Retail industry, which is one of the biggest revenue generating sector globally, is experiencing a paradigm shift with the introduction of technology. The industry represents about 30% of world’s GDP and is one of the fastest growing vertical. Global retail industry covers all establishments and models engaged in selling of commodities or merchandise for household or personal consumption. It includes clothing and accessories, food & beverages, home improvement & decor, technology, pharmaceutical, chemical, speciality and others. Retail market consists online and physical formats such as e-commerce, hypermarket & supermarkets, convenience & discount stores, storage & warehouses, pop-up stores and kiosks.
Broadly, global retail industry is classified into fashion goods, fast moving consumer goods (FMCG), leisure goods and other diversified products, of which FMCG dominates the market. The market is influenced by various economic factors such as consumer spending and per capita income or disposable income. With developed economies recovering from global economic crisis, rapid urbanisation, technological advancements, burgeoning middle class in emerging countries and increasing consumer product portfolios are expected to propel growth in retail industry.
E-commerce segment is the latest trend in retail industry where companies offer end-to-end sales through online platforms. Rising adoption of internet-based services, higher convenience and growing smartphone users are some of the factors which will drive the growth of e-commerce. With increasing digital consumer base, retail organizations are increasing their IT budgets to focus on multi-channel integration to improve their operational efficiencies.
With growing preference for e-commerce among consumers, brick and mortar stores and malls are under pressure to change their business models. Consequently, big retailers are adopting omnichannel approach, which is a blend of both offline and online stores, in order to enhance shopping experience of customers. In addition, retailers are creating seamless experience for customers by harnessing various technologies such as touch screen displays, free Wi-Fi, electronic parking assistance, hands-on & virtual technology, etc.
ASDReport.com has an extensive collection of reports on retail industry. The reports cover various segments and topics related to retail sector like, online retailing, duty free & digitized retail, retail automation, handicrafts, luxury e-tailing and much more.