OMNICHANNEL RETAILING MARKET ANALYSIS

Omnichannel Retailing MarketSize and Trends

The Global Omnichannel Retailing Market size is estimated to be valued at US$ 7.80 billion in 2023 and is expected to reach US$ 19.51 billion by 2030, growing at a compound annual growth rate (CAGR) of 14% from 2023 to 2030.

The omnichannel retailing market refers to the approach taken by retailers to provide a seamless and integrated shopping experience across multiple channels, both online and offline. It involves coordinating various touchpoints such as brick-and-mortar stores, e-commerce websites, mobile apps, social media platforms, and customer service channels to create a unified and consistent experience for customers.

The omnichannel retailing market has gained significant importance in recent years due to the changing consumer behavior and the rapid growth of digital technologies. Customers now expect the flexibility to interact and transact with retailers through various channels, and they desire a consistent experience regardless of the channel they choose. Omnichannel retailing allows retailers to meet these customer expectations and provide a personalized, convenient, and seamless shopping journey.

By adopting an omnichannel approach, retailers can leverage the strengths of each channel to enhance customer engagement, drive sales, and build brand loyalty. For example, customers can research products online, make purchases through a mobile app, pick up or return items in-store, and receive customer support through various channels. This integration of channels enables retailers to provide a holistic and convenient shopping experience.

Figure 1. Global Omnichannel Retailing Market Share (%), by Region, 2023

Omnichannel Retailing Market Trends:

• Rise of Mobile Commerce: Mobile commerce (m-commerce) continues to grow as consumers increasingly rely on their smartphones and mobile devices for shopping. Retailers are optimizing their online platforms and mobile apps to provide seamless and intuitive mobile shopping experiences. Mobile payment options, such as mobile wallets and contactless payments, are becoming more prevalent, enabling convenient and secure transactions on mobile devices.
• Unified Commerce: The concept of unified commerce is gaining traction in the omnichannel retailing market. Unified commerce focuses on creating a single, integrated platform that connects all retail channels, both online and offline. This approach eliminates data silos and enables real-time inventory visibility, centralized customer data, and seamless transactions across channels. Retailers are adopting unified commerce solutions to deliver consistent experiences and streamline operations. For instance, in 2020, Salesforce cloud-based software company announced its acquisition of Slack, a popular collaboration and messaging platform. This acquisition aimed to provide Salesforce customers with enhanced communication and collaboration capabilities, enabling seamless interactions across all channels and improving team collaboration in the omnichannel retailing space.
• Emphasis on Personalization: Personalization is a significant trend in omnichannel retailing. Retailers are leveraging customer data and analytics to deliver personalized product recommendations, targeted promotions, and tailored experiences across channels. Advanced technologies, such as artificial intelligence (AI) and machine learning, enable retailers to understand customer preferences, behavior, and intent, allowing for more accurate personalization.
• Integration of Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies are being integrated into the omnichannel retailing experience to enhance product visualization, virtual try-on, and interactive shopping experiences. Retailers are leveraging AR and VR to bridge the gap between online and offline shopping, providing customers with immersive experiences that aid in purchasing decisions and differentiate the shopping journey.