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Retail Market Research Reports

"Retail Revolution: Technology, Sustainability, and Consumer Trends (2024 Market Size: USD 27.3 billion)"!

Retail Industry Overview

Technological advancements, evolving consumer behavior, and economic fluctuations are all contributing to the substantial transformation of the retail market. According to cognitive market research, the global retail market size was USD 26 trillion in 2023 and will be USD 27.3 trillion, with a 18.6% CAGR in 2024. By 2031, the retail market size will be USD 106.8 trillion, at a CAGR of 18.60%. The expansion of e-commerce, particularly in emergent markets, is the primary driver of this growth. In 2023, e-commerce alone accounted for 19% of total retail sales and will increase to 21% in 2024, illustrating the growing trend toward online purchasing. E-commerce has been a significant contributor to the expansion of the retail market. 

Global e-commerce sales increased from USD 5.2 trillion in 2022 to USD 5.7 trillion in 2023 and this trend will persist, with e-commerce sales to surpass USD 6.2 trillion in 2024. The proliferation of mobile commerce, or m-commerce, is a substantial factor, with mobile sales comprising 58% of all e-commerce transactions in 2023 and will increase to 60% in 2024. Consumers are progressively favoring personalized experiences and convenience. In 2023, 80% of consumers expressed their appreciation for personalized purchasing experiences, a trend which will increase as retailers invest in AI and machine learning to provide customized product recommendations. In 2023, 70% of consumers indicated that they prefer purchasing from eco-friendly brands, this figure will increase in 2024. Sustainability has become a critical factor, and retailers are responding to this demand, making stakeholders feel responsible and committed to sustainable practices. Brick-and-mortar stores continue to be indispensable, regardless of the e-commerce growth. 

Physical retail sales accounted for 81% of total retail sales in 2023 and this value will decline marginally to 79% in 2024. Retailers are implementing an omnichannel strategy, which involves the integration of online and offline channels to improve consumer experiences. This strategy is crucial in the face of changing consumer behavior and the rise of e-commerce. In 2023, click-and-collect services experienced a 15% increase in growth, suggesting a combination of online ordering and in-store pickup. The retail industry is being transformed by technology. To improve in-store experiences and online visualization, 65% of retailers invested in augmented reality (AR) and virtual reality (VR) technologies in 2023. This adoption rate will reach 70% in 2024, providing immersive purchasing experiences. Furthermore, in 2023, 75% of retailers implemented AI-driven inventory management systems, which resulted in cost reductions and increased efficiency.

Top Countries Contributing in Retail Market

United States (2024 Market Size: USD 6.6 trillion)

The United States retail market holds a significant revenue share of 24% and its market size was USD 6.3 trillion in 2023, thereby retaining its status as the largest retail market on a global scale. The market experienced a 3.8% growth rate in 2018, and this trend will persist into 2024.  In 2024, the US retail market size is USD 6.6 trillion. In 2023, e-commerce accounted for 16% of total retail transactions, a significant increase from 14% in 2022 and will 18% in 2024, which is indicative of the increasing popularity of online purchasing. The food and beverage market makes up 20% of retail revenues in the U.S. retail market, while apparel and accessories account for 12% and electronics and appliances for 10%. Additionally, the automotive industry is essential, particularly in the context of substantial acquisitions. Driven by a robust economy and high consumer expenditure, the United States maintains a significant 24% share of the global retail market. The retail market in the United States has been substantially affected by technological advancements. In 2023, around 70% of retailers implemented AI and machine learning technologies to optimize operations and improve consumer experiences. This adoption rate will reach 75% in 2024, which will enable the efficient administration of inventory and the creation of personalized shopping experiences.

