The global multichannel order management market is expected to grow from USD 3.322 billion in 2025 to USD 5.289 billion in 2030, at a CAGR of 9.74%.
Retailers use multichannel order management to retain all of their orders and inventory control from numerous sales channels under one umbrella. Ordering, shipping, pricing, fulfilment warehouse management, and many other functions are streamlined by multichannel order management solutions across all selling channels, whether online or offline. The global multichannel order management market is expected to be propelled by the rising retail and online shopping industries, particularly in the developing market. Technical advancements in digital transformation, increased smartphone usage globally, rising internet users, and the adoption of numerous sales channels by several organizations are likely to fuel market expansion.
Multichannel Order management apps and software track and manage inventory in real-time across multiple channels for your fast-growing brands widening their eCommerce reach. Companies and government organizations are entering a new phase of customer involvement, thanks to significant technical developments and an ever-changing regulatory environment. Modern company strategies are shifting away from traditional business model approaches as a result of advanced technologies such as cloud computing AI, ML, Augmented reality and big data. Furthermore, modern technology enables organizations to deploy customer-focused marketing tactics, which has increased demand for multichannel order management solutions.
However, concerns about security and privacy are keeping the market from expanding. Furthermore, the market's progress is being hampered by a lack of technological know-how.
One of the prime factors that will boost the growth of the multichannel order management market is the growing retail and eCommerce industries. With its massive consumer reach, digital media has played a critical role in revolutionizing the retail industry. E-commerce businesses continue to grow vigorously in countries globally. According to the report by the Census Bureau of the Department of Commerce, U.S. retail e-commerce sales for the third quarter of 2022 were $265.9 billion, an increase of 3.0 per cent from the second quarter of 2022. Total retail sales were predicted to be $1,792.0 billion in the third quarter of 2022. US government data shows that retail consumer goods eCommerce had an 18% share of the total global retail sales for 2020 and is forecast to achieve a nearly 22% share of total global retail sales by 2024.
This trend has given rise to the scenario in which a product's marketing initiative and inventory across numerous sales channels coincide, thereby offering the desired and consistent shopping experience to the consumer. The market is projected to move forward due to the need for consistency and clarity in market communication and stock availability across channels.
Multichannel retailers are progressively implementing innovative tactics, particularly to accommodate fast-changing consumer preferences and to efficiently handle the massive orders associated with multichannel shopping.
With the rapid rise of the internet market, merchants are increasingly embracing cutting-edge technology such as big data analytics, cloud computing, digital storefronts, and social media networks. With rising competition in this industry, user experience has shown to be a critical differentiator among online buying options. For instance, IBM announced that Joyalukkas, India’s leading jewellery retailer, is collaborating with IBM Global Business Services (GBS) to design, develop and deploy a new cloud-native e-commerce platform across 11 countries.
Asia Pacific region is anticipated to hold a significant amount of market share in multichannel order management. This region will witness high growth during the forecast period owing to the rising digital presence of the retail business. Shopping malls, hypermarkets supermarkets, grocery stores, and convenience stores, are getting a digital upgrade designed primarily to stay competitive in the next generation of shopping experiences. With the introduction of technological breakthroughs in the market such as facial recognition, quick delivery, digital payments, and big data, the retail experience is largely being designed to be smooth, fast, and convenient. These developments have transformed the entire brick-and-mortar retail experience by combining the physicality and responsibility of an offline store with the speed and ease of internet purchase. During the forecast period, these factors are projected to fuel demand for order management solutions. Countries like India are witnessing exponential growth in the eCommerce sector due to rapid urbanization, and rising disposable income. According to India Brand Equity Foundation data, India’s e-commerce market is expected to reach US$ 350 billion by 2030. This is anticipated to propel market growth. Various retailers in the region are also striking strategic partnerships with different firms. For instance, in 2021 Joyalukkas, India’s leading jewellery retailer is collaborating with IBM Global Business Services to design, develop and deploy a new cloud-native e-commerce platform across 11 countries.
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