Digital Retailing Market size is set to grow by USD 1.87 trillion from 2024-2028, Rapid growth in social media boost the market, Technavio

NEW YORK, Aug. 16, 2024 /PRNewswire/ -- The global digital retailing market size is estimated to grow by USD 1.87 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 36.5%  during the forecast period. Rapid growth in social media is driving market growth, with a trend towards growing shift of preference from traditional to digital retail advertising channels. However, requirement for skilled workforce  poses a challenge. Key market players include 123 Internet Group, Advantage Solutions Inc., AMP Agency, Ascential Plc, BigCommerce Holdings Inc., Daniel J. Edelman Holdings Inc., Fujitsu Ltd., Medallion Retail, Microsoft Corp., Salesforce Inc., Shopify Inc., SocialSEO, Straight North LLC, Stream Companies, Tesco Plc, The Interpublic Group of Companies Inc., Theory House, Unfoldr B.V., Vivendi SE, and WebFX.

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Market Driver

The digital retail market has experienced significant growth due to the shift from traditional advertising channels. This transition is driven by several factors, including increased brand awareness, modernization, enhanced customer experience, and heightened product awareness. Digital media offers the advantage of accessibility at any time and location, making it a preferred choice for marketers. Additionally, the integration of traditional and digital channels, such as geofencing, broadens reach and engagement opportunities. These trends are expected to fuel the expansion of the global digital retail marketing market. 

In today's digital age, retailing is all about providing quality products, building trust, and offering convenience to customers. E-commerce platforms, mobile shopping, and an omnichannel experience are key trends shaping the retail industry. Personalization is crucial, as shopping patterns indicate consumers prefer seamless experiences across all channels. Social media, search engines, emails, and online stores are essential tools for reaching audiences and tracking ROI. Data should be used smartly to create personal connections and improve website visits through better SEO, keywords, product descriptions, images, and mobile-friendly design. Local visibility and social media platforms are important for brand identities, while influencers and virtual reality offer new opportunities for product display and customer interaction. Content marketing, search engine optimization, and digital marketing are essential for increasing visibility, traffic, and sales in the retail sector. 

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Market Challenges

• The digital retail marketing market is experiencing significant growth, and companies face a major challenge in acquiring a workforce equipped to handle the latest technological advancements. Hiring a competent recruitment team is essential, but it's also necessary to have a dedicated employee development team. Recruiters must assess not only the technical expertise and soft skills of potential hires but also their customer management and data handling abilities. The scarcity of a skilled workforce could hinder the expansion of the global digital retail marketing market in the forecast period.
• In today's retail landscape, digital platforms have become the new norm for shopping. Online shoppers prefer e-commerce sites for their convenience and efficiency. However, digital retail marketing comes with its own challenges. Reaching the right audience on these platforms can be tough. The buying journey of online shoppers differs from those in physical stores. The coronavirus pandemic has accelerated the shift to digital selling channels, making it essential for retailers to adapt. Limited resources call for smart digital marketing techniques like search engine marketing, email marketing, blogs, case studies, social media campaigns, and video marketing. Providing a seamless user experience is crucial to turning browsers into buyers. Digital tools like smartphones, laptops, and tablets have transformed the shopping experience. Informed consumers now expect transparency and personalized messages from businesses. The e-commerce market continues to grow, offering retailers new opportunities to reach specific audiences. The transformative impact of digital retail marketing on the retail industry is undeniable.

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Segment Overview 

This digital retailing market report extensively covers market segmentation by  

1. Type 
• 1.1 Search ads
• 1.2 Display ads
• 1.3 Social media
• 1.4 E-mail marketing
• 1.5 Others
2. Platform 
• 2.1 Mobile devices
• 2.2 Desktops
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Search ads-  The digital retailing market is growing rapidly as more consumers prefer online shopping. Retailers are investing in digital platforms to reach a wider audience and improve customer experience. E-commerce websites and mobile apps offer convenience, flexibility, and personalized recommendations. Digital marketing strategies, such as social media advertising and email campaigns, help retailers engage with customers effectively. Sales data analysis provides valuable insights to optimize inventory management and pricing. Overall, digital retailing enhances efficiency, reduces costs, and caters to evolving consumer preferences.

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Research Analysis

Digital retail marketing refers to the use of digital channels to create engaging shopping experiences for consumers. Retailers leverage digital messages to reach specific audiences, driving results in the evolving retail landscape. The internet has transformed the way goods and services are bought and sold, with digital marketing strategies including loyalty programs, advertising, and promotions playing a crucial role. Brands must maintain consistency in their digital channels, adhering to brand identity and guidelines. Digital marketing trends such as personalization and interactive store layouts enhance the shopping experience. Zappos, a leading digital marketplace, exemplifies the importance of digital retailing in driving marketing and revenue for retail businesses. The benefits of digital retail marketing are vast, from increased reach and engagement to improved customer loyalty and business opportunities.

Market Research Overview

Digital retail marketing refers to the use of various digital channels and tools to create engaging shopping experiences for consumers in the retail industry. In the digital age, retailers are transforming the retail landscape by delivering messages tailored to specific audiences, offering transparency, quality, trust, convenience, and personalization. E-commerce platforms, mobile shopping, and omnichannel experiences are key elements of this digitalization, allowing businesses to reach informed consumers more effectively. Digital tools such as search engines, social media, emails, and online stores enable retailers to smartly target their audience, track ROI, and build personal connections. Websites, mobile apps, and digital storefronts are essential components of a retailer's online strategies, requiring fast loading, mobile-friendly designs, and fresh content for better SEO and local visibility. Virtual reality and digital marketing further enhance the digital retail experience, providing new opportunities for brand identities to shine and customer interaction to thrive. In the digital retail market, businesses must adapt to meet the evolving expectations of consumers, who increasingly demand seamless experiences, personalization, and transparency. By leveraging digital channels effectively, retailers can create a transformative impact on their businesses and build strong, loyal customer bases.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Search Ads
• Display Ads
• Social Media
• E-mail Marketing
• Others
• Platform
• Mobile Devices
• Desktops
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio