Global Digital Transformation Market In Retail - Segmented By Accessibility (Mobile Application, Website), Products (Consumer Electronics, Media And Entertainment, Apparel, Food And Beverage) And Geography - Growth, Trends, And Forecasts (2018 - 2023)
The global digital transformation market in retail was is expected to register a CAGR of 22.15% during the forecast period of 2018-2023.
The advent of digital technologies for the collection, storage, analysis, and distribution of information has created new dynamics in digital transformation of the retail market. These digital technologies have also created numerous new opportunities for vendors serving the market, as any organization requires an efficient and easy work process, owing to the increase in the worldwide liberal trade policies and end users.
In the current competitive business environment, companies are trying to improve the utilization of work-flow and funds effectively. Hence, companies need to retrieve more information by means of digitization of commodity information. Owing to the tremendous daily functionalities and work schedules of companies, they need more funds and investment to enhance the technologies and infrastructure necessary for gathering vital information in less time. This requirement has created a significant demand for various business segments that mainly process large amounts of collected data from mobile application, and represent it in a way in which companies can apply these mobile technologies to their daily competitive retail business.
Increasing Usage of Smart Devices to Drive the Market’s Growth
Companies, such as Amazon, EBay, and others, have been continuously updating in tandem with the way consumers think about their services and how they go about their daily routines of shopping, with the help of smart gadgets. Smart devices even help the retail businesses to retain customers, by providing personalized and targeted services. They offer scalable, high performance, and cost-efficient services for businesses looking to expand their future operations, by providing 24/7 insights. These dynamics are expected to boost digital transformation of the retail market over the forecast period. The retail model is anticipated to look radically different, from what it was a decade ago. With the introduction of next generation technologies (such as the Internet of Things) and advanced connectivity spectrums (like 5G), the digital transformation of retail market is expected to witness surging demand over the next few years. The total number of IoT connected devices is expected to touch 30 billion by 2020.
Beauty and Personal Care Gaining Considerable Traction in the Digital Transformation Market
Owing to the increasing penetration of technology among various age groups across the globe, the retail domain has become an integral part of cosmetic products. Free returns and wide delivery options are focused on by retailers, thus adding value to the segment. Retail outlets continue to expand their product line (ranging from hair care, body care, face care, alcoholic perfumery, and hygiene products), with specifications and effective price comparison provided to consumers. The retail giants with more experience in the industry have been concentrating on the beauty and personal care products through e-commerce, which has given them access to larger customer bases. With larger customer bases, evolving technologies, and distribution channels, digital transformation of the retail sector is offering significant growth opportunities to the beauty & personal care market.
Key Developments in the Market