. Some of the major factors that are driving the market are the technological advancements related to the digital transformation going on in various industries, the increasing penetration of smartphones across the globe, increasing internet users, and the adoption of multiple sales channels by various organizations.

- With the rapidly increasing retail and e-commerce market across the globe, the demand for multichannel order management solutions is increasing primarily for scaling all functions and orders at every granular level which helps organizations to form an efficient system optimization and organization.

- The multichannel order management solutions provided by the vendors are specifically being designed to help organizations combine their orders from all the channels into the same catalog and update the latest prices across all sales channels for uniformity during changes in prices.

- The flexibility offered by these solutions is one of the major reasons for their increased adoption. These software suites help in managing sales from various marketplaces, maintaining optimum inventory so as to avoid stockouts nor oversell, accurate processing of bulk orders, it also helps in tracking differentiated pricing across all the channels which is a complex task that a multi-channel platform is able to handle seamlessly with ease.

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Key Market Trends

Retail and E-commerce Segment is Expected to Witness Significant Growth

- The digital media has played a vital role in transforming the retail industry with its huge consumer reach. The consumers have become more preferential about when and how they want to be reached from a brand. This trend has given rise to the scenario where a product's marketing initiative and the inventory across multiple sales channels should match, thereby providing desired and consistent shopping experience to the consumer. This need for consistency and clarity in market communication and stock availability across channels is expected to drive the market forward.

- The multiple sales channel are no longer exclusive to each other. They overlap each other and can be effectively used by brands to provide enhanced brand experience to the consumers. The multichannel retailers are increasingly adopting innovative strategies primarily to cater to the rapidly changing consumer preferences and to be able to efficiently handle the huge orders of multichannel retailing.

- With the rapid growth of the online market, retailers nowadays are adopting innovative technologies, such as big data analytics, cloud computing, digital stores, and social media networks. With the increasing competition in this sector, customer experience has proven to be a very crucial differentiating factor among the array of online shopping options.

Asia Pacific is Expected to Witness Significant Growth

- Across the Asia Pacific region, shopping malls, grocery stores, supermarkets, convenience stores, and hypermarkets are getting a digital upgrade designed primarily to stay competitive in the next generation of shopping experience.

- With the advent of technological innovations in the market like facial recognition, rapid-fire delivery, digital payments, big data, and shopping experience tailored to the consumer needs, the retail experience is primarily being designed to be seamless, fast, and convenient. These advancements have combined the physicality and accountability of an offline store with the speed and ease of online shopping and have changed the entire brick-and-mortar retail experience. These factors are expected to drive the demand for order management solutions during the forecast period.

- Moreover, retailers in the region are also entering into strategic partnerships. For instance, JD.com, one of China’s largest retail companies, has been rolling out what it calls ‘boundaryless retail’ via partnerships with some of the major western players including Walmart and Intel.

- Also, retailing in India is somewhat unorganized. There is a need for the effective supply chain management. The main factors that drive the growth of organized retailing in India are ris­ing urbanization, higher disposable incomes, growing consumerism, nuclear family structure, among others. These factors in the country are expected to fuel the demand for order management solutions.

Competitive Landscape

The multichannel order management market is highly competitive owing to the presence of many large and small players in the market providing software and services to domestic as well as in the international markets. The market appears to be moderately fragmented and is moving towards the fragmented stage. The major players in the market are adopting strategies like product and service innovation and mergers and acquisitions to expand the functionality of their product portfolio and to stay competitive in the market. Some of the major players in the market are IBM Corporation, HCL Technologies Limited, Oracle Corporation, Salesforce.com, Inc. among others.

- May 2019 - Multi-channel technology player One iota, part of the Sanderson Group plc, announced its partnership with Hugo Boss, one of the global fashion companies. One iota will support the fashion house’s focus to create compelling brand experiences and customer journeys, driven by state-of-the-art technology implemented across its stores.

- March 2019 - Freestyle Software announced that Multichannel Order Manager (M.O.M.) is now integrated with TaxJar, a provider of sales tax computation, reporting, and remittance. The combination of both companies will allow Freestyle customers to fully comply with all the rapidly changing state laws that have made sales tax collection and compliance challenging for eCommerce companies.

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