As the demand for an efficient online marketplace soars high, the global market for retail digital transformation observes exponential growth. With the increasing Internet penetration and the rising number of mobile apps, this scenario is likely to remain so over the next few years, as the upsurge in awareness level about technology has encouraged consumers to shop online, through e-retail sites and mobile apps. Apart from this, the ease of navigation among a wide array of products when accessing through websites and the competitive prices these sites offer, have translated into massive popularity of online retailing.
The ongoing digital transformation in the retail industry has enabled providers to attain multi-channel sales using online marketplaces. According to Transparency Market Research (TMR), the market’s opportunity will expand substantially at a remarkable CAGR of 23.70% between 2014 and 2020.
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In this blog post, research analysts at TMR are answering some of the significant queries about the global retail digital transformation market:
What are the key factors that are influencing the global retail digital transformation market?
The global market for retail digital transformation has been gaining remarkably from the easy availability of Internet across the world that has enabled consumers to access online shopping sites easily. Various factors, such as advanced shipping services and secure modes of payment have increased customer interest towards online retail.
Going forward, the augmenting usage of mobile devices, such as smartphones and tablets, providing customers with great convenience, will influence the online shopping scenario across the world, positively, in the near future. The increasing number of promotional offers and high discounts on products available online and the surging investments by companies for the rapid development of mobile applications used in online shopping will also boost this market over the next few years.
Which of the regional markets will acquire dominance in near future?
Western Europe, Eastern Europe, North America, Japan, Asia Pacific excluding Japan, and the Middle East and Africa have surfaced as the main regional markets for retail digital transformation. North America, with the presence of established players, has been leading the global market over the last few years.
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The high Internet penetration within this region is expected to ensure the dominance of the North America market for retail digital transformation over the forthcoming years. Asia Pacific excluding Japan has been at the second spot since a few years and is anticipated to stay here over the next couple of years.
How the leading players are performing?
The global market for retail digital transformation is majorly consolidated. Amazon Inc., Alibaba Group Holding Ltd., and eBay Inc. are the most prominent players in this market. With a strong product portfolio and immaculate customer services, Amazon has been ruling the online market space since long. However, the increasing number of online retail companies has broken in the monopoly of Amazon, which is also evident from the declining share price of it. Other key players in the market are Otto Group, Rakuten Inc., and Flipkart Internet Private Ltd.