As one of the largest sectors of the global economy, the retail & trade market is the reason people consume, invent new things, and create more jobs. The industry, which incorporates retail and consumer services, from small local shops to large international chains and online sales interfaces, encompasses all businesses that deal with the provision of goods and services to end users or customers, as well as commercial customers.
Market value prediction for the year 2024: in 2025, the global retail market is expected to be nearly $31.3 trillion with an annual growth rate of 5.3%.
E-commerce growth: In 2023, the share of online retail sales in the structure of total global retail sales is projected to exceed 22 percent, increasing to over 30 percent in 2027.
Employment: Employment in the retail and trade industry exceeds 450 million people; this is one of the highest figures of employment in any sector.
Regional Insights:
Asia-Pacific: The market has a lion’s share, and it is spearheaded by China and India, which is a result of their urbanization and online presence.
North America: The American retail sector is worth up to 7 trillion dollars, from where major market actors like Walmart, Amazon, and Costco operate.
Europe: In Europe, for the first time in the retail industry, the economy is over 5 trillion dollars and still looking strong.
As one of the largest sectors of the global economy, the retail & trade market is the reason people consume, invent new things, and create more jobs. The industry, which incorporates retail and consumer services, from small local shops to large international chains and online sales interfaces, encompasses all businesses that deal with the provision of goods and services to end users or customers, as well as commercial customers.
Market value prediction for the year 2024: in 2025, the global retail market is expected to be nearly $31.3 trillion with an annual growth rate of 5.3%.
E-commerce growth: In 2023, the share of online retail sales in the structure of total global retail sales is projected to exceed 22 percent, increasing to over 30 percent in 2027.
Employment: Employment in the retail and trade industry exceeds 450 million people; this is one of the highest figures of employment in any sector.
Regional Insights:
Asia-Pacific: The market has a lion’s share, and it is spearheaded by China and India, which is a result of their urbanization and online presence.
North America: The American retail sector is worth up to 7 trillion dollars, from where major market actors like Walmart, Amazon, and Costco operate.
Europe: In Europe, for the first time in the retail industry, the economy is over 5 trillion dollars and still looking strong.
Retail & Trade has to do with selling goods and services from a perspective to the customers (B2C) as well as other businesses (B2B). This is inclusive of marketplaces, both traditional and e-commerce, supply chain, and logistics. Electronic Commerce, or E-commerce, refers to platforms that primarily conduct sales online.
Ind includes retail chains, malls, hypermarkets, etc.
Electronic Commerce [E-commerce]: Platforms where sales are done mainly through the internet.
Online to Offline, or O2O Retail: shopping facilities that integrate both physical and digital means of exchange.
Networking/Wholesale / Autarky Sales: Examples consist of Tupperware, DSR, or QVC.
Supply/Wholesale Trade: This refers to the buying of goods in bulk for resale to retailers.
Retail with a personal touch and purposes of retail/Data Driven Retail can be seen in the following: The companies are engaging the use of big data, artificial intelligence, and other advanced methods to offer consumer experiences.
Strengthening of Supply Chains: Retailers are resorting to alternative suppliers and investing heavily in logistics post-pandemic.
Rolling out regional market penetration approaches: Product localization: Companies understand that different products sell in different regions, ; therefore, they implement localization strategies.
The new wave of subscription services: Businesses such as Amazon and Stitch Fix have led commerce toward subscription-based models.
International Ecommerce: Online trade between countries is on the rise due to logistics advancement and improved cross-border services.
Artificial Intelligence & Automation: 70% of shop owners are focusing on artificial intelligence-aided inventory and consumer studies.
Greener Alternative: More than 60 percent of the people like the companies that are conscious about the environment.
Financial discipline solutions, also known as postpayment solutions, are designed for goods and services. People no longer pay by cash but use plastic cards, and the size of this segment is likely to grow 20% per annum.
Virtual shopping in Meta and AR is the next big thing in e-commerce: The use of VR enhances the shopping experience, and big companies such as Nike or Gucci are keen on this innovation.
1. Type of Retailing: Include department stores, specialty stores, and discount stores.
2. Nature of Products Sold: Apparel, electronics, food, furnishings, and health products.
3. Modes of shopping or channels of distribution: online and offline.
4. The characteristics of consumers include young adults, members of Generation Z, those who prefer luxury goods, and those with low incomes.
- Walmart: The largest retailer on the planet with sales of over 600 billion dollars.
- Amazon: The dominant player in the e-commerce space, with operations across most of the countries.
- Alibaba Group: The biggest online marketplace in China.
- Costco: Rule bulk-selling markets and membership-buying stores.
- Inditex [Zara]: The world's leading fast-fashion retailer.
- CVS Health and Walgreens: Key chains in the pharmacy retail industry.