PUBLISHER: The Business Research Company | PRODUCT CODE: 1742136
PUBLISHER: The Business Research Company | PRODUCT CODE: 1742136
Retail digital transformation refers to the process of integrating digital technologies across all aspects of a retail business to enhance customer experiences, optimize operations, and improve business performance. It involves adopting new digital tools, platforms, and data-driven processes to stay competitive in the rapidly evolving retail landscape.
The retail digital transformation market consists of sales, by entities (organizations, sole traders, or partnerships), of retail digital transformation that provide digital transformation solutions for the retail sector. The purpose of retail digital transformation is to enhance operations, customer experiences, and overall business performance within the retail sector.
The global retail digital transformation market was valued at $121,695.78 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 18.00%.
Growing Reliance On Voice Commerce And Smart Assistants
During the historic period, the growing reliance on voice commerce and smart assistants propelled the growth of the retail digital transformation market. Reliance on voice commerce and smart assistants accelerates retail digital transformation by enhancing customer convenience, streamlining purchasing processes, and enabling personalized shopping experiences through AI-driven recommendations. This integration also optimizes backend operations, such as inventory management and customer support, fostering greater efficiency and engagement in omnichannel retail strategies. For instance, in February 2024, according to a report published by Capgemini, a France-based information technology (IT) services company, 40% of consumers favor voice assistants over traditional websites and apps for their interactions. Therefore, the growing reliance on voice commerce and smart assistants drove the growth of the retail digital transformation market.
Enhancing Retail Experiences With AI-Powered Digital Assistants
Leading companies driving retail's digital evolution with advanced AI-powered digital assistants that combine machine learning, natural language processing (NLP), and predictive analytics to revolutionize operations and customer engagement. These intelligent systems automate workflows like inventory restocking and fraud detection while delivering hyper-personalized shopping experiences through real-time behavior analysis. AI-powered digital assistants are intelligent software programs that use artificial intelligence to understand, process, and respond to user queries, automate tasks, and provide personalized assistance across various devices and platforms. For instance, in January 2025, NVIDIA Corporation, a US-based technology company, introduced the NVIDIA AI Blueprint for retail shopping assistants. This generative AI reference workflow is designed to revolutionize shopping experiences both online and in stores by enabling AI-powered digital assistants to support and enhance human workforce capabilities. Built on the NVIDIA AI Enterprise and NVIDIA Omniverse platforms, the blueprint allows developers to create AI assistants that replicate the expertise of top sales associates, stylists, or designers, improving customer satisfaction and operational efficiency. Additionally, integrating the Omniverse platform with spatial-scanning technology enables AI agents to present products in highly realistic virtual environments, allowing customers to visualize items like furniture in their own spaces before making a purchase.
The global retail digital transformation markets are highly fragmented, with large players operating in the market. The top 10 competitors in the market made up 5.20% of the total market in 2023.
Retail Digital Transformation Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global retail digital transformation market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for retail digital transformation ? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The retail digital transformation market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider retail digital transformation market; and compares it with other markets.