The retail digital transformation market has grown tremendously over the last few years as it helps retailers improve sales and optimize operations through digital technologies. Retail digital transformation incorporates technologies such as cloud computing, big data analytics, artificial intelligence, augmented reality, and IoT into retail operations. These help retailers improve the customer experience through personalized recommendations, predictive maintenance of infrastructure, and enhance supply chain visibility. The global retail digital transformation market is estimated to be valued at US$ 7230.57 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Artificial intelligence has emerged as one of the major drivers of growth in the retail digital transformation market. AI helps retailers gain valuable insights from customer data to offer hyper-personalized experiences. Through advanced analytics of customer purchase history, demographics, location and other data, AI enables retailers to recommend personalized products, offers and services to customers. This has helped improve customer retention and average order value. AI technologies such as computer vision and machine learning also help automate supply chain operations, streamline merchandising and optimize store operations. The adoption of AI across areas such as predictive analytics, forecasting demand and automating workflows is expected to significantly accelerate the demand for retail digital transformation solutions over the forecast period.

Segment Analysis
The global retail digital transformation market size is segmented by component, organization size, technology and end-use. On the basis of component, the solutions segment is expected to dominate the market. Solutions like Customer Relationship Management (CRM), e-commerce platform are widely adopted by retailers to enhance customer experience across various touchpoints.

Key Takeaways

The global Retail Digital Transformation market is expected to witness high growth during the forecast period.

Regional Analysis: The North America region is expected to dominate the market. This is mainly due to early adoption of emerging technologies like AI, ML by retailers in countries like US and Canada. Key players operating in the Retail Digital Transformation market are Bio Bidet, Kohler Co., Inc., HomeTECH, Toshiba, LIXIL Corporation, Coway Co., Ltd, Roca Sanitario SA, Panasonic Corporation of America, RinseWorks, Inc, Brondell Inc., and TOTO USA, Inc.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period. Countries like China and India provide immense opportunities with growing internet penetration and e-commerce adoption.

Key players operating in the Retail Digital Transformation market are focused on new product launches and partnerships to expand their market reach. For instance, in 2022, Toshiba launched digital signage solutions for retail stores to enhance customer experience. HomeTech partnered with Anthropic to integrate AI capabilities in its smart home solutions.

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