China (2024 Market Size: USD 6.2 trillion)

The China retail market is experiencing accelerated growth as a result of a high rate of digital adoption and a growing middle class. The market experienced a 6.2% annual growth rate and its market size was USD 5.8 trillion in 2023 and will be USD 6.2 trillion in 2024. China is the world's largest e-commerce market, with e-commerce accounting for 28% of total retail sales in 2023 and will increase to 30% in 2024. Consumer electronics comprise 18% of retail sales in China, while fashion and apparel comprise 15% and consumables comprise 13%. The automotive industry is also a significant contributor, particularly in light of the increasing popularity of electric vehicles. China's rapid urbanization and rising disposable incomes have contributed to its considerable 22% share of the global retail market. The retail market in China is distinguished by its commitment to technological innovation. In 2023, AI and big data analytics were implemented by 80% of Chinese retailers to improve consumer experiences and optimize operations. With the development of AI-driven customer service and personalized marketing, this adoption rate will increase to 85% in 2024. Mobile commerce is exceedingly prevalent, with mobile transactions accounting for 60% of e-commerce revenues in 2023 and will rise to 63% in 2024.

Japan (2024 Market Size: USD 1.45 trillion)

Its stability and substantial consumer expenditure distinguish Japan's retail market. The Japan retail market size was USD 1.4 trillion in 2023, and will be USD 1.45 trillion in 2024, with a modest growth rate of 2.5%. In 2023, e-commerce accounted for 10% of total retail sales, a significant contribution which will increase to 11% in 2024. Food and beverages comprise 25% of retail revenues in Japan, while fashion and apparel account for 14% and electronics for 12%. Additionally, the automotive industry is significant, particularly in the context of high-value purchases. Japan holds 6% of the global retail market, which is fueled by robust consumer confidence and a high standard of living. Japan's retail market is distinguished by its emphasis on technological integration. Sixty percent of retailers implemented AI and robotics to optimize efficiency and enhance customer service in 2023. This adoption rate will reach 65% in 2024 as a result of the advancements in AI-driven consumer insights and automation. Mobile commerce is also expanding, with mobile transactions comprising 35% of e-commerce sales in 2023 and will increase to 37% in 2024.

Germany (2024 Market Size: USD 721 billion)

According to cognitive market research, Germany's retail market is among the most stable and advanced in Europe. The Germany retail market size was USD 700 billion in 2023, and will be USD 721 billion in 2024, with a 3% growth rate. In 2023, e-commerce accounted for 14% of total retail sales, and will increase to 15% in 2024. It is a critical component. The primary markets that utilize Germany's retail market are food and beverages, which account for 24% of retail sales, fashion and apparel at 16%, and electronics at 10%. The automotive market also makes a substantial contribution, notably due to the high demand for electric vehicles. Germany's robust economy and substantial consumer expenditures have contributed to its 5% share of the global retail market. Technological innovations significantly influence Germany's retail market. In 2023, AI and automation technologies were implemented by 65% of retailers to improve efficiency and consumer experience. Advancements in AI-driven analytics and automated customer service will drive this adoption rate to 70% in 2024. Mobile commerce is also experiencing growth, with mobile transactions comprising 38% of e-commerce sales in 2023 and will surpass 40% in 2024.

United Kingdom (2024 Market Size: USD 584 billion)

The retail market of the United Kingdom is a critical component of its economy, characterized by adaptability and resilience. The UK retail market size was USD 570 billion in 2023, and will be USD 584 billion in 2024, with a 2.5% annual growth rate. In 2023, e-commerce accounted for 20% of total retail revenues, and will increase to 21% in 2024. The UK's well-developed e-commerce infrastructure substantially influences the retail market's overall performance. Food and beverages comprise 22% of retail revenues in the United Kingdom, while fashion and apparel account for 18% and electronics for 12%. Additionally, the automotive market is crucial, particularly in the luxury market. The UK's robust e-commerce ecosystem and high consumer expenditure have contributed to its 4% share of the global retail market. Technological advancements significantly influence the retail market in the United Kingdom. In order to optimize operations and improve client experiences, 70% of retailers implemented AI and big data analytics in 2023. This adoption rate will increase to 75% in 2024 as a result of advancements in AI-driven customer service and personalized marketing. Mobile commerce is flourishing, with mobile transactions comprising 55% of e-commerce sales in 2023 and will increase to 57% in 2024.

France (2024 Market Size: USD 554 billion)

As per cognitive market research, France's retail market is renowned for its innovation and diversity, and it is a critical component of its economy. The france retail market size was USD 540 billion in 2023, and will be USD 554 billion in 2024, with a 2.7% annual growth rate. In 2023, e-commerce accounted for 13% of total retail revenues, and will increase to 14% in 2024. Food and beverages comprise 23% of retail revenues in France, while fashion and apparel account for 17% and electronics for 11%. The automotive market also makes a substantial contribution, particularly in light of the growing demand for electric vehicles. France's robust economy and high consumer expenditures have contributed to its 4% share of the global retail market. In France's retail market, technological innovations are indispensable. In 2023, AI and automation technologies were implemented by 65% of retailers to improve efficiency and consumer experience. Advancements in AI-driven analytics and automated customer service will drive this adoption rate to 70% in 2024. Mobile commerce is also expanding, with mobile transactions comprising 40% of e-commerce sales in 2023 and will increase to 42% in 2024.

India (2024 Market Size: USD 1.3 trillion)

India's retail market is one of the fastest-growing in the world, attributable to the growing digital adoption and a large consumer base. The india's retail market size was USD 1.2 trillion in 2023, and will be USD 1.3 trillion in 2024, with an impressive 7.2% annual growth rate. In 2023, e-commerce accounted for 8% of total retail sales, and it will increase to 9% in 2024 while continuing to expand at a rapid pace. The food and beverage market in India's retail market is the largest user, accounting for 35% of retail sales. Fashion and apparel follow at 16%, while electronics account for 12%. The automotive market is also significant, particularly in light of the increasing demand for electric vehicles and two-wheelers. Rapid urbanization and rising disposable incomes have contributed to India's 4.5% share of the global retail market. India's retail market is distinguished by its technological integration. In 2023, AI and automation technologies were implemented by 55% of retailers to enhance efficiency and improve customer service. Advancements in AI-driven consumer insights and automated inventory management will drive this adoption rate to 60% in 2024. Mobile commerce is particularly robust, with mobile transactions comprising 70% of e-commerce revenues in 2023 and will increase to 72% in 2024.

Canada (2024 Market Size: USD 566 billion)

The retail market in Canada is distinguished by its innovation and stability, which are bolstered by a robust economy and high consumer expenditure. The Canada retail market size was USD 550 billion in 2023, and will be USD 566 billion in 2024, with a growth rate of 2.8%. In 2023, e-commerce accounted for 13% of total retail revenues, and will increase to 14% in 2024. Food and beverages comprise 22% of retail revenues in Canada, while fashion and apparel account for 15% and electronics for 10%. Additionally, the automotive market is crucial, particularly in the context of high-value purchases. Canada's robust economy and high consumer expenditures have contributed to its 3% share of the global retail market. Technological advancements significantly influence the retail market of Canada. In order to optimize operations and improve client experiences, 60% of retailers implemented AI and big data analytics in 2023. This adoption rate will increase to 65% in 2024 as a result of advancements in AI-driven customer service and personalized marketing. Mobile commerce is flourishing, with mobile transactions comprising 45% of e-commerce sales in 2023 and will increase to 47% in 2024. The retail market in Canada places a substantial emphasis on sustainability. In 2023, retailers were compelled to implement environmentally friendly practices as a result of the fact that 62% of consumers preferred sustainable products.

Australia (2024 Market Size: USD 360 billion) 

The retail market in Australia is renowned for its innovation and resilience, which are bolstered by a robust economy and high consumer expenditure. The Australia retail market size was USD 350 billion in 2023, and will be USD 360 billion in 2024, with a growth rate of 2.9%. In 2023, e-commerce accounted for 12% of total retail revenues, and will increase to 13% in 2024. Food and beverages comprise 23% of retail revenues in Australia, while fashion and apparel account for 17% and electronics for 11%. Additionally, the automotive market makes a substantial contribution, particularly in the context of high-value purchases. Australia's robust economy and high consumer expenditures have contributed to its 2% share of the global retail market. Technological innovations significantly influence Australia's retail market. In 2023, AI and automation technologies were implemented by 65% of retailers to improve efficiency and consumer experience. Advancements in AI-driven analytics and automated customer service will drive this adoption rate to 70% in 2024. Mobile commerce is also expanding, with mobile transactions comprising 40% of e-commerce sales in 2023 and will increase to 42% in 2024.

