Major companies in the retail market include Wal-Mart; Costco; Kroger; Amazon Inc and Home Depot. The global retail market is expected to grow from $20298. 69 billion in 2020 to $22438. 07 billion in 2021 at a compound annual growth rate (CAGR) of 10.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Retail Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018934/?utm_source=GNW
5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $29361.95 billion in 2025 at a CAGR of 7%.
The retail market consists of sales of goods to ultimate users by entities (organizations, sole traders and partnerships) that provide the service of making goods available in convenient quantities and locations. Retailing involves buying from wholesalers or direct from producers, breaking bulk, displaying goods for sale either physically or online, and sometimes delivery. Wholesalers are independent organizations in the distribution channel that buy in bulk and sell to resellers rather than to consumers. Both retailers and wholesalers take ownership of the goods and so bear the risk of carrying inventory. They also reduce the total number of transactions required for the process of transferring goods from producers to consumers. The retail market is segmented into motor vehicle and parts dealers; food and beverage stores; gasoline stations; miscellaneous store retailers; cosmetics and personal care stores; clothing and clothing accessories stores; electronics and appliance stores; furniture and home furnishings stores; supermarkets and hypermarkets; convenience, mom and pop stores; department stores & other general merchandise stores; ecommerce & other non-store retailers; building material and garden equipment and supplies dealers; pharmacies and healthcare stores and sporting goods, hobby, musical instrument, and book stores.
Asia Pacific was the largest region in the global retail market, accounting for 35% of the market in 2020. North America was the second largest region accounting for 29% of the global retail market. Middle East was the smallest region in the global retail market.
The retail/e-commerce market is increasingly investing in drones to reduce delivery times and increase profitability. A drone is an unmanned aerial vehicle (UAV), that is remotely controlled or flies autonomously using software-controlled flight plans in their systems. Using a drone for delivery allows retailers to cut costs and help in providing customers with their products earlier than traditional delivery methods. For example, Amazon has been investing in its Prime Air deliveries via drones, which claims to complete the delivery within 30 minutes. Amazon has started delivery trials via drones in the UK, but is still waiting for regulatory approval in the US.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the retail market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the retail market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Many retailers are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty, data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for retails to identify and meet the needs and expectations of their customers , thus it is expected to drive the market going forward.
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