Retail Digital Transformation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 07/17/2015 -- The retail digital transformation market has enabled users to attain multichannel sales through the internet and mobile applications. Intensified internet penetration and rising numbers of mobile applications worldwide has led to expansion of the retail digital transformation market. The retail digital transformation market has made it convenient for consumers to shop online, as merchants can showcase their products online on an international scale. The market gives consumers more choices and selections of products and also offers consumers discounts and many other bargains.
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The online retail market is expected to expand at an encouraging CAGR of 23.7% during 2014-2020. The burgeoning of the online retail market can be attributed to a boost in popularity of mobile commerce and enhanced quality of logistical structure within the retail digital transformation market. The online retail market is expected to be bolstered by the growing number of internet users and upsurge in online retail stores.
Mobile Apps to Record High Growth Due to Burgeoning Mobile Applications
The retail digital transformation market's segmentation by mode of access breaks the market down into websites and mobile apps. The mobile apps segment captured approximately 19% of the market in terms of revenue in 2013 and is expected to develop at a progressive CAGR of 30.9% during the next few years. However, websites are still dominant at present due to the wider spread of desktop computers than handheld devices. The retail digital transformation market is foreseen to grow substantially over the years leading up to 2020 due to the buildup of mobile applications. The enhancement of broadband services by internet providers are also one of the growth factors for mobile apps in the retail digital transformation market.
In the product segmentation of the retail digital transformation market, consumer electronics and appliances had the largest market share with 37% in 2013. This segment is expected to rise in the next few years owing to the high numbers of merchants retailing consumer appliances and appliances online. Additionally, the quality and reliability of products purchased online, competitive pricing, and availability of concessions are all anticipated to elevate the growth of this product segment of the retail digital transformation market.
The food, grocery, and beverages product segment of the retail digital transformation market is considered as the fastest growing segment owing to the proliferation of merchants moving toward selling these products online and the equally high numbers of customers willing to shop for the same online.
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Among the retail digital transformation market's regional segments, North America had the largest share - approximately 29% in 2013. Streamlined payment systems and expanding online retail stores are responsible for the growth of the retail digital transformation market in the North American region. The Latin American region is anticipated as the fastest growing market in the regional segments and Asia Pacific is expected to expand at a strong CAGR of 30.2% during 2014 to 2020. This growth is attributed to intensifying mobile penetration and growing numbers of online subscribers in South Korea, China, and India.
The key players in the retail digital transformation market are eBay, Inc., Wal-Mart Stores, Inc., Amazon.com, Inc, Tesco PLC, Alibaba Group Holding Limited, Snapdeal.com (Jasper Infotech Pvt. Ltd.), Flipkart Internet Private Limited, Rakuten, Inc., MercadoLibre, Inc., and Otto Group.
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