South Korea (2024 Market Size: USD 561 billion)

The retail market of South Korea is characterized by its high level of technological innovation and dynamic nature, which are fueled by high consumer expenditure. The South Korea retail market size was USD 540 billion in 2023, and will be USD 561 billion in 2024, with a 4% growth rate. In 2023, e-commerce accounted for 22% of total retail revenues, and will increase to 24% in 2024. Consumer electronics comprise 20% of retail sales in South Korea, while fashion and apparel account for 15% and consumables for 14%. The automotive market also plays a substantial role, particularly in light of the increasing popularity of electric vehicles. High consumer expenditure and rapid digital adoption are the foundations of South Korea's 3.5% share of the global retail market. South Korea's retail market is distinguished by its technological integration. In 2023, 75% of retailers implemented AI and big data analytics to improve consumer experiences and optimize operations. With the increasing prevalence of AI-driven customer service and personalized marketing, this adoption rate will increase to 80% in 2024. Mobile commerce is exceedingly prevalent, with mobile transactions accounting for 60% of e-commerce revenues in 2023 and will rise to 62% in 2024.

PESTEL Analysis of Retail Market

Political

A broad spectrum of governmental actions and regulations that influence the operations of retail enterprises within a country or across borders are referred to as the political factor in the retail market. These political influences can substantially influence the competitive landscape, consumer behavior, and overall market dynamics. Regulatory policies are one of the primary components of political influence. Retail operations are directly impacted by a variety of government regulations, including environmental regulations, labor laws, consumer protection laws, and product safety standards. For example, labor laws establish minimum wage requirements, working hours, and employee benefits, which can influence the operational costs and workforce management strategies of retailers. Supply chain operations and product offerings may be affected by environmental regulations, which may affect sourcing practices, packaging requirements, and waste management processes. Additionally, tax policies are essential. Corporate tax rates, sales taxes, and import tariffs influence retail pricing strategies, profit margins, and overall business profitability. Changes can influence consumer purchasing power and spending patterns across various retail segments in tax policies. Additionally, retailers that engage in global procurement and distribution are significantly influenced by international relations and trade policies. Trade barriers, tariffs, and trade agreements can disrupt supply chains and impact product pricing by affecting the cost and availability of imported commodities.

Economical

The retail market's performance is significantly influenced by the economic factor, which encompasses a diverse range of macroeconomic indicators, trends, and conditions that directly affect consumer behavior, business operations, and market dynamics. At the heart of the economic factor is the general economic health and growth trajectory of a country or region. It is essential to comprehend the purchasing power and consumer sentiment by examining key indicators such as inflation levels, employment rates, and Gross Domestic Product (GDP) growth rates. Consumer confidence and disposable incomes are typically enhanced during periods of economic expansion, which increases retail purchasing as a result of low unemployment rates and an increase in GDP. In contrast, economic downturns that are marked by recessionary pressures, high unemployment, and stagnant wage growth can reduce consumer spending, resulting in a transition to value-oriented purchases and essential products. Retail activities are also significantly influenced by the interest rates established by central banks. Lower interest rates encourage consumer spending and borrowing, as individuals may be more inclined to obtain loans for significant expenditures, such as homes or vehicles. 

Social

A broad spectrum of societal trends, demographic shifts, cultural preferences, and consumer behaviors that profoundly influence consumer demand, purchasing decisions, and retail strategies are encompassed by the social factor in the retail market. Demographic trends significantly influence consumer markets. Changes significantly influence retail preferences and consumption patterns in population size, age distribution, ethnic diversity, and household structures. For example, the demand for healthcare products and services may rise as a result of an aging population, while younger demographics may prefer technology-driven consumer goods and experiences. Cultural preferences and lifestyle changes also influence retail trends. The significance of consumer preferences for socially responsible brands, ethical procurement, and sustainable products has grown. To resonate with socially conscious consumers, retailers must adapt by providing eco-friendly products, transparent supply chains, and participating in corporate social responsibility (CSR) initiatives. The manner in which consumers shop, interact with brands, and make purchasing decisions has been significantly altered by technological advancements and the proliferation of digital platforms.

