Global Market for Retail Omni-Channel Commerce Platform Could Exceed US$12.7 Billion by 2025
According to most experts the global Retail Omni-Channel Commerce Platform market will be driven by the growing business opportunity for eCommerce against the backdrop of the fact that the consumer purchase cycle is increasingly characterized by seamlessly shifting across channels and devices. Reports show that modern consumer behavior is rapidly changing with most consumers buying on various channels, making purchase cycle long, interconnected and complicated. Few of the factors highlighting the fact that a large majority of people shop across channels include emerging data that shows over 90% of customers in the United States switch between devices during the same day; modern customers today use an average of 6 touch-points for shopping that include physical store, online store, smartphone, PC, laptop and tablet; and to avoid shipping fee, increasing number of customers prefer to shop online and pick-up instore. Customers expect physical store inventory information to be featured online and almost 98% of customers exhibit frustration when having to repeat their issues to customer care when they switch from one channel to another. The emerging pattern of consumer purchases crossing the lines between physical and digital worlds reinforces the need for seamless omnichannel experiences. Smarter sales channel strategies is the need of the hour which is feeding the demand for omni-channel selling platforms. Defined as a retailing strategy where the retailer is ready and available at myriad customer touchpoints with a synchronized inventory, merchandising offers, prices and customer support, omni-channel commerce is growing in popularity and importance. Active Companies in the merchant industry include The OLB Group, Inc. (NASDAQ: OLB), BigCommerce (NASDAQ: BIGC), Shift4 Payments (NYSE: FOUR), Bill.com (NYSE: BILL), Square, Inc. (NYSE: SQ).
A report from 360 Research And Reports said that the global Retail Omni-Channel Commerce Platform market is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2026. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon. Another report from ReportLinker added that the global market for Retail Omni-Channel Commerce Platform is projected to reach US$12.7 billion by 2025, driven by the growing business opportunity for eCommerce
The OLB Group, Inc. (NASDAQ: OLB) BREAKING NEWS : OLB Projects Continued Strong Revenue Growth in 2021 – Cloud-based merchant services provider expects to build on larger merchant base in 2020 – The OLB Group, Inc., a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, expects to extend its strong financial performance into 2021. According to Ronny Yakov, CEO of OLB Group, the increased appetite for cloud-based merchant services, coupled with the company’s robust solutions portfolio and reputation for personal attention to merchants desiring a hand-on approach, should continue the trends in broadening the merchant base and accelerating sales in the new year.
Yakov noted, “2020 was an unprecedented year and tested our collective resilience on many fronts. OLB overcame these challenges and executed on its mission to provide eCommerce solutions and business services to small- and mid-size merchants. I am especially proud of our onboarding and support teams who worked tirelessly to assist our merchants during the worst parts of the pandemic. Our successes, combined with our greatly improved and comprehensive solutions portfolio, positions the company for continued growth throughout 2021.”
Yakov noted several recent achievements that will contribute to 2021 momentum:
- Secured status as a Payment Facilitator (PayFac) with two major banks
- Expanded and enhanced all applications and upgraded its merchant boarding process
- Delivered fully cashless and contactless purchase experiences to merchants and consumers
- Actively assisted traditionally brick-and-mortar businesses transition to online ordering and fulfillment
- Achieved listing on NASDAQ in August 2020
Yakov expressed confidence that OLB brands and solutions, including its eVance merchant processing, GHM benefits program, SecurePay payment gateway, and ShopFast omnicommerce platform, will continue to attract new merchants in the coming year.
“Our company is in a strong position to serve the multiple business needs of our customers,” explained Yakov. “OLB has a solutions portfolio that is broad, secure, and dependable, and we have an experienced, talented team. We believe that 2021 will be a very successful year for our entire organization.” For more information about The OLB Group, please visit http://www.olb.com and http://www.olb.com/investors-data
Other recent developments in the eCommerce/Merchant industry include:
BigCommerce (NASDAQ: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established brands, recently announced it has been named a Leader in IDC MarketScape: Worldwide Headless Digital Commerce Applications 2020-2021 Vendor Assessment . The report evaluated 11 headless digital commerce platforms based on their ability to provide headless or API-first experiences that satisfy both B2C and B2B commerce requirements.
In the report’s evaluation of BigCommerce, Jordan Jewell, research manager of IDC’s Digital Commerce program, said “Consider BigCommerce if you are a fast-growing, experience-driven brand looking for a multitenant SaaS headless digital commerce platform,” and “if your organization is primarily focused on differentiating with business agility and a fast time to market with a platform that is very business user-friendly.” Additionally, the IDC MarketScape report cites BigCommerce’s usability as a core strength in headless digital commerce, noting the large steps taken to reduce complexity of the headless implementation experience.
Shift4 Payments (NYSE: FOUR), the leader in integrated payment processing solutions, has revealed that the month-over-month change in U.S. merchant transaction volumes from October to November dipped more than in previous years as merchants and consumers contend with recent spikes in COVID-19 transmission and renewed health and safety restrictions. Nonetheless, Shift4’s data indicate that transaction counts in October reached totals that exceeded the expected seasonal decline.
The anticipated seasonal decline heading into the fall is often most discernable in the month-over-month change from October into November, where historical data indicates merchants may expect an average 5% drop in monthly transaction volume. However, this year’s data—posted daily on shift4cares.com —reveals a decline of 10% from October to November, suggesting that the typical seasonality of merchant transaction volume is being compounded by the recent nationwide rise in virus infection rates. Only two states—Hawaii and Florida—fared better than the historical average in month-over-month transaction volume change. As a state largely dependent on tourism, Hawaii proved to be a particular bright spot with a month-over-month transaction growth of 5% that bucked the nationwide trend. At the other end of the spectrum, however, Wyoming, Maine, and Vermont had greater than 25% month-over-month declines in transaction counts.
Bill.com (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes and automates complex back-office financial operations for small and midsize businesses (SMBs) and Wells Fargo & Company (NYSE:WFC) recently announced Bill Manager, a new joint offering now available to help automate and simplify the accounts payable and receivable process for small to midsize businesses.
Bill Manager integrates the latest cloud-based financial operations software from Bill.com into Wells Fargo’s digital banking service, Commercial Electronic Office®, creating a paperless way for businesses to pay bills and get paid with simplicity, visibility, and control.
“We are thrilled to bring our long-standing relationship with Wells Fargo to fruition through Bill Manager to accelerate small and midsize businesses’ shift to the cloud,” said Josh Goines, senior vice president, Strategic Partnerships and Business Development at Bill.com. “With Bill Manager, SMBs can go live with digitally automating their accounts payable processes in a matter of hours, helping them to put their back office in their back pocket.”
Square, Inc. (NYSE: SQ) recently announced the availability of Square Appointments on Square Register, a point-of-sale solution specifically built for beauty and wellness sellers that now runs on Square’s first-class hardware. This offering provides integrated hardware and software so sellers can book and confirm appointments, manage inventory, accept payments, and check out customers all from Square Appointments for a front desk experience that provides simplicity and a professional look that elevates any business.
“Square Appointments on Square Register is the perfect solution for our salon since we can now do everything all in one place whereas before we were having to use multiple devices,” said Teresa Kuhbacher, Owner of Lil’ Tiffany’s Spa. “Our clients love using Square Appointments because it’s so easy to navigate and book all of their services, while they can also use contactless payments or even prepay for their services for an even safer checkout. Square Register has made our front desk look beautiful, providing a smooth and welcoming experience for clients the moment they walk in the door.”