Omnichannel Retail Software Global Market Report 2024

The omnichannel retail software market size has grown exponentially in recent years. It will grow from $8.59 billion in 2023 to $10.54 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%. The increase observed in the historic period can be attributed to the rise of e-commerce, the growth of mobile commerce, increasing consumer demand for seamless shopping experiences, the expansion of digital payment options, and the growing importance of customer loyalty.

The omnichannel retail software market size is expected to see exponential growth in the next few years. It will grow to $24.1 billion in 2028 at a compound annual growth rate (CAGR) of 23%. The anticipated growth in the forecast period can be attributed to the rising demand for contactless payment solutions, the expansion of voice commerce, increased adoption of mobile shopping apps, the expansion of the subscription-based retail model, and the growth of direct-to-consumer strategies. Major trends expected in this period include technological advancements, the integration of AI, the adoption of cloud-based solutions, integration with social media platforms, and connectivity with IoT devices.

The growth of the omnichannel retail software market is expected to be propelled by the increasing adoption of IoT devices. These devices, networked gadgets utilizing sensors and internet access for data collection and exchange, are becoming more prevalent due to their ability to generate valuable data insights, facilitate enhanced decision-making, and yield significant cost savings through streamlined processes and optimized resource usage. Omnichannel retail software serves as a crucial platform for retailers leveraging IoT devices to enhance the shopping experience, manage operations, and drive revenue growth. For example, data from the GSM Association, a UK-based non-profit industry organization, indicates that the number of IoT connections globally is projected to surpass 23.3 billion by 2025, up from 15.1 billion connections in 2021. Consequently, the increasing adoption of IoT devices is fueling the expansion of the omnichannel retail software market.

Key players in the omnichannel retail software market are directing their efforts towards developing innovative omnichannel order management systems, such as the HotWax Order Management App, to gain a competitive advantage. This application enhances the Shopify experience for customers by providing comprehensive omnichannel retailing capabilities. For instance, in April 2024, HotWax Commerce, a US-based software company, launched the HotWax Order Management App, empowering merchandisers with the ability to manually release pre-orders down to the order item level, thereby offering greater control over inventories and the pre-ordering process. Additionally, the app enables merchandisers to locate and release pre-orders based on factors such as order date, promised date, and inventory availability.

In August 2022, Walmart Inc., a US-based retail corporation, acquired Volt Systems for an undisclosed sum. This strategic move allows Walmart to leverage advanced technology and analytics to optimize product assortment, enhance supplier visibility, and improve customers' omnichannel shopping experiences, underscoring Walmart's ongoing commitment to innovation and technological advancement. Volt Systems, a US-based technology company specializing in omnichannel engagement, aligns with Walmart's vision for enhancing the retail experience through technology-driven solutions.

Major companies operating in the omnichannel retail software market are IBM Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Toshiba Corporation, Cognizant Technology Solutions Corp., Infosys Ltd., Adobe Commerce, NCR Corporation, Shopify Plus, Infor Global Solutions Inc., Diebold Nixdorf AG, Blue Yonder, Lightspeed Retail, Aptos Retail, BigCommerce, VTEX, Mi9 Retail, Commercetools, Brightpearl, Openbravo, Elastic Path, Salsify, Pimcore, Kibo Commerce.

North America was the largest region in the omnichannel retail software market in 2023. The regions covered in the omnichannel retail software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the omnichannel retail software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Omnichannel retail software encompasses integrated technological solutions designed to facilitate the seamless coordination and management of sales channels, both online and offline, from a unified platform. This software enables consistent customer experiences across multiple touchpoints, such as e-commerce sites, mobile apps, and physical storefronts.

The primary offering types in the omnichannel retail software market include solutions and services. Solutions comprise the actual software products provided by companies to facilitate omnichannel retailing. Deployment modes vary between on-premises and on-cloud, while organization sizes encompass small enterprises, medium enterprises, and large enterprises. These solutions cater to various end-users, including books and stationery, consumer electronics and accessories, apparel, footwear and accessories, furniture and home furnishings, health and beauty, sports goods, fast-moving consumer goods, transportation, and other sectors.

The omnichannel retail software market research report is one of a series of new reports that provides omnichannel retail software market statistics, including the omnichannel retail software industry global market size, regional shares, competitors with an omnichannel retail software market share, detailed omnichannel retail software market segments, market trends and opportunities, and any further data you may need to thrive in the omnichannel retail software industry. This omnichannel retail software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The omnichannel retail software market consists of revenues earned by entities providing services such as inventory management, order management, and marketing automation. The market value includes the value of related goods sold by the service provider or included within the service offering. The omnichannel retail software market also includes sales of unified commerce platforms, analytics and business intelligence (BI) tools, mobile commerce (m-commerce) apps, and e-commerce platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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