Technological

In the retail market, the technological element is a critical factor that drives innovation, efficiency, and consumer engagement, fundamentally altering the way in which retailers operate, interact with customers, and compete in the market. Retail operations have been transformed by e-commerce and digital transformation, which have enabled retailers to offer products through online platforms and access global markets. The expansion of online shopping has been expedited by the proliferation of smartphones and internet connectivity, as consumers are increasingly selecting the convenience of browsing and purchasing products from their devices. This transition has required retailers to allocate resources toward the development of efficient logistics networks, secure payment gateways, and robust e-commerce platforms in order to satisfy customers' demands for expedited delivery. Artificial intelligence (AI) and data analytics are essential for improving retail operations and consumer experiences. Retailers employ AI algorithms to analyze extensive consumer data, forecast trends, and customize recommendations according to individual preferences and browsing behavior. Chatbots and virtual assistants that AI propels enhance customer service by offering immediate responses to inquiries and assisting consumers throughout their purchasing process. Inventory management and logistics efficacy have been optimized as a result of technological advancements in supply chain management. 

Environmental

The environmental factor in the retail market is the influence of business operations on the natural environment and the manner in which retailers address environmental concerns by implementing sustainability initiatives, adopting green practices, and adhering to regulatory requirements. A critical component of the environmental factor is the management of product lifecycles and sustainable procurement. By responsibly procuring materials, utilizing renewable resources, and minimizing waste throughout the product lifecycle, retailers are increasingly dedicated to reducing the environmental impact of their supply chains. This encompasses the implementation of recycling programs, the promotion of energy-efficient manufacturing processes, and the adoption of eco-friendly packaging to mitigate landfill waste. Retailers have been compelled to provide eco-friendly alternatives and transparent procurement practices in response to consumer awareness and demand for sustainable products. Retailers that emphasize sustainability initiatives frequently improve their brand reputation, attract environmentally conscious consumers, and distinguish themselves in a competitive market. Energy consumption and carbon emissions are substantial environmental factors that retailers must consider. Not only does the implementation of energy-efficient practices in warehouses, stores, and transportation fleets reduce operational costs, but it also reduces the environmental impact. 

Legal

The retail market's legal factor is comprised of a variety of laws, regulations, and legal frameworks that regulate business operations, consumer rights, and industry practices. The manner in which retailers conduct their businesses, ensure compliance, and manage risks is significantly influenced by these legal considerations. Regulatory compliance is one of the most significant components of the legal factor. Retailers are required to comply with a multitude of laws and regulations at the local, national, and international levels. These encompass data privacy laws, advertising regulations, consumer protection laws, and product safety standards. Retailers are guaranteed to preserve ethical business practices, safeguard consumer rights, and prevent legal penalties or reputational harm through compliance. Another substantial legal consideration for retailers is intellectual property (IP) rights. Brands, designs, and innovations are safeguarded from unauthorized use or infringement by trademarks, copyrights, and patents. In order to protect their intellectual assets and prevent legal disputes, retailers must navigate intellectual property laws when developing new products, branding initiatives, and marketing campaigns. Ensuring that employment laws are adhered to mitigates legal risks associated with regulatory violations or labor disputes, promotes workplace diversity, and guarantees equitable treatment of employees.

Key Players of Retail Market

Walmart Inc.

