The
retail digital transformation market has grown tremendously over the last few
years as it helps retailers improve sales and optimize operations through
digital technologies. Retail digital transformation incorporates technologies
such as cloud computing, big data analytics, artificial intelligence, augmented
reality, and IoT into retail operations. These help retailers improve the
customer experience through personalized recommendations, predictive
maintenance of infrastructure, and enhance supply chain visibility. 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 2023-2030, as highlighted in a new report
published by Coherent Market Insights.
Market key trends:
Artificial intelligence has emerged as one of the major drivers of growth in the
retail digital transformation market. AI helps retailers gain valuable insights
from customer data to offer hyper-personalized experiences. Through advanced
analytics of customer purchase history, demographics, location and other data,
AI enables retailers to recommend personalized products, offers and services to
customers. This has helped improve customer retention and average order value.
AI technologies such as computer vision and machine learning also help automate
supply chain operations, streamline merchandising and optimize store
operations. The adoption of AI across areas such as predictive analytics,
forecasting demand and automating workflows is expected to significantly
accelerate the demand for retail digital transformation solutions over the forecast
period.
Segment Analysis
The
global
retail digital transformation market size is segmented by component,
organization size, technology and end-use. On the basis of component, the
solutions segment is expected to dominate the market. Solutions like Customer
Relationship Management (CRM), e-commerce platform are widely adopted by
retailers to enhance customer experience across various touchpoints.
Key Takeaways
The global Retail Digital Transformation market is expected to witness high
growth during the forecast period.
Regional
Analysis: The North America region is expected to dominate the market. This is
mainly due to early adoption of emerging technologies like AI, ML by retailers
in countries like US and Canada. 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.
The Asia Pacific region is expected to grow at the fastest rate during the
forecast period. Countries like China and India provide immense opportunities
with growing internet penetration and e-commerce adoption.
Key players operating in the Retail Digital Transformation market are focused
on new product launches and partnerships to expand their market reach. For
instance, in 2022, Toshiba launched digital signage solutions for retail stores
to enhance customer experience. HomeTech partnered with Anthropic to integrate
AI capabilities in its smart home solutions.
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