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Growth in the retail and online shopping industries, particularly in emerging markets, is driving the global multichannel order management market. Furthermore, as companies become more innovative and flexible, the requirement for scalability increases, increasing multichannel selling and a greater need for multichannel order management (MOM) inside companies. In addition, the significant expansion in the number of internet users is driving demand for multichannel order management (MOM) in markets like India and China, where internet usage continues to accelerate. Cloud-based solutions, such as scalability and cheaper maintenance costs, drive their growth. These reasons are expected to contribute to the worldwide multichannel order management market's growth.
Furthermore, the market is being driven by technical improvements connected to the digital transformation in numerous industries, increasing smartphone penetration worldwide, rising internet users, and the use of diverse sales channels by various enterprises. For instance, in 2020, According to Malaysia Communications and Multimedia Commission, as per the internet user survey, 88.7% of the population are using the internet, which is a 1.3% increase from 87.4% in 2018.
The COVID-19 pandemic has positively impacted the multichannel order management market. During the lockdown, the use of digital channels increased dramatically. Companies' digital experiences will need to reflect changing ways of living and working. Customers' post-crisis expectations for digital experiences will continue to climb as they go digital and stay digital. Due to lockdowns in various regions, organizations see dramatic changes in online sales. As a result, enterprises offer multiple options and platforms for online shopping to reach customers and deliver goods to their homes. For Instance, According to India Brand Equity Foundation, India’s e-commerce order volume increased by 36% in 2020.
The report will cover the following insights-
Healthcare & Ecommerce Industry to Boost Market Growth
The retail and e-commerce segments will have the most significant market share with the growth of the internet market. Retail retailers are adopting cutting-edge technologies like cloud computing and big data analytics, which provide benefits including greater operational efficiency, easy architecture, flexible deployment, faster deployment time-to-market, and improved consumer experience. For instance, according to the U.S. Department of Commerce, total retail sales were predicted to be $1,666.8 billion in the second quarter of 2021, increasing 5.2% from the first quarter. The e-commerce estimate for the second quarter of 2021 increased 9.1% from the second quarter of 2020, while total retail sales increased 28.2%.
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The largest market share belongs to the Asia Pacific. Factors attributing to grocery stores, supermarkets, shopping malls, convenience stores, and hypermarkets adopting a digital makeover competing for providing the next generation of shopping experiences will push the growth of the market in the region.
The retail experience is developed to be flawless, fast, and easy with the arrival of technology breakthroughs in the market, such as rapid-fire delivery, digital payments, facial recognition, big data, and shopping experiences suited to the demands of consumers. Additionally, major retailers in Asia Pacific and partnership and acquisition will fuel the market growth. For Instance, JD.com, one of China's key retailers, has been implementing what it calls "boundaryless retail" through partnerships with major western corporations such as Walmart and Intel.
Key players in the multichannel order management market include Oracle Corporation, Salesforce.com, Inc., HCL Technologies Limited, SAP SE, IBM Corporation, International Business Machine Corporation, Brightpearl, Inc., Zoho Corporation, Delhivery Pvt. Ltd., Newfold Digital Inc., Cloud Commerce Pro Ltd., and others.
By Enterprise Size
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