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The digital retail marketing market is poised to grow by USD 902.88 billion accelerating at a CAGR of 26.39% between 2022 and 2027. Additionally, the market is fragmented in nature and shows a YOY growth of 23.88%. The report covers diverse dimensions such as the market size of forecast and historic data, influential drivers, analysis of prominent vendors, and evolving trends, presenting a comprehensive outlook on the global market scenario.
Rapid growth in social media is a key factor driving the market growth. The comprehensive report of digital retail marketing market offers crucial insights of the industry's changing dynamics, helping businesses to identify growth opportunities in the constantly evolving digital retail landscape.
The market is Segmented as
1. Type - The type segment is classified into search ads, display ads, social media, e-mail marketing, and others.
2. Platform- The platform segment is classified into mobile devices and desktops.
Digital Retail Marketing Market market size, Request for Free Report Sample
The rapid growth in social media is a major factor driving the global digital retail marketing market share growth.
Social media platforms allow the advertising of the websites of individuals or organizations on a larger scale than most other advertising media. Advertisers are able to build brand acquaintance among users by putting up posts and updates on brand pages, which get shared among their networks. Regular updates enhance brand visibility and help to acquire new customers as well as increase familiarity among existing customers. The COVID-19 pandemic has had a significant influence on social media usage.
To avoid the spread of COVID-19, many countries have announced restrictions related to travel, and people have been advised to stay indoors as a part of the lockdown measure. This has increased the time spent on social media platforms in countries such as the US, the UAE, Italy, India, China, Spain, and Germany. Therefore, an increase in the use of social media platforms will drive the demand for digital retail marketing in these countries and thereby influence the overall growth of the market during the forecast period.
The growing shift of preference from traditional to digital retail advertising channels will be a major challenge for the global retail marketing market share growth.
With the advances in technology, there has been a rapid shift in preference for digital retail advertising from the traditional medium. This is primarily because of the effectiveness offered by digital media in terms of the ability to view posts and advertisements at any point with no location constraints. In addition, marketers are also combining traditional channels with online channels, such as the use of geofencing to send advertising messages to mobile devices within range of a billboard, shelter, or outlet.
Some of the major factors influencing the shift from traditional advertising channels to digital channels are increased brand awareness, modernization, enhanced customer experience, and increased product awareness. Essentially, the market will continue to grow during the forecast period.
The market share growth by the search Ads segment will be significant during the forecast period. Search ads are currently the most popular form of digital retail marketing and will continue to be the dominant marketing segment during the forecast period. The online population in this segment is targeted based on their search criteria and frequently visited sites. Digital retail marketing by search ads has higher conversion rates as advertisements are generated in close relation to consumer requirements, based on their search history.
The search ads segment was valued at USD 52.19 billion in 2017 and continue to grow by 2021. One of the major factors influencing the search ads market is the rapid growth of e-commerce. The global e-commerce business is growing beyond metropolitan cities and moving to tier-two and tier-three cities. The business is extending to groceries and electronics and has become an integral part of an online shopper's life. Most online visitors only visit e-commerce websites with the intention of making a purchase for now or for the future. Consequently, search ads tend to be more efficient in targeting larger age groups. Such factors will drive the growth of the search ads segment in the global digital retail marketing segment during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. The digital retail marketing market in APAC is likely to experience the highest growth during the forecast period. The high population density and the rapid penetration of the Internet in the region are the major growth factors for the market. APAC is witnessing a rapid shift from traditional modes of advertising to digital modes. The high urbanization in this region is further increasing the adoption of digital retail marketing. This enables companies to target wider audiences, such as corporate workers and shoppers.
123 internet Agency - The company offers digital retail marketing services such as digital marketing strategy for companies. Also, Through this segment, the company offers marketing strategy, digital services and data-driven solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
The requirement for a skilled workforce will be a major challenge for the global digital retail marketing market share growth.
The global digital retail marketing market is upgrading rapidly, and one of the major challenges faced by companies is the need for a skilled and talented workforce that adapts quickly to the latest advances in technology. Companies need to hire employees who can cope with the rapidly transforming market. This cannot be achieved only through a good recruitment team; it also requires a complementary employee development team as well as effective processes and procedures.
Besides considering the soft skills and the expertise of the employees, recruiters must also consider the customer and data management skills of the employees. Thus, the lack of a skilled workforce can become a major challenge for the growth of the global digital retail marketing market during the forecast period.
The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth. For details analysis BUY FULL REPORT.
Digital Retail Marketing Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.39% |
Market growth 2023-2027 |
USD 902.88 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.88 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
123 Internet Group, Advantage Solutions Inc., AMP Agency, Ascential Plc, BigCommerce Holdings Inc., Daniel J. Edelman Holdings Inc., GK Software SE, Medallion Retail, Microsoft Corp., Salesforce.com 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 |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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