LONDON, Feb. 24, 2021 (GLOBE NEWSWIRE) —
New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to The Business Research Company’s retail market analysis research report, retail stores are increasingly offering unique experiences and features to meet customer expectations. Experiential retail refers to a store which offers consumers a chance to buy an experience rather than just an object or service. This trend is driven largely by millennials and their preference for experiences over things. These stores often use technology such as augmented reality and combine traditional elements with mobile apps and activities.
For example, Sephora is testing a variety of inventive amenities, including Virtual Artist tool, which allows the consumers try on different looks virtually; and the Color IQ feature, which scans a customer’s face to find the perfect foundation. Also, companies such as Audi have integrated a visual reality (VR) experience in their showrooms to attract potential customers. The company designed this VR experience to present its vehicles to potential customers in a more personalized and engaging manner, while solving the issue of smaller dealerships being unable to stock more than five cars.
Retail stores are thus increasingly being digitized, and this is done to improve operational efficiency and sales as well. Digitalization of retail shops enable retail stores to have mobile application access in which retailer can streamline the ordering of products, recommend products that consumer would likely to buy and faster delivery as compared to traditional delivery. Digitalization reduces costs and increases the sales of convenience, mom and pop stores. For instance, Alibaba in China launched an initiative Ling Shou Tong which digitalizes convenience, mom and pop shops. Also, Reliance and Amazon are working on providing a digital platform to convenience, mom and pop stores in India.
Asia-Pacific has the largest retail market share, accounting for 34.7% of the total in 2020. It is followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the retail market will be South America and the Middle East , where growth will be at CAGRs of 12.4% and 10.4% respectively.
The Business Research Company ’s report titled Retail Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major retail companies, retail market share by company, retail manufacturers, retail market size, and retail market forecasts. The report also covers the global retail market and its segments.
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The global retail market size is expected to grow from $20.29 trillion in 2020 to $22.43 trillion in 2021 at a compound annual growth rate (CAGR) of 10.5% . 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 $29.36 trillion in 2025 at a CAGR of 7% . According to retail market research, it is then expected to reach $39.93 trillion in 2030 at a CAGR of 6.3% .
Retail and wholesale companies are increasingly working towards providing customers with a seamless shopping experience, thus are working towards integrating their brick-and-mortar stores with online shopping. Omni channel retailing integrates the different methods of shopping available to consumers such as through mobile, online or in a physical shop. Retailers adapting this strategy offer customers numerous ways to purchase their products, through both online and offline channels. Thus, it is more flexible and convenient for consumers to purchase goods or services, and helps to boost sales.
Retail Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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