July 19, 2024
Ict

Online retail is fastest growing segment fueling the growth of Omnichannel Retailing Market

Omnichannel retailing refers to providing a seamless shopping experience for customers to shop online as well as through physical stores. It allows customers to research online and collect in-stores or curbside, buy online and return to stores, and use mobile apps for easy transactions. The strategy offers flexibility and convenient options to customers.

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.

Market key trends:

Online retail is emerging as the fastest growing segment in the omnichannel retailing market. Customers are increasingly shopping online owing to the convenience it provides. Companies are adopting omnichannel strategies and integrating their offline and online channels to provide a unified shopping experience to customers. They are using technologies like AI, analytics to understand customer behavior and better engage them across channels. Personalized recommendations, easy payment options and faster delivery are some of the key online features attracting more customers. Companies are also offering buy online and pick up in-store options to strengthen their omnichannel presence.

Segment Analysis
The global omnichannel retailing market is dominated by the apparel & footwear segment. This segment accounted for over 30% market share in 2023 due to increasing popularity of online fashion shopping. The consumer electronics segment is expected to grow at a high CAGR during the forecast period assisted by rising preference of consumers to buy electronic products both online and via physical stores.

Key players Operating in the omnichannel retailing market are Amazon, Walmart, Alibaba Group, Target Corporation, com, 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. Among these, Amazon led the global market in 2023 driven by its dominant positions in both online and offline retail domains across major regions.

Key Takeaways
The global omnichannel retailing market is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing preferences of consumers towards seamless shopping experiences across various channels.

The North America region dominated the global market in 2023 with over 35% share owing to strong adoption of omnichannel strategies by major retailers in the US and Canada. Asia Pacific is projected to be the fastest growing regional market over the next few years driven by expanding middle-class population and growing e-commerce penetration in China and India.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it