providing goods and services exclusively within their physical stores. Omni-channel retail solutions are able to consolidate the data from all of the platforms into a single location, which makes it simpler for merchants to keep track of everything and provides their customers with a more upscale shopping experience.
Additionally, it helps merchants to expand their enterprises in a way that is both effective and efficient. The expansion of the omni-channel market is being driven in large part by the capacity of omni-channel retail solutions to consolidate all relevant data points and information into a single platform. In addition to this, it enables customers to rapidly and easily acquire services and products in the manner that is most appropriate and conducive.
Because of the mechanics of consumer behavior, the entire focus has changed toward brand loyalty as well as the experience of the brand. Because of the significant expenses associated with acquiring new customers, it is critical to maintaining existing customers. One way to do this is to not only give customers what they require but also provide them with what they need when and when they need it.
The COVID-19 outbreak caused severe damage to various businesses all over the world. Several economies were demolished as a result of the abrupt emergence of the pandemic. Due to these lockdowns, various manufacturers suffered significant losses. In addition, the supply chain was also hampered, which created the demand-supply gap. However, in the middle of the pandemic, market players initiated to adopt changes in order to comply with pandemic requirements, which compelled them to shift their businesses over to the internet. The expansion of the omni-channel retail solutions market is being driven by the increasing demand for e-commerce solutions, which in turn is propelling the adoption of retail omni-channel commerce platforms.
Omnichannel systems exhibit stock data throughout channels, reducing the likelihood of unsold goods. Thus, storage and opportunity expenses are reduced. The endless aisle approach is one of the most effective applications of cross-channel inventory management. These businesses enable in-store buyers to explore online inventory and have things shipped to their homes or picked up at a separate location. In addition, investing in customer experience can have a significant impact on revenue. Businesses can significantly increase their revenue by leveraging the omni-channel retail solutions.
The growing adoption of smartphones as well as the increasing number of people with access to the internet across the world are two factors that are contributing to the robust expansion of sales conducted via online platforms. The expansion of the platform for omni-channel retail all over the world is directly impacted as a result of this. Moreover, with the rapid advancement of the internet and technology, the adoption of 5G is also increasing significantly throughout the world. In addition, the development of devices that are compatible with 5G networks would affect the adoption of 5G, which will result in enhanced connection and additional complex applications.
One of the major stumbling blocks in the growth of the omni-channel retail solutions market is the lack of transparency throughout inventories. When compared to the conventional single-channel retail model, in which businesses rely solely on either physical or online selling of products, the multi-channel retail model, also known as omnichannel retailing, offers customers a greater degree of convenience. On the other hand, because there is such a large quantity of data to be analyzed from a variety of sources, it has resulted in an increase in the number of problems associated with synchronizing multiple data sets.
On the basis of Component, the Omni-channel Retail Solutions Market is bifurcated into Solution and Service. In 2021, the services segment garnered a substantial revenue share of the omni-channel retail solutions market. The expansion is a result of service offerings, including omni-channel retail solutions that are readily integrated with end-users' existing systems with the aid of professional services. In addition, modern customers demand flawless interactions across all channels and devices.
On the basis of order management, the Omni-channel Retail Solutions Market is bifurcated into Order Management, Warehouse/Inventory Management, CRM,Point of Sale, Promotion Planning, Analytics, Others. In the solutions segment, the order management segment witnessed the highest revenue share of the market. The rise can be attributed to the capabilities that omni-channel retail solutions providers, such as online returns, order management, and data & reporting across many sales channels, such as physical locations, social media platforms, websites, and online market places.
By Channel, the Omni-channel Retail Solutions Market is segmented into Online Home Delivery, In-store Pickup, In-store Shopping, and Others. In 2021, the online home delivery segment garnered a substantial revenue share of the omni-channel retail solutions market. The general switch to digital, the high demand for contactless shipments, shifting consumption patterns, omni-channel engagement channels, and growing customer demands for convenience and speed have all accelerated the expansion of the online home delivery market.
Based on End-User, the Omni-channel Retail Solutions Market is categorized into FMCG, Apparel & Footwear, Consumer Electronics, Hospitality, and Others. In 2021, the consumer electronics segment acquired a significant revenue share of the omni-channel retail solutions market. The expansion can be attributed to the increasing use of smartphones and the increasing adoption of other electronic devices. Several prominent market players are implementing a variety of techniques, including alliances and acquisitions, to enhance their product offerings.
Based on Deployment, the Omni-channel Retail Solutions Market is divided into On-premise and Cloud. In 2021, the on-premises segment acquired the largest revenue share of the omni-channel retail solutions market. On-premises systems provide integration, dependability, and customization. Additionally, with the assistance of professional services, businesses can maximize the benefits of the customization options of on-premise systems. In an on-premise deployment option, an omni-channel retail solution's required hardware and software would be installed.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 5.7 Billion |
| Market size forecast in 2028 | USD 13.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 13.4% from 2022 to 2028 |
| Number of Pages | 363 |
| Number of Tables | 583 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Channel, Deployment, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Omni-channel Retail Solutions Market is analyzed across North America, Europe, Asia-pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the omni-channel retail solutions market. In response to rapid globalization as well as commercialization, retailers in the region have increasingly adopted omni-channel commerce solutions. Several industry companies are improving their product offerings in order to support new consumer experiences. Moreover, a number of major market players are operating within the region, which is making the regional market more competitive.
Free Valuable Insights: Global Omni-channel Retail Solutions Market size to reach USD 13.5 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, SAP SE, IBM Corporation, Salesforce, Inc. are the forerunners in the Omni-channel Retail Solutions Market. Companies such as Cognizant Technology Solutions Corp., Infosys Ltd., Toshiba Corporation are some of the key innovators in Omni-channel Retail Solutions Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NCR Corporation, Diebold Nixdorf, Inc., Infosys Limited, Toshiba Corporation, Oracle Corporation, SAP SE, IBM Corporation, Cognizant Technology Solutions Corporation, Salesforce.com, Inc. and Infor, Inc. (Koch Industries).
By Component
By Channel
By End-Use
By Deployment
By Geography
The global Omni-channel Retail Solutions Market size is expected to reach $13.5 billion by 2028.
Reduced stagnancy along with higher customers satisfaction are driving the market in coming years, however, A lack of visibility throughout the inventory restraints the growth of the market.
NCR Corporation, Diebold Nixdorf, Inc., Infosys Limited, Toshiba Corporation, Oracle Corporation, SAP SE, IBM Corporation, Cognizant Technology Solutions Corporation, Salesforce.com, Inc. and Infor, Inc. (Koch Industries).
The Apparel & Footwear market is acquiring high market share in the Global Omni-channel Retail Solutions Market by End-Use in 2021; thereby, achieving a market value of $3.9 billion by 2028.
The Solution market is leading the Global Omni-channel Retail Solutions Market by Component in 2021; thereby, achieving a market value of $8.5 billion by 2028.
The North America market dominated the Global Omni-channel Retail Solutions Market by Region in 2021; thereby, achieving a market value of $4.5 million by 2028.
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