Technical Advancements Support Rise of Global Retail Digital Transformation Market

The rising penetration of the Internet has unified the regular trading world with boundless e-commerce potential. The increasing interest of consumers in online retail stores is a result of the ease of shopping provided by these platforms.

Nowadays, smartphone users can also access various online retail stores through several apps and shop on the go, thanks to the advancement of technologies, which is leading to an immense transformation in the retail world. 

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According to a market study published by Transparency Market Research, a market research and intelligence firm, the global retail digital transformation market had reached a value of US$982.8 bn in 2013. Analysts at TMR expect this market to rise at an exceptional CAGR of 23.70% during the period from 2014 to 2020 and reach US$4,919.9 bn by the end of 2020.

Here is a snapshot of how the retail digital transformation market is progressing in the digital space:

·         The market for electronics and consumer appliances dominates the global retail digital transformation market, accounting for a share of 37% in the digital space occupied by the retail industry.

·         Extensive growth of the market for electronics and consumer appliances is imminent as the number of participants is likely to rise, attracting intense competition and resulting in product innovation as well as modernization.

·         The market for grocery, food, and beverages has occupied the second largest space in the digital retail market.

·         Nature’s Basket, Bigbasket.com, and onlinefoodgrocery.com are some of the major participants in this market segment. Several food chains have also been trying their hand at digital services by introducing their own online product ordering services, where one can order food and beverages online and pay through cards or net-banking. Cash-on-delivery is also often an option for payment nowadays, where the payment is made in cash at the time of delivery.

·         North America leads the global retail digital transformation market, accounting for a 29% share.

·         Latin America is projected to report the fastest growth among all the regional market in the coming years. The trend of rising online shopping in this region has fueled the Latin America retail digital transformation market.

·         The retail digital transformation market in Asia Pacific is likely to post a CAGR of 30.20% between 2014 and 2020. This high growth rate is attributed to the increasing number of online portals, triggered by the rising base of Internet users in this region.

·         The footwear and apparel industries have their biggest digital markets in Asia Pacific. The high discounts that online retailers offer to consumers in this region is the key reason for growth of the Asia Pacific market.

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eBay, Wal-Mart, Chroma Retail, Snapdeal, Rakuten, Alibaba, Reliance Digital, Flipkart, Tesco, Otto, MercadoLibre, and Amazon are the leading online shopping portals in the global arena. These portals offer a wide range of products for shopping and are known for their on-time delivery and impressive aftersales services, which have enhanced the online shopping experience of consumers.