OmniChannel Retail Software Market Size to Grow at a CAGR of 19.5% During Forecast 2021-2026

OmniChannel Retail Software Market size is analyzed to grow at a CAGR of 19.5% during the forecast 2021-2026 to reach $13.8 billion by 2026. The OmniChannel Retail Software aims at delivering seamless customer experience across any brick-and-mortar store and online shopping platform. In order to provide a unified omni-channel experience, the OmniChannel Retail Software solution integrates comprehensive operations such as customer relationship management (CRM), point of sale (POS), customer service experience, chat support, Warehouse management System (WMS), business intelligence (BI), merchandise and inventory management, product listing, marketing and promotions planning and others. The OmniChannel Retail Software industry is majorly driven by the surge of e-commerce sectors, advent of omnichannel retailing, along with the growing preference of online shopping. For convenient online shopping experience, retailers are investing significantly to incorporate multiple established sales channels, thereby accelerating the growth of the market. As a result, e-commerce giants such as Amazon and Alibaba are focusing to advance their Omni channel platform, which drives the growth of the OmniChannel Retail Software Market. 

OmniChannel Retail Software Market Segment analysis – By Offering

By Offering Type, the OmniChannel Retail Software Market is segmented into Solution and Services. The Solution segment registered the highest share of the market and grow at a CAGR of 11.1% in the forecast period, owing to the rising demand of online shopping platforms and sizable investment by the companies to strengthen customer relationship management for encouraging customer satisfaction. Thus, retailers have started introducing several distribution outlets, including customer care centers and implementing e-commerce to target potential consumers. In March 2021, Montreal-based Lightspeed POS acquired VendLimited (Vend), a New Zealand cloud-based retail management software company to expand its retail footprint in the Asia-Pacific region. This business acquisition strengthens Lightspeed’s global retail base along with reinforcing the premier global omnichannel retail platform with advanced commerce capabilities for small and medium-sized enterprises.  Furthermore, in order to maximize their sales, retailers are now integrating their online platform and channel of stores to encourage consumer to reach online shopping accessibility. Thus, to seek broader commerce solutions, the launches and acquisition are driving the growth of the OmniChannel Retail Software Market.

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OmniChannel Retail Software Market Segment analysis –End Users

By End Users segment, the OmniChannel Retail Software Market is segmented into  Books & stationery, Consumer Electronics and accessories, Apparel, Footwear and accessories(AFA), Furniture & home furnishings, Health & beauty, Sports goods, FMCG, Transportation, Hospitality, ecommerce aggregators and others. The consumer electronics and accessories segment is estimated to have substantial growth in the omnichannel retail software market owing to the growing usage of mobile phones, rapid penetration of gadgets and other electronic devices. In November 2020, Omnichannel electronics retail platform Gabbardeals acquired SaaS firm InstaOne Software Pvt Ltd. The acquisition provides India-based Gabbardeals to design a full stack of point-of-sale systems that primarily focuses on the smartphone devices, along with consumer electronics delivery. Hence, the wide adoption of OmniChannel Retail Software solutions accelerates the overall growth of the market.

OmniChannel Retail Software Market Segment analysis – Geography

North America is analyzed to be the major region in OmniChannel Retail Software Market, and grow at a CAGR of 15.8% in the forecast period, owing to rapid commercialization and globalization, which has led to an increased adoption rate of omni-channel commerce platforms by retailers in the region.  In January 2019, Oracle Retail introduced Omnichannel Suite Innovations named Oracle Retail Xstore Office Cloud Service with improved operational efficiency and insights to power new consumer experiences. The integration of Oracle Retail Xstore Office Cloud Service enables retailers to take complete advantage of cloud solutions, including critical point-of-service functions on- premises. On the other hand, for retail omni-channel commerce platforms, Asia Pacific is projected to be the fastest growing market, due to the growing internet penetration along with the online retail industry in countries like Japan, China, and India among many others. The large e-commerce market and the increasing adoption of the click-and-collect system are driving the growth of Asia Pacific region's omnichannel retail trade platform market.

OmniChannel Retail Software Market Drivers

Increasing Proliferation of Smartphones and other consumer electronics

Global sales via online platforms are on a robust growth path owing to the rapid proliferation of smartphones and increasing internet penetration across the world. This directly affects the growth of the global platform for omni-channel commerce. According to Ericsson Mobility Report, by 2025, 5G will cover up to 65% of the total global’s population. Furthermore, the emergence of the 5G compatible device influence the 5G adoption, which adds strong connectivity and other enchased application. In addition, leading market players, including Apple, Google, Samsung and more are investing in R&D activities for developing advanced consumer products to aim the promising demand in terms of energy-efficient appliances with diversified features. Thus, all these technological advancements along with increasing penetration of smartphones drive the growth of the OmniChannel Retail Software Market. 

Increasing participation of SMEs

The increasing participation of SMEs to aim the demonstrative need to cater rising consumer demand has led to adoption of improved eCommerce automation capabilities, thereby driving the growth of the OmniChannel Retail Software industry. In order to manage a variety of omnichannel platforms such as Websites, mobile apps, and other QR-based virtual stores, the retailer must adopt a market-leading solution to get ahead of the competitive E-commerce market. In May 2020, Shopify, a leading digital commerce platform launched a variety of omnichannel retail solutions to aim improved online store, buy now, pay later” option and flexible local delivery. To help small-to-mid-sized retailers, Shopify is also collaborating with Facebook to create optimized business operations. All these factors are estimated to drive the OmniChannel Retail Software Market in the forecast period. 

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OmniChannel Retail Software Market Challenges

Lack of Visibility of inventory

Multi-channel has added greater convenience to customers compared to the traditional single-channel retail model, in which retailers rely only on either offline or online selling of products. But at the same time it has added to multiple data synchronization issues owing to the sheer volume of information to analyze from multiple channels. Furthermore, the unpredictable nature of delivery time owing to unforeseen weather conditions or government restrictions that may delay the delivery of the product to the consumer can lead to major drawback for the growth of the market. These complications are estimated to impede the market growth in the forecast period.

Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the OmniChannel Retail Software Market. The top 10 companies include Cognizant Technology Solutions Corp., NCR Corporation, Salesforce.com,inc.,  Oracle Corporation, Toshiba Corporation, IBM Corporation, SAP SE, Infosys Ltd., Openbravo, Diebold Nixdorf AG, Infor Global Solutions, Inc., among others.

Acquisitions/Technology Launches

In June 2020, Openbravo, the multinational cloud-based omnichannel software provider for agile and creative commerce launched Openbravo OMS, an omnichannel order management system. The solution offers a single, global view of all inventories, enabling retailers to choose the best shipping locations to maximize their fulfillment process.

In June 2020, a global cloud-based omnichannel platform vendor for agile and innovative commerce, Openbravo launched Openbravo OMS, an omnichannel order management system. The Openbravo OMS solution offers a complete view of all inventory, and thus, helps retailers to optimize their business process such as order creation, execution and tracking. 

Key Takeaways

North America is analyzed to be the major region in OmniChannel Retail Software Market, and grow at a CAGR of 15.8% in the forecast period, owing to rapid commercialization and globalization, which has led to an increased adoption rate of omni-channel commerce platforms by retailers in the region. 

The increasing proliferation of Smartphones and other consumer electronics are driving the growth of the OmniChannel Retail Software market.

The Solution segment registered the highest share of the market and grow at a CAGR of 11.1% in the forecast period, owing to the rising demand of online shopping platforms and sizable investment by the companies to strengthen customer relationship management for encouraging customer satisfaction.

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