Technological advancements have changed the traditional way of operating in almost every sector. Digital transformation has also introduced in the retail sector that has significantly benefited the market. Of the advent of social media, tablets, smartphones, and other medium has transformed the retail sector due to growing digitalization. Moreover, business to business interchange has also grown at an exponential rate.
Additionally, brick and mortar retailers are making effort to equip themselves with the ongoing digital changes. This will help them create a seamless and fast shopping experience for their customers. Huge investments are also being done in the transforming digital retail sector to improve services and to make quick sales through multi-channel. On the other hand, lack of personal touch and physical verification of the product could hamper the growth in the retail digital transformation market.
The global retail digital transformation market is anticipated to rise at a staggering CAGR of 23.7% throughout the forecast period from 2014 to 2020. In 2013, the valuation of the retail digital transformation market was US$982.8 bn.
Rising Use of M-Commerce to Fuel Demand for Website
The global retail digital transformation market is categorized on the basis of product and mode of access. Based on product type, the market is segmented into media, toys, and games, apparel and footwear, food, grocery, and beverages, consumer electronics and appliances, beauty and personal care, furniture and home improvement, and others. Out of these, consumer electronics and appliances led the market in 2013 due to the growing number of merchants using online platforms to sell their products. In addition, the apparel and footwear segment is also growing at a rapid pace, as high-end brands were easily accessible through online platforms and were penetrating in the retail digital transformation market.
On the basis of mode of access, the market is bifurcated into mobile apps and websites. Of these, the website segment led the market in 2013 by holding maximum share in the global market. This was due to improvement in the broadband internet connections that helped in greater navigation and easy usage. In addition, growing use of m-commerce is expected to drive the demand in for website segment but will also create demand for mobile application as well. However, the demand for mobile application segment is also because of the increasing penetration of smartphones.
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Growing Internet Penetration to Fuel Demand for Retail Digital Transformation in Asia Pacific
Geographically, the global retail digital transformation market classified into Europe, South America, North America, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. Of these, North America has led the market in 2013 in term of revenue. The rising use of the internet and presence of key players in the region supported the market growth of North America. On the other hand, the demand for the retail digital transformation is also growing in Asia Pacific due to growing internet penetration and changing lifestyle. By holding the second largest share in the global market, Asia Pacific is likely to grow at a rapid pace during the forecast tenure.
The vendor landscape includes some of the prominent players and their contribution to the global retail digital transformation market. The market has three leading players namely eBay, Inc., Amazon, Inc., and Alibaba Group Holding Limited. Other players in the global market are Flipkart Internet Private Limited, Otto Group, and Rakuten, Inc.