Retail

Retail

The Retail Industry is segmented by Products (Food and Beverages, Personal and Household Care, Apparel, Footwear and Accessories, Furniture, Toys and Hobby, Electronic and Household Appliances, and Other Products), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, and Department Stores, Specialty Stores, Online, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa).

The retail industry has witnessed several changes during the study period with changing economic conditions across the world. The global economy, which slowed in 2019, crashed in 2020 due to the COVID-19 outbreak, resulting in a challenging forecast period for the retail industry. As the majority of products in the industry are sensitive to the economic cycles, the retail industry is expected to show slow recovery during the initial forecast period, yet the customer necessity for the majority of products is anticipated to drive the market once the situation settles down.

The global retail industry is mature and highly competitive in the developed economies of Europe and North America. On the other hand, the developing economies of Asia-Pacific, the Middle East, and Latin America have been instrumental in driving the market growth. Countries, such as Singapore, Malaysia, and Thailand, are popular shopping destinations in the Asia-Pacific region, with visitors contributing substantially to the retail sectors in the respective markets. Tourists are augmenting the demand for products related to fashion, apparel, and electronics. Consumer spending, which typically accounts for more than two-thirds of the GDP, has been a key indicator of the health of the retail market. Moreover, the increasing strength of online shopping has been a major driver (especially during the COVID-19 crisis). Apart from this, the growing smartphone penetration across countries is driving the e-commerce channel. Also, IoT, augmented reality, and other disruptive technologies are reshaping the retail industry. However, price variation between online and brick-and-mortar stores can challenge the retail market growth.

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