Retail Global Market Report 2024: Projected CAGR of 8% with Focus on Local Shopping and Technological Advancements

DUBLIN, March 5, 2024 /PRNewswire/ — The “Retail Global Market Report 2024” report has been added to  ResearchAndMarkets.com’s offering.

The retail market size is expected to see strong growth in the next few years. It will grow to $42.76 trillion in 2028 at a compound annual growth rate (CAGR) of 8.1%.

The anticipated growth in the forecast period can be attributed to technological advancements, the impact of data analytics, and a consumer preference for shopping locally.

Major trends expected in the forecast period include increased investment in innovative technologies, a focus on in-store automation to streamline retail shopping processes, consideration of investments in interactive vending machine technology to boost brand awareness and enhance customer experience, adoption of robots to reduce costs and improve productivity, exploration of investments in drone deliveries for quicker and more cost-effective delivery services, pursuit of providing omnichannel shopping solutions to drive sales and increase profitability, diversification of food options to augment revenues, investment in smart shelf solutions to enhance the customer shopping experience, and collaboration with e-commerce players to offer express delivery services.

Many retailers are embracing a robust and integrated strategy for data analytics in management. This technology is being implemented to enhance supply chain efficiency, streamline operations to engage customers, and foster loyalty. Data has become a critical component for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, retailers can more easily identify and meet the needs and expectations of their customers. This is expected to drive the market forward.

The growing demand for the food and beverage sector is anticipated to propel the growth of the retail market. The food and beverage sector encompasses the preparation, distribution, and consumption of food and drinks. Food and beverages contribute to enhanced customer experiences, increased revenue, and competitiveness in a dynamic retail landscape. 

The retail and e-commerce sectors are increasingly investing in drones to reduce delivery times and enhance profitability. A drone, or unmanned aerial vehicle (UAV), is either remotely controlled or flies autonomously using software-controlled flight plans. Utilizing drones for delivery enables retailers to lower costs and provide customers with quicker delivery compared to traditional methods. For instance, Amazon has invested in its Prime Air drone delivery service, which aims to complete deliveries within 30 minutes. While Amazon has initiated drone delivery trials in the UK, regulatory approval is still pending in the US.

Prominent companies in the retail market are prioritizing innovative retail services such as collect and receive to offer reliable services to their customers. The collect and receive retail delivery service is designed to provide flexibility, allowing customers to choose the most convenient delivery method based on their preferences and schedule. For example, in September 2023, Uber Technologies Inc., a US-based ride-sharing and transportation network company, and Oracle Corporation, a US-based technology company, launched the collect and receive service. This service integrates on-demand delivery with e-commerce, point-of-sale, procurement, customer relationship management, merchandising, inventory planning, distribution, and restocking systems. Uber and Oracle collaborate to enable the multitude of retailers and brands using Oracle retail apps to leverage the Uber Direct on-demand shipping platform, facilitating seamless product deliveries and returns.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

Markets Covered:

By Type: 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 and Other General Merchandise Stores; Ecommerce and Other Non-Store Retailers; Building Material and Garden Equipment and Supplies Dealers; Pharmacies and Healthcare Stores; Sporting Goods; Hobby; Musical Instrument; and Book StoresBy Ownership: Retail Chain; Independent RetailerBy Distribution Channel: Supermarkets/Hypermarkets; Convenience Stores; Department Stores; Specialty Stores; Online; Other Distribution Channels

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Companies Profiled

WalmartAmazonCVS Health CorporationCostco WholesaleSchwarz GroupThe Kroger CompanyWalgreens Boots Alliance, Inc.The Home Depot, Inc.Carrefour S.A.Target CorporationNice TuanBianlifengSuning.comSeven-ElevenLawsonFamily MartMinistopV-Mart RetailInfiniti Retail LtdUniqloMujiJB Hi-FiAuchan Holding SASPARTescoMetroMusgraveSainsbury’sAldiMcColl’sWm Morrison Supermarkets plcWaitrose & PartnersGroupe CasinoMarks and Spencer GroupMercadonaRewe GroupAsda Stores Ltd.X5 Retail GroupMagnitProfiLentaDixy GroupStokrotka Sp. z o.o.Perekrestok ExpressO’Key GroupGlobusZabkaSpolemGroszekEurocashStaplesOffice DepotSportsman’s Warehouse Holdings Inc.Kroger Co.Empire Company Ltd.Walgreen’s Boot AllianceYeswayAlimentation Couche-TardCasey’s General StoresLove’s Travel Stops & Country StoresMarathon Petroleum CorporationCencosudMakro Atacadista S.A.LojasAmericanasGrupo Pao de AcucaRaizenConvenienciasCia Brasileira de Distribuicao (GPA)Majid Al Futtaim7 ElevenAlHokair Fashion RetailAzadea GroupSavolaAlmeera GroupAl Madina GroupLuluAl Tayer GroupCircle KChoppies (South Africa)MassmartWoolworths Holdings LimitedFreshStopPick n PayShopriteFreshzo FoodsFood Lover’s.

For more information about this report visit https://www.researchandmarkets.com/r/6feamx

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