The retail sector has been significantly impacted by the ongoing trend of digital transformation. There is an increased interaction and productivity across the value chain encompassing supplier to customer in the retail industry, through the usage of tablets, social media, smartphones, and image processing techniques. Owing to these technologies, there has been an exponential growth in business to business interchange. Due to other advanced technologies, major organizations in retail sector will expand their presence with multichannel commerce, while business analytics will enable their decision-making process in a remarkable manner.
Factors such as increasing internet penetration and rising number of mobile broadband subscriptions will boost the growth of retail digital transformation market. Owing to the rising investments in retail digital transformation sector, mostly in emerging nations, the growth of retail digital transformation market will be further boosted. However, the global retail digital transformation market growth will be hampered by lack of product feel and personal touch during shopping.
The market is categorized based on product, mode of access, and geography. On the basis of mode of access, the global market has been sub-divided into websites and mobile apps. Owing to the factors such as increasing Internet access, availability of mobile phones for convenient online shopping, customers tend to prefer a best-fit solution to meet their requirements. Based on type of product, the global retail digital transformation market has been divided into apparel and footwear; consumer electronics and appliances; food, toys and games; media, beauty and personal care, grocery and beverages; and others. The demand for various products in retail digital transformation market varies based on the demand for particular product in specific region. The rising investments by conventional brick-and-mortar retailers to perforate the retail digital transformation market so as to broaden their customer base, improvise the delivery modes and secure modes of payment have positively impacted the growth of global retail digital transformation market. The consumer electronics and appliances segment commanded the largest share of the global retail digital transformation market owing to the increase in number of merchants launching their products in online marketplace. Geographically, the global retail digital transformation market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA). Presently, North America commands the largest share of global retail digital transformation market owing to the presence of major companies and increase in internet access within this region. However, Asia-Pacific is expected to witness robust growth during the future years.
The major players in the global retail digital transformation market will reap huge benefits from opportunity obtained by transformation of cross-border retail digital market. The major players operating in the global retail digital transformation market are eBay, Alibaba Group Holding, and Amazon. The other players in this market include Rakuten, Snapdeal.com (Jasper Infotech Pvt. Ltd.), MercadoLibre, Inc., Otto Group, Wal-Mart Stores, Flipkart, and Tesco.
Market by Product
· Apparel and footwear
· Consumer electronics and appliances
· Food, toys and games
· Media, beauty and personal care
· Grocery and beverages
Market by Mode of Access
· Mobile apps
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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