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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Retail Market Growth
Retail refers to the process of selling consumer goods or services through various channels of distribution to satisfy the demand of consumers. The retail industry is one of the largest private employers, generating 42 million jobs in the United States. Retail stores are ubiquitous for connecting manufactured goods to end customers and play a significant role in a country’s economy.
The demand of retail market is being driven by factors like rising disposable incomes, rapid digital transformation, and investments in cutting-edge technologies. With evolving customer behaviours, growing smartphone penetration, and increasing focus on meeting the demands of tech-savvy Gen-Z population, retailers are expanding their presence in mobile commerce. Trends such as one-click ordering, the emergence of voice shopping and chatbots, and the growing popularity of mobile wallet payments are also bolstering the popularity of mobile commerce stores. Besides, the growing popularity of social media platforms like Facebook, TikTok and Instagram, among others, is prompting retailers to use such channels to reach potential customers and sell their products.
Retail Market Report Snapshots
Retail Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global retail market attained a value of nearly USD 23 trillion.
The major market drivers are the rising population, growing smartphone penetration, and the ever-increasing usage of the internet across the globe.
The key trends in the market are rapid technological innovations and increasing popularity of augmented reality among retailers.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major products considered in the market report include 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, and pharmaceuticals, among others.
The different segments based on sector considered in the market report include organised and unorganised.
The various distribution channels in the market include supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others.
The major players in the market are Walmart Inc., Amazon.com, 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.
Retail refers to the process of selling consumer goods or services through various channels of distribution to satisfy the demand of consumers.
Market segmentation refers to dividing the market into sub-categories depending on consumer behaviour and needs.
The sale of goods and services to the consumers is the main concept of retail market.
The Asia Pacific holds the largest market share.
The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 38.2 trillion by 2032.
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