The?retail cloud market was valued at USD 20.11?billion in 2019, and it is anticipated to register a CAGR of 17.7% over the forecast period (2020-2025).?The retail industry is undergoing tremendous change, and the business environment has become a truly multi-channel world. The increased volume of data that needs to be processed, to make crucial decisions, especially in deducing and utilizing the marketing and merchandising analytics, has prompted the demand for the cloud in the retail market.
- The retail market is mature and highly competitive across the developed economies of Europe and North America. On the other hand, the developing economies of Asia-Pacific, Middle East, and Latin America have been instrumental in driving the market’s growth, due to the increasing consumer purchasing powers, especially in China, India, and Saudi Arabia, among others
- The growing application of big data and analytics in the retail segment is expected to drive the shift toward data-driven model, primarily by expanding the types of data that can be analyzed and enhancing the level of sophistication of the resulting insight. This is expected to improve the management areas of e-commerce, which, in turn, decreases the gap between insight and action.
- Online channels are gaining immense popularity as the mode of transaction. Furthermore, companies are focusing on launching systems and protocols that ensure complete safety and efficiency.
Scope of the Report
Retail cloud enhances the operational productivity which spares costs is ready to build the selection of retail cloud arrangements. Retail cloud arrangements enhance the shopping background with associated shopping crosswise over channels, adaptable returns, advanced administrations, customized connection over the esteem chain, coordinated promoting and steady understanding.
Key Market Trends
WorkForce Management to Hold Significant Growth
- Retail cloud workforce management applications are evolving due to the high demand for consumer-grade technology and retailer interest in advanced intelligent automation to empower the digital business.
- Various companies are investing in retail workforce management, which has opened a door for endless opportunities to maximize retail operations by eliminating administrative tasks and collecting more profitable data. This allows the workforce to place more focus on sales and in-store operations, ultimately, by providing end users with the best shopping experience.
- For instance, in October 2018, H&M partnered with Convo for workforce management, to educate and connect H&M workers by using Convo’s platform that offers task management and chat apps techniques. This retail social collaboration platform provides additional social media feed, like an option that allows workers to connect in real time.
- Retail cloud workforce management further helps reduce the churn and meet expectations for shorter waiting periods and first-contact resolution. Different workforce management software provides different valuable insights to staff the right number of agents with the appropriate skill sets for rapid resolutions.
North America to Hold Major Share
- North America is one of the largest markets for the retail cloud. The huge market in the region is attributed to the rapid shift of the retailers toward e-commerce industry.
- The retail market in North America is growing at a fast pace, with retail trade, accounting for more than 10% of the GDP in both the United States and Canada. The retail market in North America is one of the biggest with Wal-Mart, Costco, Kroger, The Home Depot, and Target having their origins from this region.
- Online shopping is growing in the region with more and more retailers opting to sell/offer their products through online mediums. To sustain the intense competition in the industry, many of the retailers are seeking to provide a personalized experience, for which they are employing retail analytics.
- Moreover, the region has a strong foothold of connected retail market providers, which are anticipated to drive the market in the region. Some of the players in the market of the segment are IBM Corporation, Microsoft Corporation, Cisco Systems Inc., and Google.
The market has gained a competitive landscape in recent years. The players in the have adopted different procedures to gain competitive advantage, for example, new item advancements, acquisitions, and organizations, to support in the market. Consistent innovation development is a zone of the centre for these players with a specific end goal to keep up their aggressive positions in the market and advance consumer loyalty.
- January 2018: IBM announced the expansion of their strategic partnership with Salesforce, bringing together IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein to enable companies to connect with their customers and collaborate more effectively with deeper insights.
- October 2018: Microsoft introduced ModPaaS, (Modernization Platform as a Service) on the Microsoft Azure Marketplace. The cloud-based platform allows customers and partners to analyze and modernize their legacy application systems in a collaborative manner.
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