The global Omnichannel Retailing Market is estimated to be valued at US$ 7.80 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Omnichannel retailing aims to provide a seamless shopping experience to customers by integrating online and offline shopping channels. This allows customers to purchase products through various interconnected channels like company websites, mobile apps, retail stores, catalogs, call centers, social media, and other channels. Omnichannel retailing provides advantages like enhanced customer experience, flexibility in shopping, and increased sales.
Market key trends:
One of the key trends driving the Omnichannel Retailing Market Size is the rising popularity of e-commerce. The continuous advancements in technologies like AI, IoT, augmented reality, and data analytics have made retail operations more efficient and personalized. Companies are offering new features like buy online pick up in store, reserve & pickup, endless aisle, and contactless curbside collection through digital channels to attract more customers. Data collected across channels gives retailers deep insights about customer behavior and preferences which help in improving the shopping experience.
The omnichannel retailing market is dominated by fashion and apparel segment. This segment accounts for over 35% of the total market share owing to increasing demand for seasonal apparel and accessories among consumers. The growing trend of personalized and customized clothing has further boosted the sales of apparel and fashion products through omnichannel platforms.
The global omnichannel retailing market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing adoption of advanced technologies including augmented reality, virtual reality, and artificial intelligence by retailers.
The North America region dominates the omnichannel retailing market and is expected to continue its dominance during the forecast period. This is attributed to strong penetration of smart devices and improved internet connectivity in countries like US and Canada. The Asia Pacific region is expected to exhibit the highest CAGR during the forecast period owing to rising internet penetration and increasing disposable income of consumers in emerging countries like China and India.
Key players operating in the omnichannel retailing market are Amazon, Walmart, Alibaba Group, Target Corporation, eBay Inc., Best Buy Co. Inc, Zara (Inditex Group), The Home Depot Inc, Nordstrom Inc, Macy’s Inc, Costco Wholesale Corporation, Apple Inc., Tesco PLC, ASOS PLC. Amazon leads the market with over 35% share owing to its wide product portfolio and strong supply chain network.
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