Global Digital Transformation Market in Retail - Growth - Forecasts - Trends (2015-2020)
Today, the digital transformation in retail is highly significant for the success of any organization. With the help of digitization from the roots of supplier to customer value chain, the productivity is maximized by the use of social media, image processing, smart gadgets. The improved technology will allow the companies to reach the customers through multi commerce and the business analytics will help drive the decision making process. This is made possible by the implementation of Customer Intelligence Insights and Digital Commerce by using the platforms such as social media analytics, web analytics, personalization, loyalty management, recommendation engine, demand forecasting, supply chain visibility, collaboration and customer service. The customer intelligence will help to study the demographics of customer which will improve the cross channel marketing effectiveness by lowering operational costs. Whereas the digital commerce will drive customer retention, operational efficiency by lowering costs throughout the supply chain. Many multi-retail brands such as Wal-Mart and Kroger are on their second year of digital journey.
The Global Digital Transformation market in Retail is estimated to reach $xx billion by 2020 with a projected CAGR of xx.xx% during the six year forecasted period. The major driver to this market is context aware digital commerce. The other factors include increased usage of smart devices, increased number of online shoppers, enhanced logistics support and efficiency in processes. With the increasing demand for better modes of delivery, payment and demand for specific product, key players are offering a wide range of online retail products to fit specific customer requirements.
North America is leading the Global Digital Transformation in Retail with more than 30% market share followed by Asia Pacific and Europe. The Asia Pacific Region is at a high growth rate due to the increased number of smart devices and the accessibility to the internet connectivity. The market in Latin America is also growing at a faster rate parallel to Asia Pacific due to the efficient usage of online payment options. Consumer Electronics segment in the product category is estimated to hold a major market share with more than 38% of the Digital Transformation Market in Retail due to increased number of merchants selling appliances online at competitive prices compared to traditional stores.
The Digital transformation market is segmented on the basis of Accessibility (Mobile Application, Website), Products (Consumer Electronics, Media and Entertainment, Apparel, Food and Beverage, Furniture and Home Décor, Beauty and Personal Care), and Geographical Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America). The major players in this market include Amazon, Flipkart, EBay, Alibaba, Otto Group, Rakuten, Snapdeal, Wal-Mart, Tesco, Mercado Libre and Others.
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