The retail market refers to the system where businesses sell goods and services directly to individual consumers for personal use. It is the final stage of the supply chain, where products move from manufacturers or wholesalers to customers through various retail outlets. This market includes both physical stores (supermarkets, department stores) and online platforms (e-commerce websites) and direct sales.
The retail market consists of sales by entities (organizations, sole traders and partnerships) of retail services that are used to purchase daily necessities, luxury items and specialized products, making it an essential component of everyday life. The sector serves individuals, families and businesses seeking consumer goods for immediate use or long-term needs.
The global retail market was valued at $18,849.98 billion in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 8.00%.
E-Commerce Growth
The e-commerce growth has propelled the growth of the retail market in historic period. E-commerce, or electronic commerce, involves the online buying and selling of goods and services. The rising consumer preference for online shopping has increased demand for advanced retail technologies that enhance the shopping experience. E-commerce growth is propelling retail expansion by improving consumer access, strengthening omnichannel strategies, accelerating mobile commerce and optimizing cost efficiency through data-driven insights For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government agency, retail e-commerce sales for the first quarter of 2024 increased by 2.1 percent from the fourth quarter of 2023. Thus, the expansion of e-commerce supported retail market growth in historic period.
Advancement In Retail With IoT-Integrated Solutions To Optimize Processes
Companies are focusing on Internet of Things (IoT)-integrated solutions to enable retailers to create personalized shopping experiences by tracking customer behavior in-store and online. IoT technology facilitates the creation of smart environments where devices can monitor, control and optimize processes, leading to improved efficiency, accuracy and economic benefit across the retail industry. For instance, in February 2024, Huawei Technologies Co. Ltd., a China-based manufacturing company, launched the Retail Solution. Huawei's Retail Solution is tailored for retail environments including campuses, stores and interconnected branches. It integrates advanced technologies like Wi-Fi (wireless fidelity), cloud computing, IoT and storage to enhance operational efficiency, cost reduction and the consumer experience. The solution comprises four specialized components including a smart store solution, an intelligent warehousing solution optimizing inventory management with IoT, an energy efficiency solution utilizing IoT sensors for smart energy management and a digital marketing solution providing comprehensive store management insights.
The global retail market is fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 8.42% of the total market in 2023.
Retail Global Market Opportunities and Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global retail market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for retail? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The retail market global report from The Business Research Company answers all these questions and many more.
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 history and forecasts market growth by geography. It places the market within the context of the wider retail market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by ownership and by distribution channel.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by ownership and by distribution channel in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for retail in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Motor Vehicle And Parts Dealers; Food And Beverage Stores; Gasoline Stations; Miscellaneous Store Retailers; Cosmetics And Personal Care Store; Clothing And Clothing Accessories Stores; Electronics And Appliances Stores; Furniture And Home Furnishings Stores; Supermarkets And Hypermarkets; Convenience Mom And Pop Stores; Department Stores And Other General Merchandise Stores; E-commerce And Other Non-Store Retailers; Building Material And Garden Equipment and Supplies Dealers; Pharmacies And Healthcare Stores; Sporting Good, Hobby, Musical Instrument and Book Stores
- 2) By Ownership: Retail Chain; Independent Stores
- 3) By Distribution Channel: Supermarkets/Hypermarkets; Convenience Stores; Department Stores; Specialty Stores; Online; Other Distribution Channels
- Companies Mentioned: Walmart Inc; Amazon.com Inc; Costco Wholesale Corp; Schwarz Group; The Home Depot Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- 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; retail indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.