The Retail Cloud Market size is expected to grow from USD 38.46 billion in 2023 to USD 104.54 billion by 2028, at a CAGR of 22.14% during the forecast period (2023-2028).
The rise of e-commerce has set the standards for brick-and-mortar retail in recent years. Although shoppers complete most transactions in brick-and-mortar stores, customers have grown to expect the same personalized, relevant, convenient, and easy-to-use experiences they encounter online when they shop in-store, driving the retail cloud market significantly.
The market is moderately fragmented and has become competitive in recent years. The players in the market have adopted different strategies to gain a competitive advantage. For example, new product development and acquisitions are some of these strategies. Consistent innovation, with a specific end goal, is a primary strategy used by these players to keep up their aggressive positions in the market and advance consumer loyalty.
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