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Omnichannel retailing provides customers with a seamless shopping experience across different online and offline sales channels enabling them to browse merchandise, complete purchases and avail delivery or pickup options from any device. It improves the customer shopping journey and experience by offering integrated services and information flow across channels.
The global Omnichannel Retailing Market is estimated to be valued at US$ 3.8 Trillion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Omnichannel integration is one of the key trends stimulating growth in the omnichannel retailing market. Integration of online and offline channels not only enhances customer experience but also increases sales for retailers. With omnichannel integration, retailers can get a unified view of customers and their shopping behavior across touchpoints to offer personalized recommendations and deals. This helps retain existing customers and attract new ones. Advanced technologies such as AI and analytics are enabling retailers to gain valuable insights from customer data collected online and in-stores to improve products, services and ultimately sales. Omnichannel integration is thus improving customer loyalty and driving the market size of omnichannel retailing globally.
Key players: Key players operating in the omnichannel retailing market are Walmart, Amazon, Best Buy, Target, IKEA, Macy’s, and Nordstrom. Walmart has emerged as the leading player by leveraging its wide store network and strong logistics to provide seamless shopping experience across channels. Amazon has disrupted the retail industry with its tech-driven omnichannel strategy and next day delivery capabilities.
Regional analysis: North America region currently dominates the omnichannel retailing market owing to high adoption of advanced technologies and presence of major retailers with robust omnichannel strategies in the region. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by rising internet users, growing e-commerce sector and expansion of retailers into new markets in the region.
Segment Analysis
The omnichannel retailing market is dominated by the mobile/online segment. With increasing penetration of smartphones and internet connectivity, more and more consumers are relying on mobile devices and websites to research products and make purchases. The convenience of being able to shop anywhere, anytime through mobile phones and laptops has made the mobile/online segment highly popular among customers of all age groups.
Key Takeaways
The global omnichannel retailing market is expected to witness high growth. The global Omnichannel Retailing Market is estimated to be valued at US$ 3.8 Trillion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024-2031.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
