Global Digital Transformation In Retail Market Overview:
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. Some of the key players profiled in the study are 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).
On the basis of geography, the market of Digital Transformation In Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Accesibility, the sub-segment i.e. Mobile Application will boost the Digital Transformation In Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Application of AI and Cloud-Based Technology in Retail Industry
- Increasing Usage of Social Media and Digital Marketing for Improved Promotional Strategy
- Emphasizing on Innovative Mobile Logistics System
- Retailers Focusing on Personalized Promotions over Mobile Devices
- Growing Adoption of Digital Signages and kiosk among Off-line Retailers
- Lack of Skilled Workforce to Adopt New Technologies
- Rising Demand of Cloud-Based Technology in Inventory and Supply Chain Management
- Difficulty in Integration of Application through an Application Program Interface (API)
Major Market Developments:
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.
Retail Solutions, Platforms, and Service Providers, Research Organizations and Consulting Companies, Information Security Directors/Managers, Government Organizations, Consultants/Advisory Firms, Managed Service Providers, Digital Service Providers and Venture Capitalists, Private Equity Firms, and Startup Companies
Major Objectives Focused through this Study
To define, describe, and forecast the Global Digital Transformation In Retail market on the basis of product [Online Retail and Offline Retail] , application [Product Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant, Price Optimization, Payment Services Management, Supply Chain Management and Demand Planning and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Digital Transformation In Retail market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Digital Transformation In Retail industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are Alibaba Group Holding Limited (China), Mercado Libre Inc. (United States) and ViSenze (Singapore).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Digital Transformation In Retail market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.