Global Retail Digital Transformation Market: Snapshot
Increasing Internet penetration has surged the uptake of mobile applications. Along with this, the rising technological awareness is encouraging people to shop through the mobile application or from the website. In addition, the cutthroat competition among online retailers is leading to reduce the prices and improve ease of navigation. Additionally, the availability of a wide range of products is boosting the popularity of online retailing. The aforementioned factors are boosting the adoption of digital retailers which is likely to propel the growth of the global retail digital transformation market.
The transforming digital retail sector is experiencing huge investment to improve their existing services and to achieve multi-channel sales through the marketplace. However, lack of personal touch and feel of shopping is restraining growth of the global retail digital transformation market.
The global retail digital transformation market registered revenue of US$982.8 bn in 2013 and is expected to expand with an impressive CAGR of 23.70% over the forecast period from 2014 to 2020.
Rising Smartphone Users to Boost Uptake of Mobile Applications
On the basis of mode of access, retail digital transformation market is segmented into mobile apps and websites. Of these, mobile application accounted for the larger share owing to rising users of smartphones in developed and developing countries such as India and China. However, websites also have importance as an online retailing owing to advantages of websites such as easy and greater navigating areas. Thanks to this factor, the website segment held leading share in 2013 in the global digital retail transformation market.
On the basis of product type, the retail digital transformation market is segmented into apparel and footwear; consumer electronics and appliances; media, toys, and games; food, grocery, and beverages; beauty and personal care; furniture and home improvement; and others. Of these, consumer electronics and appliances dominated the global market in 2013 due to rising number of merchants introducing their products in the digital marketplace. The segment of footwear is growing rapidly due to availability of well-known brands.
High Internet Penetration in North America to Boost Growth
On the basis of region, the global retail digital transformation market is segmented into North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, Latin America, and the Middle East and Africa. Of these, in 2013, North America dominated the market for retail digital transformation in terms of revenue owing to the presence of prime players and high penetration of internet in the region. However, swift changes in lifestyle and growing internet penetration in Asia Pacific excluding Japan is boosting adoption of digital retails marketplace and likely to fuel growth of its global market. Thanks to this growth, the region held second place in the global market for digital retails transformation.
The global retail digital transformation market has fragmented competitive scenario. The three companies including Amazon, Inc., Alibaba Group Holding Limited, and eBay, Inc. are leading in the global market for retail digital transformation. Some of the other key players operating in the global market for retail digital transformation are Wal-Mart Stores, Inc., Rakuten, Inc., Flipkart Internet Private Limited.
- Mobile Apps
- Consumer Electronics and Appliances
- Apparel and Footwear
- Media, Toys and Games;
- Food, Grocery and Beverages
- Furniture and Home Improvement
- Beauty and Personal Care
- North America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Latin America
- Middle East and Africa