Digital Retail Market Trends and Forecast
The future of the global digital retail market looks promising with opportunities in the food & beverage, clothing, and digital product markets. The global digital retail market is expected to grow with a CAGR of 15.7% from 2024 to 2030. The major drivers for this market are rise in online shopping platforms, growing demand for tailored shopping, and increasing use of smartphones for retailing.
• Lucintel forecasts that near field communication is expected to witness the highest growth over the forecast period.
• Within this market, food & beverage is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Amazon announced plans to invest $1.4 billion in digital retail infrastructure, aiming to enhance logistics capabilities and expand its e-commerce footprint, supported by government incentives to promote tech investments and job creation in the digital retail sector.
China: Alibaba launched an AI-driven retail platform, targeting a 30% increase in online sales by leveraging data analytics and personalized recommendations, aligning with government initiatives to boost domestic consumption and digital economy growth.
United Kingdom: Tesco rolled out a digital transformation strategy, aiming to increase online sales by 50% through enhanced mobile app features and omnichannel integration, in response to changing consumer behaviors and government efforts to promote digitalization in retail operations.
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A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Digital Retail by Segment
The study includes a forecast for the global digital retail by type, application, and region.
Digital Retail Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Near Field Communication
• Wi-Fi
• GPS
Digital Retail Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Foods & Beverages
• Clothing
• Digital Product
• Others
Digital Retail Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Digital Retail Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies digital retail companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the digital retail companies profiled in this report include-
• Walmart
• Whole Foods Market
• IKEA
• Tesco Group
• Costco
Recent Development in the Digital Retail Market
Amazon: Amazon has launched a new augmented reality (AR) shopping feature, allowing customers to visualize products in their homes before purchase, enhancing the online shopping experience and driving sales in the digital retail market.
Alibaba: Alibaba has introduced a blockchain-based supply chain platform for digital retail, improving transparency and traceability in product sourcing and delivery processes, addressing consumer concerns and building trust in online transactions.
Walmart: Walmart has expanded its digital grocery delivery services, leveraging AI algorithms to optimize delivery routes and improve order fulfillment efficiency, catering to the growing demand for convenience and safety in digital retail shopping.
JD.com: JD.com has implemented drone delivery solutions for digital retail orders, enhancing last-mile delivery capabilities and reducing delivery times for customers, demonstrating innovation and efficiency in the digital retail logistics sector.
Target: Target has invested in personalized marketing strategies using big data analytics, offering tailored recommendations and promotions to online shoppers based on their browsing and purchasing behaviors, increasing customer engagement and loyalty in the competitive digital retail market.
Features of the Global Digital Retail Market
Market Size Estimates: Digital retail market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Digital retail market size by type, application, and region in terms of value ($B).
Regional Analysis: Digital retail market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the digital retail market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the digital retail market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for digital retail market?
Answer: The global digital retail market is expected to grow with a CAGR of 15.7% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the digital retail market?
Answer: The major drivers for this market are rise in online shopping platforms, growing demand for tailored shopping, and increasing use of smartphones for retailing.
Q3. What are the major segments for digital retail market?
Answer: The future of the digital retail market looks promising with opportunities in the food & beverage, clothing, and digital product markets.
Q4. Who are the key digital retail market companies?
Answer: Some of the key digital retail companies are as follows:
• Walmart
• Whole Foods Market
• IKEA
• Tesco Group
• Costco
Q5. Which digital retail market segment will be the largest in future?
Answer: Lucintel forecasts that near field communication is expected to witness the highest growth over the forecast period.
Q6. In digital retail market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the digital retail market by type (near field communication, Wi-Fi, and GPS), application (foods & beverages, clothing, digital product, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Digital Retail Market Market, Digital Retail Market Market Size, Digital Retail Market Market Growth, Digital Retail Market Market Analysis, Digital Retail Market Market Report, Digital Retail Market Market Share, Digital Retail Market Market Trends, Digital Retail Market Market Forecast, Digital Retail Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.