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| Retail Digital Transformation Market |
Digital transformation in retail refers to the integration of digital technologies in daily operations, back-end processes, supply chain, and customer engagement to enhance the overall shopping experience. Cloud-based platforms enable retailers to streamline operations, gain customer insights, and optimize supply chain logistics. The global Retail Digital Transformation Market is estimated to be valued at US$ 7230.57 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud-based platforms are driving digital innovation in the retail industry.
These platforms provide scalable infrastructure for retailers to develop and
deploy digital solutions. Using cloud, retailers can easily integrate
technologies such as AI, analytics, IoT, and managed applications. It helps
streamline operations across areas such as purchasing, merchandising,
inventory, and supply chain. Cloud also enables retailers to gain granular
customer insights through behavioral data and past purchase patterns. With
these insights, retailers can offer personalized recommendations and campaigns
to boost customer engagement and sales. Advanced technologies coupled with
cloud-based infrastructure are accelerating digital transformation initiatives
of retailers, thereby propelling the growth of the retail digital transformation
market over the forecast period.
Segment
Analysis
The global retail digital transformation market is segmented by component,
business type, technology. Based on component, the market is segmented into
solution and services. The solutions segment dominates the market currently due
to increasing adoption of mobile point-of-sale solutions, supply chain
management solutions, among others by the retail stores to enhance customer
experience and optimize business processes.
Key Takeaways
The global Retail
Digital Transformation Market Share is expected to witness high growth
owing to rapid expansion of e-commerce industry and growing adoption of cloud
and analytics solutions by retailers.
Regional analysis: North America region currently dominates the market due to
rapid adoption of advanced technologies by established retail players in the
region. Asia Pacific region is expected to witness fastest growth over the
forecast period owing to growing internet and smartphone penetration and rising
investments by retail companies in digital technologies in developing countries
such as India and China.
Key players related content: Key players operating in the Retail Digital
Transformation Market are Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL
Corporation, Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of
America, RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc. These players are
focusing on offering advanced solutions and implementing various organic and
inorganic growth strategies such as new product launches, partnerships, and
expansions to increase their market share and enhance their positioning in the
global market.
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