Increased internet and mobile app adoption is predicted to boost growth in the worldwide retail digital transformation industry. Increasing investments in the retail digital transformation sector in emerging nations are likely to drive development in the worldwide retail digital transformation market during the forecast period. In the worldwide retail digital transformation industry, cross-border commerce might give significant development potential. In the worldwide retail digital transformation industry, research and development operations can create significant economic potential. Throughout the forecast period, the worldwide retail digital transformation market is likely to be hampered by a lack of human touch and product feel. Throughout the forecast period, the worldwide retail digital transformation market is likely to be hampered by a lack of understanding about the benefits of online buying. The growing number of internet users is driving market expansion. The consumer electronics market will expand dramatically.
According to Coherent Market Insights, the global Retail Digital Transformation Market is estimated to be valued at US$ 5,662.6 million in 2021 and is expected to exhibit a CAGR of 13.0% over the forecast period (2021-2028).
Key Competitors in the Retail Digital Transformation Industry:
1. Amazon.com, Inc.
Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). Amazon.com, Inc. was incorporated in 1994 and is headquartered in Seattle, Washington. In March 2020, Amazon.com, Inc. introduced a new set of business line technology for cashier-less convenience stores. In November 2021, Amazon.com Inc. infused 1,000 crore into Amazon Pay, the digital payments and financial services unit of Amazon India, amid an intensifying battle with Walmart-owned Flipkart in India’s booming online retail market.
2. MercadoLibre, Inc.
MercadoLibre, Inc. operates online commerce platforms in Latin America. The company was incorporated in 1999 and is headquartered in Montevideo, Uruguay.
3. eBay, Inc.
eBay Inc. operates marketplace platforms that connect buyers and sellers in the United States and internationally. The company's marketplace platform includes its online marketplace at ebay.com and the eBay suite of mobile apps. The company was founded in 1995 and is headquartered in San Jose, California.
4. Otto Group
Otto Group is primarily a retail e-commerce company, and as a shareholder, it also operates in e-commerce services. Otto Group's operations are divided into three divisions: multichannel retail, financial services, and logistics. The company was founded in 1949 and is headquartered in Hamburg, Germany.
5. Wal-Mart Stores, Inc.
Walmart Inc. engages in the operation of retail, wholesale, and other units worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. Walmart Inc. was founded in 1945 and is based in Bentonville, Arkansas. In July 2021, The Walmart announced that it will begin selling the “technologies and capabilities” it developed to create a seamless shopping experience across its digital and physical channels.
6. Alibaba Group Holding Limited
Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others. The company was incorporated in 1999 and is based in Hangzhou, the People's Republic of China.
7. Tesco PLC
Tesco PLC, together with its subsidiaries, engages in retailing and retail banking activities. It provides food products through approximately 4,752 stores in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary, as well as through online. Tesco PLC was founded in 1919 and is headquartered in Welwyn Garden City, the United Kingdom.
8. Flipkart Internet Private Limited
It is Operator of an e-commerce shopping portal intended to offer a wide range of consumer products. The company's portal provides products across a range of categories, founded in 2007, headquartered in Bengaluru, India. In April 2017, Flipkart Internet Private Limited acquired eBay India.
*Definition- In retail, digital transformation is a dynamic approach to how a retailer uses technology to explore new enhanced income sources and new business models.
