Cloud Retail Market Global Trends, Share, Growth, Opportunity and Forecast, 2023 – 2032
Rapid adaption of the smart and mobile devices, and cost-effective benefits of cloud products in retail drive the growth in the global cloud retail market.
WILMINGTON, DE, UNITED STATES, November 14, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cloud Retail Market by Solution (Supply Chain Management, Customer Management, Workforce Management, Reporting and Analytics, Data Security, Others), by Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), by Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises), by Service Model (Software as a Service (SaaS), Platform as Service (PaaS), Infrastructure as a Service (IaaS)): Global Opportunity Analysis and Industry Forecast, 2023-2032″
The cloud retail market was valued at $40.8 billion in 2022, and is estimated to reach $216.2 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.
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Retail cloud refers to a technology that is designed for retailers, which enables them to access real-time data in order to adapt to the change in preferences of customers, make their operations cost-effective and streamlined, and provide a personalized experience. In addition, cloud computing features are supporting retail industry activities, and this includes workforce management, supply chain management, data security, omni-channel, customer management, and others. Cloud technology helps retailers to gather data from multiple sources to provide a unified view of consumers across transactions and channels. Furthermore, this data helps for personal and direct promotions of products around the world. Moreover, cloud-based solutions provide less time and cost, and the ability to access customer data from anywhere and anytime. In addition, it provides analysis to understand customer purchasing patterns, brand preferences and allows targeting customers with special offers, credit points, and others. Moreover, digital demographics in the retail industry have increasingly become essential to understand consumers. Moreover, with the rise in the adoption of omni-channel services, retailers globally have focused extensively on offering customization, which is anticipated to fuel the market growth during the forecast period.
Furthermore, major market players in cloud retail industry have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in June 2021, Oracle Corporation partnered with the sports retailer, Wiggle. Wiggle migrated its on-premises retail solutions to Oracle merchandising financial planning and merchandizing cloud services on Oracle cloud infrastructure with this collaboration. As Wiggle migrated to cloud, it helped company to save time, cost and stay focused on business. Wiggle added retail demand forecasting cloud service to predict consumer needs to accelerate growth. Moreover, in January 2023, Google Cloud launched four latest and updated AI tools which are a personalized search and browsing experience for e-commerce sites, an AI-driven product recommendation system, a tool that uses machine learning to arrange products on websites, and an AI-powered solution for checking in-store shelves. The update aims to offer customers a smoother online shopping experience and support retailers with in-store inventory management. Such strategies foster cloud retail market growth.
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Competitive Analysis:
The competitive environment of Cloud Retail Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Cloud Retail Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
SAP SE
Fujitsu
Oracle
Infor Inc.
Amazon Web Services, Inc.
Cisco Systems, Inc.
IBM
Epicor Software Corporation
Microsoft
Google LLC
By Region, North America attained the highest cloud retail market share in 2022. This is mainly due to the adoption of cloud-based solutions in the retail industry, in developed countries such as the U.S. and Canada. Furthermore, in the U.S. there is increasing investment for new technology and mobile technology. Moreover, growth of e-commerce industry in U.S is led by Amazon, which is anticipated to play major role in the adoption of cloud solutions.
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As per the insights of the top-level CXOs, the growth of e-commerce remained a dominant trend in the retail industry. Cloud retail solutions supported the scalability and reliability required to handle the increase in volume of online transactions. In addition, cloud-based analytics allowed retailers to gather and analyze customer data, enabling personalized recommendations and tailored shopping experiences to enhance customer satisfaction and loyalty.
Furthermore, with the introduction of advanced technology, the retail industry has adopted advanced solutions. Retail industry has moved their business applications and infrastructure resources to different service architectures of cloud which include platform as a service, software as a service, and infrastructure as a service. The retail industry is in the revolution stage where power has shifted from retailers to consumers. Moreover, the growth in adoption of smartphones and social media platform power has shifted from retailers to consumers. Consumers are influenced product trends through social media platforms and reviews from all over other websites.
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