The global retail market will be driven by the demand from the booming e-commerce industry during the forecast period 2021-2026
30 NORTH GOULD STREET, WYOMING, USA, August 24, 2022 /EINPresswire.com/ — Expert Market Research’s new report titled “Global Retail market share Price, Trends, Analysis, Outlook, Report and Forecast 2021-2026′, gives an in-depth analysis of the global retail market, assessing the market based on its segments such as product, sector, distribution channel and major regions like North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
• Historical market size (2020): 23 trillion USD
The retail market has witnessed substantial growth owing to factors such as rapid technological innovations. Also, increased knowledge in different industries provides huge market opportunity for key players in the retail market. This may be due to the growing popularity of augmented reality for retailers and customers as it provides improved customer service.
The use of augmented reality allows customers to view selected objects. Furthermore, the Internet is revolutionizing the retail industry by enabling retailers to increase their audience from the local area to overseas and increase consumer convenience, thereby triggering the growth of the industry. Market growth has also been driven by the proliferating use of smartphones and increasing consumer accessibility to daily essentials from the comfort of home. Market growth is also aided by other factors, such as rapid urbanization and increasing disposable incomes.
Industry definition and major segments
Retail refers to the method of selling manufactured goods or services through different distribution channels in order to meet consumer demand. Small quantities of items or services are often handled by a retailer.
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On the basis of product, the industry is divided into:
• Food, drinks and groceries
• Personal and domestic care
• Clothes, shoes and accessories
• Furniture, interior decoration
• Toys, hobbies and appliances
• Industry and Automotive
• Electronics, consumer durables and IT
• Pharmaceutical, Luxury,
On the basis of sector, the industry is divided into:
• Organized
• Unorganized
On the basis of distribution channel, the industry is split into:
• Supermarkets and hypermarkets
• Convenience stores
• Specialty stores
• Department stores
• E-commerce
Regional retail markets include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market trends
Geographically, due to the growing investments of leading e-commerce companies in emerging economies such as India and China, Asia-Pacific accounts for a significant portion of the industry. Rapidly growing economies and increasing consumer disposable incomes in the region are driving the growth of the industry. Also, owing to rising tourism activities in countries such as Singapore, Malaysia, and Thailand, the region is expected to witness robust growth over the forecast period.
As the increase in travel and tourism activities is expected to increase the demand for products such as apparel, luxury goods, and electronics, these countries are expected to increase their market share. With the global outbreak of the COVID-19 pandemic, the retail sector has been severely affected as retail sales have witnessed a dramatic drop in the first half of 2020 due to strict containment measures in different country. In 2020, global retail sales fell an average of 9.6%, reflecting a loss of $2.1 trillion.
The market, however, is expected to rebound by 2021 and witness steady growth over the forecast period. The e-commerce segment is witnessing robust growth based on distribution channel and is expected to account for a major share of the industry during the forecast period. This may be due to the growing penetration of smartphones and the growing use of the internet around the world. Market growth is also facilitated by changing customer buying behavior and an increasing number of vendors selling online.
The growing use of the Internet of Things (IoT) has revolutionized the e-commerce industry, which in turn is changing the retail industry as a whole. In the meantime, a major increase in online fresh food sales is expected, which will support the growth of the industry over the forecast period.
Main market players
Major market players include Amazon.com, Inc., Walmart Inc., Costco Wholesale Corporation., Kroger Co., Alibaba Group Holding Ltd, Home Depot Product Authority, LLC, Walgreen Co, Reliance Industries Limited, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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