Having realized that the digital world is the future of the retail industry, as a constantly rising number of people spend a vast amount of time online than in the physical world, a large number of new vendors are venturing into the digital retail field. With many multinational companies such Amazon.com, Inc., eBay, Inc., Alibaba Group Holding Limited, Rakuten, Inc., and Otto Group already holding dominant positions in the global retail digital transformation market, this scenario has further intensified the competition, states Transparency Market Research (TMR) in a recent report.
Aggressive and innovative marketing strategies, provision of quick and convenient product deliveries, and high-quality services through efficient vendor management are some of the most common strategies adopted by key companies in the market to stay ahead of the competition. The global retail digital transformation market had a valuation of US$1,376.18 bn in 2015 and is expected to rise to US$4,919.99 bn by 2020.
Mounting Number of Mobile Users and Rising Investment in E-commerce Industry to Bolster Market
Advancements in the fields of networking and telecommunication, making high-speed Internet connectivity a norm across many countries across the globe and an easily achievable goal for many others, has been the chief vehicle of the transformation that the retail industry has seen in the digital space in the past few years. This phenomenon has especially had profound implications on the development prospects of the retail digital transformation market in developing economies such as India and China.
With the improvement in the speed of internet connectivity in regions as these, the vast consumer base with access to personal mobility devices such as smartphones, laptops, and tablets has shifted to the digital retail industry at a substantial rate. India and China have witnessed the most prominent shift in consumer preference from conventional brick-and-mortar retail services to the digital retail industry and have promising economies for the retail digital transformation market in a matter of few years. Along with this factor, the vast rise in investments in the digital retail industry in recent past have bolstered the growth prospects of the global retail digital transformation market.
Cross-border Online Retailing to Offer Excellent Growth Opportunities
The lack of a personalized shopping experience shopping through digital retail portals is one of the key hindrances restraining the growth prospects of the global retail digital transformation market. The factor especially affects product categories such as fashion, beauty, and food products, where the feel and real-life view of the products plays a key role in sales.
Nevertheless, the ease with which digital retail platforms can expand their reach across geographically distant marketplaces gives the digital retail industry an upper hand over physically located retail outlets. A few additional logistics and transportation solutions in foreign market is mostly all that is required to achieve such expansion for digital retail vendors.
Consumer Electronics and Appliances Emerges as Leading Segment
Websites are presently the most favored mode of accessing digital retail stores, accounting for over two-thirds of the market’s overall revenues. In 2015, websites as a mode of access contributed US$1,453.73 bn to the global market. In terms of product categories that fetch the market its maximum share of revenues, the consumer electronics and appliances sector leads, contributing US$738.33 bn to the global market’s revenues in 2015. Over the period between 2014 and 2020, however, mobile apps as the mode of access and the product category of apparel and footwear are expected to be the most promising categories in the global retail digital transformation market.
This review is based on a recent market research report published by Transparency Market Research, titled “Retail Digital Transformation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
For this study, the market is segmented as follows:
Retail Digital Transformation Market, by Mode of Access
- Mobile Apps
Retail Digital Transformation Market, by Product
- Consumer Electronics and Appliances
- Apparel and Footwear
- Media, Toys and Games
- Food, Grocery and Beverages
- Furniture and Home Improvement
- Beauty and Personal Care
Retail Digital Transformation Market, by Geography
- North America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Latin America
- Middle East and Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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