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(IT-NEWSWIRE.COM, November 05, 2020 ) The retail cloud market is expected to grow from USD 11.06 Billion in 2016 to USD 28.53 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 20.9%, owing to the demand of retail companies to enhance existing market offerings and growing need of the retailers to focus on pricing and promotions.
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The major players in the retail cloud include Oracle Corporation (California, U.S.), Cisco Systems, Inc. (California, U.S.), SAP SE (Wurttemberg, Germany), IBM Corporation (New York, U.S.), Microsoft Corporation (Washington, U.S.), Computer Sciences Corporation (Virginia, U.S.), Fujitsu Limited (Tokyo, Japan), Infor, Inc. (New York, U.S.), Epicor Software Corporation (Texas, U.S.), JDA Software group, Inc. (Arizona, U.S.), and Syntel Inc. (Michigan, U.S.). These players have adopted various growth strategies such as business expansions, acquisitions, partnerships, agreements, and new product launches. Partnerships and new product launches were the two major strategies adopted by these players to achieve a strong foothold in the retail cloud market.
In October 2016, IBM released a series of cognitive solutions for retailers such as IBM Watson customer experience analytics, IBM Watson content hub, IBM Watson order optimization, and many more. These solutions will enable retailers to fulfil orders across channels, analyze supply chain patterns, process new behavioral data, and many more. In December 2016, IBM and Lotte Group entered into an agreement where Lotte would leverage IBM’s Watson technologies for its retail offerings. Lotte and IBM together will work on creating an ‘Intelligent Shopping Advisor’ for customers and internal employee ‘Cognitive Business Decision Advisor’ for the retail affiliates. IBM will be benefitted with enhanced Watson technology offerings in the retail sector.
In July 2016, SAP announced the launch of SAP Hybris commerce solution that will enable organizations to deliver enhanced customer shopping experiences through personalization of their needs. The solution consists of features such as redesigned content management system, new promotions engine, enhanced back-office framework, and new back-office User Interface (UI). In September 2016, Accenture and SAP announced extension of SAP’s current fashion management capabilities to contribute to the digital transformation journey of the fashion and retail brands. Accenture will enable vertical integration across retail, wholesale, and manufacturing channels, whereas SAP will be providing its SAP S/4 HANA technology capabilities of flexible cloud services.
The retail cloud market research report analyzes global adoption trends, future growth potentials, key drivers, vendor portfolio analysis, restraints, opportunities, and value chain in this market.
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