Albany, NY, May 5, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Retail Digital Transformation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the global market for online retail, in terms of revenue, was valued at US$ 982.86 Bn in 2013 and is forecast to grow at a CAGR of 23.7% during the period 2014 to 2020. The increasing internet penetration, improved quality of logistical infrastructure and increasing popularity of mobile-commerce within the retail digital transformation market places are some key factors driving the growth of global retail digital transformation market. In addition, increasing internet subscribers and rise in the number of online stores are further expected to drive the growth of this market over the forecast period.
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Retail digital transformation market is segmented by mode of access into mobile apps and websites. Mobile apps segment held a share of around 19% in terms of revenue in 2013 and is expected to grow at a CAGR of 30.9% during the period from 2014 to 2020. Although the access through mobile apps is growing rapidly, access through websites is still dominant. Retail digital transformation market by access through mobile apps is expected to grow at a significant rate during the period 2014 to 2020. Factors such as increasing penetration of mobile devices for online retailing and increase in number of mobile applications for shopping are expected to drive the growth of access through mobile. Improved logistical infrastructure and increased number of providers working towards enhancement of broadband services for internet have all contributed to the growth of access through websites for online retailing.
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By product, consumer electronics and appliances held the largest share of nearly 37% of the overall retail digital transformation market in terms of revenue in 2013. With the increasing number of merchants selling consumer electronics and appliances online, and standardized nature of these products this market segment is expected to hold major market share during the forecast period 2014 - 2020. Moreover, availability of these products, competitive prices and discounts as compared to the traditional brick-and-mortar stores have all contributed to their increasing popularity within retail digital transformation market. Moreover, food, grocery and beverages market segment is expected to be the fastest growing pertaining to increasing number of merchants wanting to sell these products online and shoppers choosing to purchase grocery online. Apparel, footwear and media, flowers and other products of this nature continue to be the popularly purchased online products due to the wide variety and increase in number of quality brands offering these products online.
Developed markets such as North America led the global retail digital transformation market in 2013. North America held the largest share of about 29% in 2013 of the overall retail digital transformation market due to increased internet penetration and efficient online payment options. With the increasing adoption of online retail in various market places and rise in number of online stores, the market in Latin America is expected to be the fastest growing during the forecast period. On account of new entrants, increasing number of online subscribers and increasing mobile penetration in countries such as China, India and South Korea, the Asia Pacific retail digital transformation market is expected to grow at a CAGR of 30.2% during the forecast period 2014 to 2020.
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With the increasing demand for better modes of delivery and payment and demand for specific product, key players are offering a wide range of online retail products to fit specific customer requirements. The key players in the retail digital transformation market include Amazon.com, Inc, eBay, Inc., Wal-Mart Stores, Inc., Alibaba Group Holding Limited, Rakuten, Inc., Flipkart Internet Private Limited, Tesco PLC, Snapdeal.com (Jasper Infotech Pvt. Ltd.), Otto Group, and MercadoLibre, Inc.
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The Global Retail Digital Transformation Market has been segmented as follows:
Retail Digital Transformation Market, by Mode of Access
- Mobile Apps
Retail Digital Transformation Market, by Product
- Consumer Electronics and Appliances
- Apparel and Footwear
- Media, Toys and Games
- Food, Grocery and Beverages
- Furniture and Home Improvement
- Beauty and Personal Care
Retail Digital Transformation Market, by Geography
- North America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Latin America
- Middle East and Africa
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Transparency Market Research (TMR) is a U.S.based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research