Retail Digital Transformation Market estimated COVID-19 outbreak Impact on global growth In 2014 – 2020
A new Transparency Market Research report states that on the basis of revenue, the global online retail industry was estimated at US$982.8 bn in 2013 and is predicted to expand at a striking 23.70% CAGR in the forecast period between 2014 and 2020. The title of the report is “Retail Digital Transformation Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.
According to the report, the global retail digital transformation market is boosted by factors such as availability and ease of internet access, enabling easy access to customers for shopping online. In addition, factors including advanced shipping services and safe and secure modes of payment have raised inclination of customers towards online retail. In addition, the rising utilization of mobile devices such as tablets and smartphones, offering great convenience to customers, has positively affected the global online shopping scenario. The large number of promotions and discounts on products available online and the rising company investments for the swift development of mobile applications utilized in online shopping have significantly fuelled the global retail digital transformation market.
On the basis of mode of access, the retail digital transformation market is segmented into websites and mobile applications. Online retail market places can be accessed via these two modes of access. Amongst these, the mode of access via mobile application held a great demand owing to the rising number of users having smartphones. Nonetheless, websites have also been a significant option for online retailing owing to enhancement in broadband internet connections and advantages of websites such as easy usage and greater navigation areas. This is why, in 2013, the websites segment held the biggest share within the retail digital transformation market. Owing to the rising popularity of m-commerce, the websites segment is anticipated to expand at an exponential rate in the forecast horizon, but rising demand for m-commerce will also help demand from mobile applications.
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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; others. Amongst these, consumer electronics and appliances dominated the market in 2013 owing to a rise in the number of merchants introducing their products in the online marketplace. The segment of apparel and footwear is growing rapidly owing to the increasing number of sophisticated brands penetrating the retail digital transformation market and the easy accessibility of these products online.
On the basis of geography, the market is segmented into Eastern Europe, Western Europe, Latin America, North America, Japan, Asia Pacific excluding Japan, and the Middle East and Africa. In 2013, on the basis of revenue, North America dominated the market for retail digital transformation due to the presence of prime players and rise in internet access within this region. Asia Pacific excluding Japan trailed North America, holding the second biggest share on the basis of revenue, and this region is predicted to witness rapid growth in the forecast horizon.
