Market Trends of Multichannel Order Management Industry
Retail and E-commerce Segment is Expected to Witness Significant Growth
- Digital media has played a vital role in transforming the retail industry with its huge consumer reach. Consumers have become more preferential about when and how they want to be reached by a brand.
- This trend has given rise to the scenario where a product's marketing initiative and the inventory across multiple sales channels should match, providing the consumer with the desired and consistent shopping experience.
- This need for consistency and clarity in market communication and stock availability across channels is expected to drive the market forward. Also, multichannel retailers are increasingly adopting innovative strategies primarily to cater to rapidly changing consumer preferences and to efficiently handle the huge orders of multichannel retailing.
- The multiple sales channel are no longer exclusive to each other. They overlap each other and can be effectively used by brands to provide an enhanced brand experience to consumers.
- With the rapid growth of the online market, retailers are adopting innovative technologies, such as big data analytics, cloud computing, digital stores, and social media networks. With the increasing competition in this sector, customer experience has proven to be a crucial differentiating factor among online shopping options.
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Asia-Pacific is Expected to Witness Significant Growth
- Across the Asia-Pacific region, shopping malls, grocery stores, supermarkets, convenience stores, and hypermarkets are getting a digital upgrade designed primarily to stay competitive in the next generation of shopping experiences.
- With the advent of technological innovations like facial recognition, rapid-fire delivery, digital payments, big data, and shopping experience tailored to consumer needs, the retail experience is primarily designed to be seamless, fast, and convenient.
- These advancements have combined the physicality and accountability of an offline store with the speed and ease of online shopping and have changed the entire brick-and-mortar retail experience. These factors are expected to drive the demand for order management solutions during the forecast period.
- Moreover, retailers in the region are also entering into strategic partnerships. For instance, JD.com, one of China's largest retail companies, has been rolling out 'boundaryless retail' via collaborations with major Western players, including Walmart and Intel.
- Also, retailing in India is somewhat unorganized. There is a need for effective supply chain management. The main factors driving organized retailing growth in India are rising urbanization, higher disposable incomes, growing consumerism, and a nuclear family structure. These factors in the country are expected to fuel the demand for order management solutions.
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