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Global Online and In-Store Retail Industry Performance Impact of COVID-19

ReportLinker
·3-min read

The report titled " Global Online and In-Store Retail Industry Performance Impact of COVID-19" discuss detailed analysis of offline retail and online retail market in the major geographies worldwide. The geographical distribution covered in the report inclide, North America, Europe, APAC and Middle East and further country wise discussion has been carried out.

New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Online and In-Store Retail Industry Performance Impact of COVID-19" - https://www.reportlinker.com/p06068027/?utm_source=GNW
Report helps to assess the market performance after the virus outbreak as well as Pre-COVID-19 scenario to highlight the changes happening the retail sector after world economy faced deep recession. World macro economy performance has been discussed in the report to understand market opportunities and challenges present and factors influencing the industry growth.

Key Highlights from the Report:

By 2020, the global economy is anticipated to shrink by 4.4% though in June it was predicted around -4.9% which has been reviewed according to a new methodology by International Monetary Fund (IMF) around -5.2%. The IMF forecast is based on the assumption that the covid-19 impact will continue in the market and social distancing will prevail by 2022.

Amidst the covid-19 outbreak, the global retail industry registered a revenue of USD ~ trillion in FY2020 declined by 5.7% from 2019. Though the global pandemic has almost come to its end. Yet, the damage it has caused to the world’s economy and worldwide growth will remain visible in the sluggish growth of worldwide industries.

In FY2020, the Global retail e-commerce market will be down to a 16.5% growth rate as compared to 20.2% in the previous year. Also, it is anticipated that many economies will witness acceleration in the market. However, India and China register a subsequent decline as compared to previous years. China tops the global e-commerce market with the subsidiary of its e-commerce giant Alibaba group; including, Alibaba.com, Taobao, Tmall, and many others. Also, China is one of the fastest expanding e-commerce markets with an annual growth rate of 35%.

The US market witnessed sharp fall in its retail sales in March 2020 and further expected to suffer in the Q2 2020 due to the impact of pandemic. The global pandemic has caused a drastic fall in Europe’s retail market. Amidst the lockdown, the non-essential stores came to shut in March 2020 and the reopening began gradually in May 2020. This has led to the decline in retail sales in the region.

APAC retail is one of the booming sector having dominance of China and rapidly evolving Indian retail market has grabbed the attention of foreign investors. In 2019, the APAC retail market recorded revenue of USD ~ trillion. In 2020, owing to novel coronavirus the retail market in the region witnessed slump however from third quarter onwards recovery showed improvement as compared to the global performance.
Read the full report: https://www.reportlinker.com/p06068027/?utm_source=GNW

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