Since e-Commerce is regarded as one of the key channels in the omnichannel commerce ecosystem, the rapid growth of e-commerce industry has huge positive implications for the retail omni-channel commerce platform market. Growing penetration of low cost Internet services and rapid increase in sales and use of mobile devices specifically smartphones are major contributors to the growing retail sales through online channels. In both developed and developing economies, e-commerce retail is witnessing exponential growth and emerging as the preferred sales channel among customers. One of the major factors influencing growth in the global retail omni-channel commerce platform market is the rapid growth of e-commerce sales across the world. Consequently, in a retail industry impacted by increasing competition, advent of new technologies and changing consumer behavior, omnichannel retail is emerging as an effective solution for the industry to adapt and respond to the challenges. The rising significance of these technologies can be seen by the fact that about 45-50% of retail sales in the US are known to be influenced by digital touchpoints. The recent years have witnessed the disruption in the retail industry through the advent of a number of digital touchpoints, such as smart shelf technologies, self-serve tablets and interactive kiosks. The promise of integrated shopping experience for customers through strong physical stores and through multiple online channels, such as desktop or mobile and social media or online websites or digital touchpoints such as kiosks or smart shelves continues to drive retailers towards omnichannel platforms. Given the significant advantages offered by omnichannel strategy, a growing number of retailers are looking to create presence in multiple channels as against restricting themselves to online or store formats. The United States represents the largest regional market for Retail Omni-Channel Commerce Platform, and is projected to reach US$4 Billion by 2026. Amid the COVID-19 crisis, the global market for Retail Omni-Channel Commerce Platform estimated at US$8 Billion in the year 2022, is projected to reach a revised size of US$14.6 Billion by 2026, registering a compounded annual growth rate (CAGR) of 16.4% over the analysis period. Omni-Channel Commerce Platform is of immense use in FMCG, Apparel & Footwear, Consumer Electronics, Hospitality, and several other retail sectors. Like other software tools, omnichannel platform is made available in on-premise as well as cloud-based SaaS versions. Effective internal organization, adequate customer analytics capabilities, data quality, and ability to identify customers across shopping trips are some of the focus areas that potentially improve omni-channel retail platforms. Further, the platform comes with seamless integration with ERPs and can generate data periodically, supporting analytical approach. Key benefits with the omnichannel commerce platform include end-to-end integration of online/offline stores, dynamic order allocation, integrated omni-channel order management, centralized inventory management, simplified logistics, and convenient return management. Retail Omni-Channel Commerce Platform is a software tool designed to support omnichannel retail strategies of brands and retailers. Involving a multi-channel strategy that takes into consideration the various platforms and devices customers will use for interacting with the company, omnichannel sales approach is designed to provide an integrated shopping experience to customers using the information drawn from various channels. Retail omni-channel commerce platform can be described as a cross-channel business model used by retailers to enhance overall shopping experience of customers. Global Retail Omni-Channel Commerce Platform Market to Reach $14.6 Billion by 2026 Online interactive peer-to-peer collaborative bespoke updatesĪccess to our digital archives and MarketGlass Research Platform 10, 2022 (GLOBE NEWSWIRE) - announces the release of the report "Global Retail Omni-Channel Commerce Platform Industry".
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