NEW YORK, Nov. 24, 2022 /PRNewswire/ — The Global Omni-channel Retail Solutions Market size is expected to reach $13.5 billion by 2028, rising at a market growth of 13.4% CAGR during the forecast period.
Read the full report: https://www.reportlinker.com/p06364648/?utm_source=PRN
The omni-channel retail solution refers to the practice of integrating traditional and online sales channels. Customers are provided with a seamless shopping experience owing to omni-channel retail, which streamlines the connection between offline and online purchasing channels. Omni-channel solutions offer retailers a centralized data point from which they can obtain a centralized picture of their consumers, finances, inventory, and any other information they choose.
Traditional retailers have responded to the rapid growth of technology by diversifying their product offerings across different platforms. They are no longer limited to providing goods and services exclusively within their physical stores. Omni-channel retail solutions are able to consolidate the data from all of the platforms into a single location, which makes it simpler for merchants to keep track of everything and provides their customers with a more upscale shopping experience.
Additionally, it helps merchants to expand their enterprises in a way that is both effective and efficient. The expansion of the omni-channel market is being driven in large part by the capacity of omni-channel retail solutions to consolidate all relevant data points and information into a single platform. In addition to this, it enables customers to rapidly and easily acquire services and products in the manner that is most appropriate and conducive.
Because of the mechanics of consumer behavior, the entire focus has changed toward brand loyalty as well as the experience of the brand. Because of the significant expenses associated with acquiring new customers, it is critical to maintaining existing customers. One way to do this is to not only give customers what they require but also provide them with what they need when and when they need it.
COVID â€” 19 Impact Analysis
The COVID-19 outbreak caused severe damage to various businesses all over the world. Several economies were demolished as a result of the abrupt emergence of the pandemic. Due to these lockdowns, various manufacturers suffered significant losses. In addition, the supply chain was also hampered, which created the demand-supply gap. However, in the middle of the pandemic, market players initiated to adopt changes in order to comply with pandemic requirements, which compelled them to shift their businesses over to the internet. The expansion of the omni-channel retail solutions market is being driven by the increasing demand for e-commerce solutions, which in turn is propelling the adoption of retail omni-channel commerce platforms.
Market Growth Factors
Reduced stagnancy along with higher customers satisfaction
Omnichannel systems exhibit stock data throughout channels, reducing the likelihood of unsold goods. Thus, storage and opportunity expenses are reduced. The endless aisle approach is one of the most effective applications of cross-channel inventory management. These businesses enable in-store buyers to explore online inventory and have things shipped to their homes or picked up at a separate location.
In addition, investing in customer experience can have a significant impact on revenue. Businesses can significantly increase their revenue by leveraging the omni-channel retail solutions.
Rapidly increasing penetration of advanced consumer electronics
The growing adoption of smartphones as well as the increasing number of people with access to the internet across the world are two factors that are contributing to the robust expansion of sales conducted via online platforms. The expansion of the platform for omni-channel retail all over the world is directly impacted as a result of this. Moreover, with the rapid advancement of the internet and technology, the adoption of 5G is also increasing significantly throughout the world. In addition, the development of devices that are compatible with 5G networks would affect the adoption of 5G, which will result in enhanced connection and additional complex applications.
Market Restraining Factors
A lack of visibility throughout the inventory
One of the major stumbling blocks in the growth of the omni-channel retail solutions market is the lack of transparency throughout inventories. When compared to the conventional single-channel retail model, in which businesses rely solely on either physical or online selling of products, the multi-channel retail model, also known as omnichannel retailing, offers customers a greater degree of convenience. On the other hand, because there is such a large quantity of data to be analyzed from a variety of sources, it has resulted in an increase in the number of problems associated with synchronizing multiple data sets.
On the basis of Component, the Omni-channel Retail Solutions Market is bifurcated into Solution and Service. In 2021, the services segment garnered a substantial revenue share of the omni-channel retail solutions market. The expansion is a result of service offerings, including omni-channel retail solutions that are readily integrated with end-usersâ€™ existing systems with the aid of professional services. In addition, modern customers demand flawless interactions across all channels and devices.
Order Management Outlook
On the basis of order management, the Omni-channel Retail Solutions Market is bifurcated into Order Management, Warehouse/Inventory Management, CRM, Point of Sale, Promotion Planning, Analytics, Others. In the solutions segment, the order management segment witnessed the highest revenue share of the market. The rise can be attributed to the capabilities that omni-channel retail solutions providers, such as online returns, order management, and data & reporting across many sales channels, such as physical locations, social media platforms, websites, and online marketplaces.
