Digital transformation in retail refers to the integration of digital technologies in daily operations, back-end processes, supply chain, and customer engagement to enhance the overall shopping experience. Cloud-based platforms enable retailers to streamline operations, gain customer insights, and optimize supply chain logistics. The global Retail Digital Transformation Market is estimated to be valued at US$ 7230.57 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud-based platforms are driving digital innovation in the retail industry. These platforms provide scalable infrastructure for retailers to develop and deploy digital solutions. Using cloud, retailers can easily integrate technologies such as AI, analytics, IoT, and managed applications. It helps streamline operations across areas such as purchasing, merchandising, inventory, and supply chain. Cloud also enables retailers to gain granular customer insights through behavioral data and past purchase patterns. With these insights, retailers can offer personalized recommendations and campaigns to boost customer engagement and sales. Advanced technologies coupled with cloud-based infrastructure are accelerating digital transformation initiatives of retailers, thereby propelling the growth of the retail digital transformation market over the forecast period.
Segment Analysis
The global retail digital transformation market is segmented by component, business type, technology. Based on component, the market is segmented into solution and services. The solutions segment dominates the market currently due to increasing adoption of mobile point-of-sale solutions, supply chain management solutions, among others by the retail stores to enhance customer experience and optimize business processes.
Key Takeaways
The global Retail Digital Transformation Market Share is expected to witness high growth owing to rapid expansion of e-commerce industry and growing adoption of cloud and analytics solutions by retailers.
Regional analysis: North America region currently dominates the market due to rapid adoption of advanced technologies by established retail players in the region. Asia Pacific region is expected to witness fastest growth over the forecast period owing to growing internet and smartphone penetration and rising investments by retail companies in digital technologies in developing countries such as India and China.
Key players related content: Key players operating in the Retail Digital Transformation Market are Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL Corporation, Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of America, RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc. These players are focusing on offering advanced solutions and implementing various organic and inorganic growth strategies such as new product launches, partnerships, and expansions to increase their market share and enhance their positioning in the global market.
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