Global Retail Market to Witness a Healthy Growth During 2024-2032, Aided by Technological Advancements and Surge in Online Retail

The global retail market is experiencing a substantial transformation fuelled by swift technological advancements. Augmented reality is witnessing increased adoption to elevate the shopping experience of customers through product visualisation. The retail sector has revolutionised as a result of the growing internet penetration, extending retailers' reach beyond local markets and enhancing customer convenience, both facilitated by online channels. Increased smartphone adoption and the ability to access everyday essentials from the comfort of one's home have accelerated the shift towards online shopping. Factors like rapid urbanisation and growing disposable incomes play a crucial role in this growth.

In developed regions like Europe and North America, the retail industry is characterised by high competition and maturity. However, significant growth prospects can be observed in emerging economies within regions like the Asia Pacific, Latin America, and the Middle East and Africa. Countries like Singapore, Malaysia, and Thailand have gained recognition as prominent shopping destinations in the Asia Pacific, with retail chains benefiting from a substantial influx of tourists. Their demand primarily revolves around fashion, apparel, and electronics. A key metric reflecting retail market's expansion is consumer spending.

In September 2023, The Kroger Co. (NYSE: KR) and Albertsons Companies finalised a definitive agreement with C&S Wholesale Grocers, LLC for the sale of specific stores, banners, distribution centres, offices, and private label brands in connection with their previously announced merger. The merger was aimed at enhancing consumer access to affordable food, creating a more competitive alternative to non-union retailers.

In June 2022, Costco Wholesale Corporation (NASDAQ: COST), one of the key market players, successfully acquired the remaining 45% minority interest in Costco-Taiwan, a joint venture, for $1.05 billion. As a result, Costco now holds indirect ownership of all operations in Costco Taiwan. Currently, Costco operates 833 warehouses globally and offers e-commerce services in multiple countries, including the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.

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Market Breakup by Product, Sector, Distribution Channel, and Region:

• The market is segmented based on product into food, beverage, and grocery, personal and household care, apparel, footwear, and accessories, furniture and home décor, toys, hobby, and household appliances, industrial and automotive, electronic, consumer durables and IT, pharmaceuticals, and others.

• Based on sector, the market is bifurcated into organised and unorganised.

• On the basis of distribution channel, the market is categorised into supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others.

• Region-wise, the global market for retail can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Robust growth of the e-commerce sector, driven by increasing smartphone penetration, global internet usage, and shifting consumer purchasing behaviour, is anticipated to shape the retail landscape. Additionally, the adoption of Internet of Things (IoT) is transforming the sector, with a significant uptick in online fresh grocery sales.

• Technology integration across retail operations and consumer analytics has been effectively harnessed by the sector. Retail executives globally prioritise the continued implementation of technologies that can help them understand consumer shopping behaviour and formulate strategies to increase their sales.

• The Asia Pacific region holds a significant market share due to substantial investments by leading e-commerce companies in emerging markets such as India and China. Favourable conditions like fast-growing economies and rising consumer incomes are supporting the regional market expansion. Moreover, increase in tourism activities in countries like Singapore, Malaysia, and Thailand, is expected to enhance the sales of apparel, luxury items, and electronics.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for retail for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, sector, distribution channel, and major regions of the retail market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the retail market are Walmart Inc., Amazon Inc., Costco Wholesale Corporation, The Home Depot, Inc., JD.com, Inc., The Kroger Co., Walgreens Boots Alliance, Inc., Alibaba Group Holding Limited, Target Corporation, Lowe's Companies, Inc., The Schwarz Group, Koninklijke Ahold Delhaize N.V., Carrefour Group, and Auchan Retail International, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.