Industry Background:
Digital transformation in retail refers to digital technologies for the new business model in order to enhance customer experience and improved revenue streams. Further, it provides collaboration between multiple levels such as technologies, staff, and processes for the smooth operational process. Retail industry gradually shifting towards app and web-based services which offer an interactive user experience. Technological development to enhance retail operations with AI, cloud-based services and big data analytics expected to drive the digital transformation in the retail industry.
According to AMA Research, the market for Digital Transformation In Retail is expected to register a CAGR of 5.7% during the forecast period to 2030. This growth is primarily driven by Rising Application of AI and Cloud-Based Technology in Retail Industry
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2023-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Retail sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as IBM (United States), Microsoft (United States), Amazon Web Services (United States), Oracle (United States), SAP (Germany), Intel (United States), NVIDIA (United States), Google (United States), Sentient technologies (United States), Salesforce (United States), EBay Inc. (United States), Flipkart Inc. (Singapore), Snapdeal.com (India) and Tesco Pvt. Ltd (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January, 2024 – Accenture (NYSE: ACN) has agreed to acquire Work & Co, a global digital product company that blends design, technology, and innovation to help companies create breakthrough products and experiences. The acquisition reinforces how continued investment by Accenture Song—the world's largest tech-powered creative group—is creating new ways for its clients to grow while meeting their customers' ever-evolving needs.
11 November 2018, According to the survey held by National Retail Federation (NRF) 67% of Generation Z shoppers prefer offline retail store over online stores. This concludes offline retailers are also gaining significant market share owing to digital transformation in the retail sector.Digital transformation in the retail market is fragmented owing to the number of players present in the market. Some of the major players of the market are IBM, Amazon Web Services, SAP and others. Companies are focusing on the evolution of technologies such as AI and cloud-based services to improve supply chain and inventory management, escalating product line & distribution channels, rising penetration of E-commerce and increasing number of smartphone user generating lucrative opportunities for the Digital transformation in the retail market.
Influencing Trend:
Retailers Focusing on Personalized Promotions over Mobile Devices and Growing Adoption of Digital Signages and kiosk among Off-line Retailers
Market Growth Drivers:
Rising Application of AI and Cloud-Based Technology in Retail Industry, Increasing Usage of Social Media and Digital Marketing for Improved Promotional Strategy and Emphasizing on Innovative Mobile Logistics System
Challenges:
Difficulty in Integration of Application through an Application Program Interface (API)
Restraints:
Lack of Skilled Workforce to Adopt New Technologies
Opportunities:
Rising Demand of Cloud-Based Technology in Inventory and Supply Chain Management
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Digital Transformation In Retail Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Digital Transformation In Retail Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Digital Transformation In Retail players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Digital Transformation In Retail Study Sheds Light on
The Digital Transformation In Retail Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Digital Transformation In Retail industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Digital Transformation In Retail industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.