COVID-19 IMPACT SURVEY MAY 2020
The global market for Retail Omni-Channel Commerce Platform is projected to reach US$12.7 billion by 2025, driven by the growing business opportunity for eCommerce against the backdrop of the fact that the consumer purchase cycle is increasingly characterized by seamlessly shifting across channels and devices. Modern consumer behavior is rapidly changing with most consumers buying on various channels, making purchase cycle long, interconnected and complicated. Few of the factors highlighting the fact that a large majority of people shop across channels include emerging data that shows over 90% of customers in the United States switch between devices during the same day; modern customers today use an average of 6 touch-points for shopping that include physical store, online store, smartphone, PC, laptop and tablet; and to avoid shipping fee, increasing number of customers prefer to shop online and pick-up instore. Customers expect physical store inventory information to be featured online and almost 98% of customers exhibit frustration when having to repeat their issues to customer care when they switch from one channel to another. The emerging pattern of consumer purchases crossing the lines between physical and digital worlds reinforces the need for seamless omnichannel experiences. Smarter sales channel strategies is the need of the hour which is feeding the demand for omni-channel selling platforms. Defined as a retailing strategy where the retailer is ready and available at myriad customer touchpoints with a synchronized inventory, merchandising offers, prices and customer support, omni-channel commerce is growing in popularity and importance.
Benefits of omni-channel commerce include seamless buying experience across channels; enables purchase, delivery and returns accessible across all channels; easy portability of loyalty points, benefits and program across channels; provides for consistent branding, design, prices and customer support across all channels; results in better consumer buying experience and increased sales; improved profitability emerging from streamlined efficiency; and higher customer retention. There is growing evidence that over 50% of customers research online, visit a physical store to view the product and then return to buy the product online. The trend highlights the line between offline and online shopping, thus creating a need for seamless shopping experiences. This brings into the spotlight the 6.5 trillion dollar ecommerce opportunity and the untapped potential in store for traditional retailers. The United States represents the largest market worldwide followed by Europe. China is the fastest growing market with a CAGR of 21.7% over the analysis period led by factors such as rising consumerism of the country`s middle class; and growing efforts taken by the government to "unlock" the spending power of the rural provinces. Asia-Pacific excluding China follows next with a 21% CAGR led by India, Malaysia and Singapore, among others.