By Channel, the Omni-channel Retail Solutions Market is segmented into Online Home Delivery, In-store Pickup, In-store Shopping, and Others. In 2021, the online home delivery segment garnered a substantial revenue share of the omni-channel retail solutions market. The general switch to digital, the high demand for contactless shipments, shifting consumption patterns, omni-channel engagement channels, and growing customer demands for convenience and speed have all accelerated the expansion of the online home delivery market.
Based on End-User, the Omni-channel Retail Solutions Market is categorized into FMCG, Apparel & Footwear, Consumer Electronics, Hospitality, and Others. In 2021, the consumer electronics segment acquired a significant revenue share of the omni-channel retail solutions market. The expansion can be attributed to the increasing use of smartphones and the increasing adoption of other electronic devices. Several prominent market players are implementing a variety of techniques, including alliances and acquisitions, to enhance their product offerings.
Based on Deployment, the Omni-channel Retail Solutions Market is divided into On-premise and Cloud. In 2021, the on-premises segment acquired the largest revenue share of the omni-channel retail solutions market. On-premises systems provide integration, dependability, and customization. Additionally, with the assistance of professional services, businesses can maximize the benefits of the customization options of on-premise systems. In an on-premise deployment option, an omni-channel retail solutionâ€™s required hardware and software would be installed.
Region-wise, the Omni-channel Retail Solutions Market is analyzed across North America, Europe, Asia-pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the omni-channel retail solutions market. In response to rapid globalization as well as commercialization, retailers in the region have increasingly adopted omni-channel commerce solutions. Several industry companies are improving their product offerings in order to support new consumer experiences.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, SAP SE, IBM Corporation, Salesforce, Inc. are the forerunners in the Omni-channel Retail Solutions Market. Companies such as Cognizant Technology Solutions Corp., Infosys Ltd., Toshiba Corporation are some of the key innovators in Omni-channel Retail Solutions Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NCR Corporation, Diebold Nixdorf, Inc., Infosys Limited, Toshiba Corporation, Oracle Corporation, SAP SE, IBM Corporation, Cognizant Technology Solutions Corporation, Salesforce.com, Inc. and Infor, Inc. (Koch Industries).
Recent Strategies Deployed in Omni-channel Retail Solutions Market
Partnerships, Collaborations and Agreements:
Sep-2022: Infosys entered into a partnership with Microsoft Cloud, a cloud computing service of Microsoft. With this partnership, the companies aimed to allow retail businesses to instantly redefine customer experiences, amplify systems, and renew processes through the cloud and data.
Sep-2022: Toshiba partnered with Grupo Ã‰xito, a South American retail company. This partnership aimed to deploy self-checkout technology throughout Grupo Ã‰xitoâ€™s stores.
Jun-2022: Oracle entered into a partnership with Komax, a globally active technology company. Under this partnership, the companies aimed to launch a range of services built on Oracle Retail Xstore Office, Oracle Retail Xstore Point-of-Service, Oracle Retail Order Broker, and Oracle Retail Customer Engagement, throughout brick-and-mortar stores of Komax across Peru and Chile. In addition, it would also allow retailers to provide enhanced customer service.
Mar-2022: IBM joined hands with Acuver Consulting, IT Services, and Consulting. Through this collaboration, the companies aimed to help M&S India in deploying an omnichannel order management system with reduced to-the-market time, effective order fulfillment capabilities, as well as enhanced customer experience.
Jan-2022: SAP entered into a partnership with dunnhumby, a leader in Customer Data Science. Under this partnership, the companies aimed to aid retailers in integrating cutting-edge customer insights into their merchandising as well as marketing programs. In addition, this partnership would also facilitate retailers in making faster decisions centered on the customer to offer a more personalized customer experience in-store as well as at home.
Jan-2022: NCR Corporation collaborated with Google Cloud, a suite of cloud computing services. Through this collaboration, the companies aimed to aid retailers throughout the world with the launch of cloud capabilities, like machine learning and AI, as well as additional platforms. In addition, it would offer retailers access to the leading tools along with seamless flexibility in provide to offer unprecedented in-store experiences for customers.
Dec-2021: Infosys teamed up with Packable, a leader in e-commerce. Following this collaboration, the companies aimed to integrate the capabilities of Infosys Equinox into Packableâ€™s Packable IQ intending to strengthen the ability of Packable in order to provide innovative, agile, and engaging D2C-in-a-box service.
Dec-2021: Infor partnered with OFFICE, a leader in fashion footwear. Under this partnership, the companies aimed to deploy Infor CloudSuite Fashion in order to help OFFICE in streamlining complex processes throughout warehousing, merchandising, planning, and allocations for improved business efficiency.
