What`s New for 2023?

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Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

Global Retail Omni-Channel Commerce Platform Market to Reach $14.6 Billion by 2026

Retail omni-channel commerce platform can be described as a cross-channel business model used by retailers to enhance overall shopping experience of customers. Involving a multi-channel strategy that takes into consideration the various platforms and devices customers will use for interacting with the company, omnichannel sales approach is designed to provide an integrated shopping experience to customers using the information drawn from various channels. Retail Omni-Channel Commerce Platform is a software tool designed to support omnichannel retail strategies of brands and retailers. Key benefits with the omnichannel commerce platform include end-to-end integration of online/offline stores, dynamic order allocation, integrated omni-channel order management, centralized inventory management, simplified logistics, and convenient return management. Further, the platform comes with seamless integration with ERPs and can generate data periodically, supporting analytical approach. Effective internal organization, adequate customer analytics capabilities, data quality, and ability to identify customers across shopping trips are some of the focus areas that potentially improve omni-channel retail platforms. Like other software tools, omnichannel platform is made available in on-premise as well as cloud-based SaaS versions. Omni-Channel Commerce Platform is of immense use in FMCG, Apparel & Footwear, Consumer Electronics, Hospitality, and several other retail sectors.

Amid the COVID-19 crisis, the global market for Retail Omni-Channel Commerce Platform estimated at US$8 Billion in the year 2022, is projected to reach a revised size of US$14.6 Billion by 2026, registering a compounded annual growth rate (CAGR) of 16.4% over the analysis period. The United States represents the largest regional market for Retail Omni-Channel Commerce Platform, and is projected to reach US$4 Billion by 2026.

Given the significant advantages offered by omnichannel strategy, a growing number of retailers are looking to create presence in multiple channels as against restricting themselves to online or store formats. The promise of integrated shopping experience for customers through strong physical stores and through multiple online channels, such as desktop or mobile and social media or online websites or digital touchpoints such as kiosks or smart shelves continues to drive retailers towards omnichannel platforms. The recent years have witnessed the disruption in the retail industry through the advent of a number of digital touchpoints, such as smart shelf technologies, self-serve tablets and interactive kiosks. The rising significance of these technologies can be seen by the fact that about 45-50% of retail sales in the US are known to be influenced by digital touchpoints. Consequently, in a retail industry impacted by increasing competition, advent of new technologies and changing consumer behavior, omnichannel retail is emerging as an effective solution for the industry to adapt and respond to the challenges.

One of the major factors influencing growth in the global retail omni-channel commerce platform market is the rapid growth of e-commerce sales across the world. In both developed and developing economies, e-commerce retail is witnessing exponential growth and emerging as the preferred sales channel among customers. Growing penetration of low cost Internet services and rapid increase in sales and use of mobile devices specifically smartphones are major contributors to the growing retail sales through online channels. Since e-Commerce is regarded as one of the key channels in the omnichannel commerce ecosystem, the rapid growth of e-commerce industry has huge positive implications for the retail omni-channel commerce platform market. Several leading retailers are adopting retail omnichannel strategy to tap the e-commerce opportunity and also drive traffic and sales in physical stores. The need to offer seamless shopping experience to customers remains the major factor fueling adoption of omnichannel commerce platform among retailers. The potential of omnichannel strategy is also being realized by small and mid-sized retailers, who are investing in the platform to survive the intensely competitive conditions.

By region, omnichannel commerce platform is widely adopted among retailers across North America, with Europe also exhibiting favorable growth outlook for the market. The strong growth in online shopping market and high adoption of digital technologies are fueling growth in the developed regions. Though a new concept in Asia, US retailers have for long been adopting omnichannel solutions, primarily to drive online sales to their physical retail outlets. Asia-Pacific presents considerable growth opportunity for the omnichannel retail commerce platform on account of the strong growth being witnessed in the e-commerce market along with rising adoption of click and collection system. A major challenge confronting the global omnichannel platform market is the high cost incurred in deploying omnichannel platform and installing the software.