The global retail digital transformation market is led by key players such as Amazon, Inc., Alibaba Group Holding Limited, and eBay, Inc. These three comprise the top players in the market, states a new report by Transparency Market Research (TMR). Other players in the market include: Flipkart Internet Private Limited, Otto Group, and Rakuten, Inc. Leading players in the market are focusing on research and development, investing liberally so as to increase their shares in the market. Organic growth is another benefit players are seeking by investing in research and development. There exists a stiff competition among players in the retail digital transformation market to achieve brand positioning. Creating a strong brand has become the main focus of many leading companies in order to survive in the market. Players are constantly improving their services and products so as to satisfy their customers and continue reigning in the market. This in turn is not only enabling the growth of the company by attracting new customers and retaining existing ones, but is also helping the overall market of retail digital transformation to develop.
According to the report by TMR, the global digital retail industry is estimated to predicted to witness a 23.70% CAGR from 2014 to 2020. By application, the apparel and footwear segment is witnessing a massive growth on account of the growing number of big brands which are penetrating in the retail digital transformation market so as to become accessible for consumers hopping online. By geography, the global digital retail market is led by North America on account of the increased penetration of internet in the region. Asia Pacific excluding Japan held the second largest position in the market and is anticipated to experience fast growth by 2020.
Websites to Emerge as Popular Mode of Access to Digital Retail Shopping
By mode of access, the website segment is estimated to witness an exponential growth during the forecast period, fueled by the growing popularity of m-commerce. The improved broadband internet connection is one of the reasons behind the growth of this segment. Additionally, the ease of use and enhanced navigation areas offered by websites are other factors why consumers are likely to be inclined towards websites. Mobile applications are also popular among consumers owing to the increasing use of smartphones and tablets.
High Penetration of Internet and Smartphones Fueling Growth of Market
The global retail digital transformation market is driven by the increasing availability of internet. The availability of high speed internet across the globe offers easy access, which is encouraging consumers to shop online. “The facility of advanced shipping is driving consumers across the globe to make use of digital retail shopping,” says a TMR analyst. Moreover, the availability of safe and secure mode of payment is fueling more and more consumers to shop online, driving the global retail digital transformation market. Increased use of smartphones and tablets are also behind the growth of this market. The increasing number of discounts and promotions on products online is pushing consumers to shop online. The rapid development of mobile applications used in online retail shopping will further the growth of this market. The availability of various brands offering good quality products at high discounts has popularized online retailing, driving the retail digital transformation market worldwide.
The information presented in this review is based on a Transparency Market Research report, titled, “Retail Digital Transformation Market (Mode of Access - Mobile Apps and Websites; Product - Consumer Electronics and Appliances, Apparel and Footwear, Media, Toys and Games, Food, Grocery and Beverages, Furniture and Home Improvement, Beauty and Personal Care) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global retail digital transformation market has been 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
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