Nov-2021: Infor partnered with SNS and AlMalki Group. Following this partnership, the companies aimed to install the Infor WMS warehouse management systemâ€™s latest versions in order to offer in-depth experience and expertise to enable the company to meet its digitalization strategy while also complying with its warehouse management goals.
Sep-2021: Diebold Nixdorf collaborated with Conad Nord Ovest, a leading retail trade business. Through this collaboration, the companies aimed to accelerate the deployment of self-checkout solutions within Conadâ€™s stores.
Jun-2021: IBM collaborated with GK Software, a cloud services vendor. Under this collaboration, the companies aimed to accelerate advanced and cutting-edge retail built over the hybrid cloud technology from Red Hat and IBM. Moreover, this collaboration would also help businesses in quickly innovate and adopt the digital era.
May-2021: Diebold Nixdorf partnered with BP, an integrated oil and gas company. Under this partnership, Diebold would offer its integrated solution, DN AllConnect ServicesSM, to BP in order to enable the transformation of its journey by lowering its operational complexity.
Apr-2021: Cognizant joined hands with Inchcape, a retail leader in the Uk. With this partnership, the companies aimed to aid businesses in digitally transforming their accounting and finance services and infrastructure. Furthermore, Cognizant would accelerate new efficiencies while also identifying business insights to allow Inchcape to make smarter and faster business decisions.
Product Launches and Product Expansions:
Aug-2022: Salesforce launched Composable Storefront, a fully-customizable headless digital storefront. This solution aimed to offer the ability to customers to make site modifications with the flexibility and speed required to accelerate conversions, sales, and basket size in order to reduce costs.
Jan-2022: Toshiba introduced new capabilities in its ELERA, a unified commerce platform. With this product expansion, the companies aimed to expedite retailer digital transformation with an interconnected, agile, and highly adaptable technology.
Sep-2021: Infosys unveiled the Equinox platform. This product launch aimed to aid businesses in delivering secure personalized and hyper-segmented omnichannel commerce experiences to B2B as well as B2C customers.
Jan-2021: Toshiba released Elera, a unified commerce platform. Following this launch, the company aimed to aid retailers in rapidly incorporating functionality as well as features without the requirement for re-platforming. Furthermore, this solution would also address the gap between the web and stores.
Jan-2021: Diebold Nixdorf rolled out the Series Easy, a range of self-service solutions. With this launch, the companies aimed to aid retailers in designing, enabling and operating respective staff and consumer experiences.
Oct-2020: SAP launched the SAP Customer Data Platform, an advanced CDP. This solution aimed to enable businesses to redefine the customer experience throughout every engagement spanning from marketing and commerce to service and sales.
Acquisitions and Mergers:
Nov-2020: SAP acquired Emarsys, a leader in omnichannel customer engagement. Through this acquisition, the company aimed to complement its Customer Experience offerings in order to develop a new standard of digital commerce management. Moreover, this acquisition would also offer significantly personalized omnichannel engagements in real time to aid businesses in ensuring impactful and relevant engagement.
Oct-2020: Salesforce took over Mobify, a Technology Solutions provider. This solution aimed to enable the infrastructure to scale, host, secure, and monitor retail Salesforce e-commerce storefronts. It would allow a variety of applications and devices to link to the back-end systems of a Salesforce user for inventory, content management, inventory, payment, and fulfillment.
Scope of the Study
Market Segments covered in the Report:
o Order Management
o Warehouse/Inventory Management
o Point of Sale
o Promotion Planning
â€¢ In-store Shopping
â€¢ Online Home Delivery
â€¢ In-store Pickup
â€¢ Apparel & Footwear
â€¢ Consumer Electronics
â€¢ North America
o Rest of North America
o Rest of Europe
â€¢ Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
â€¢ NCR Corporation
â€¢ Diebold Nixdorf, Inc.
â€¢ Infosys Limited
â€¢ Toshiba Corporation
â€¢ Oracle Corporation
â€¢ SAP SE
â€¢ IBM Corporation
â€¢ Cognizant Technology Solutions Corporation
â€¢ Salesforce.com, Inc.
â€¢ Infor, Inc. (Koch Industries)
â€¢ Exhaustive coverage
â€¢ Highest number of market tables and figures
â€¢ Subscription based model available
â€¢ Guaranteed best price
â€¢ Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06364648/?utm_source=PRN
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
View original content:https://www.prnewswire.com/news-releases/the-global-omni-channel-retail-solutions-market-size-is-expected-to-reach-13-5-billion-by-2028–rising-at-a-market-growth-of-13-4-cagr-during-the-forecast-period-301685984.html
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. NYnewscast.com takes no editorial responsibility for the same.