Walmart Inc., the world's largest retailer, reported remarkable results in 2023 and will continued expansion in 2024. Walmart's revenue in 2023 increased by 3.5% from the previous year, reaching USD 611 billion. Strong performance in its core retail operations, which encompasses its extensive network of physical stores and its expanding e-commerce platform, is the primary factor contributing to this growth. For 2024, Walmart revenue will increase to USD 630 billion as a result of its ongoing investments in technology and supply chain improvements. Walmart's research and development initiatives concentrate on technological and supply chain advancements, with an USD 1.5 billion expenditure in 2023 and an USD 1.7 billion expenditure in 2024. In 2023, Walmart U.S. alone generated USD 420 billion in revenue, while Walmart International generated USD 100 billion and Sam's Club contributed USD 91 billion. The company's retail dominance is fueled by its substantial online presence and extensive network of over 10,500 stores worldwide. Walmart occupies a significant portion of the global retail market. Walmart's market share was 7.5% in 2023, which is indicative of its extensive scope and reach.

Amazon.com Inc.

Amazon.com Inc. remains a prominent participant in the retail market due to its diversified business model and extensive e-commerce platform. Amazon's revenue in 2023 was USD 514 billion, which represents a 9% increase from the previous year. Strong performance in online retail, subscription services, and cloud computing through Amazon Web Services (AWS) spurred this growth. In 2024, Amazon revenue will increase to USD 560 billion as a result of its ongoing expansion and innovation in its core business markets. Amazon's research and development expenditures are considerable, with USD 73 billion allocated in 2023 and will increase to USD 80 billion in 2024. The company's research and development efforts are concentrated on logistics and technological advancements. Amazon's online retail operations generated USD 300 billion in 2023, while its physical stores, which include Whole Foods, generated USD 20 billion. AWS continues to be a significant revenue generator, contributing USD 100 billion in 2023. Subscription services such as Amazon Prime contribute an additional USD 60 billion. Amazon commands a substantial portion of the global retail market. Amazon will increase its market share to 5.8% in 2024 as it continues to dominate online retail and expand its international presence. In 2023, its market share was 5.5%.

Costco Wholesale Corporation

Costco Wholesale Corporation is a prominent participant in the global retail market, distinguished by its membership-based warehouse clubs. Costco's revenue in 2023 was USD 235 billion, which represents a consistent 7.2% increase from the previous year. This expansion is fueled by the company's robust performance in its primary retail operations, which encompass both its physical warehouses and e-commerce platform. In 2024, Costco revenue will increase toUSD 252 billion, which will be facilitated by the continued expansion of its product offerings and the growth of its membership. With an expenditure of USD 1 billion in 2023, Costco's R&D endeavors, while modest in comparison to those of technology titans, concentrate on supply chain efficiencies and member services. This figure will rise to USD 1.2 billion in 2024. In 2023, membership fees generated an USD 4.5 billion in revenue, with a renewal rate exceeding 90%. Ancillary services, including fueling stations, pharmacies, and optical centers, also influence Costco's revenue and member value proposition. Costco commands a substantial portion of the global retail market. Costco's market share was  3.2% in 2023, which is indicative of its efficient business model and robust member base.

The Kroger Co.

Kroger Co. is a prominent supermarket chain in the United States, distinguished by its robust market presence and diverse product line. Kroger's revenue in 2023 increased by 3.4% from the previous year, reaching USD 156 billion. The robust performance of its grocery and pharmacy segments, as well as its expanding e-commerce platform, are the primary drivers of this growth. Kroger expects its revenue to increase to USD 161 billion in 2024, which will be facilitated by the company's ongoing expansion and innovation in its product and service offerings. Kroger's research and development initiatives concentrate on technology and supply chain improvements, with an USD 800 million expenditure in 2023 and an USD 900 million expenditure in 2024. Grocery, pharmacy, and fuel comprise Kroger's principal business segments. The grocery segment is the largest, accounting for 70% of the total revenue. Pharmacy and fuel follow at 20% and 10%, respectively. Kroger's retail success is fueled by its robust private-label brands and extensive network of over 2,700 stores. In 2023, the company's digital sales accounted for USD 10 billion, which is also a substantial contribution. Kroger commands a substantial portion of the retail market in the United States. Kroger's market share in 2023 was 2.5%, which is indicative of its robust regional presence and consumer loyalty.

Schwarz Group (Lidl and Kaufland)

Schwarz Group, the parent company of Lidl and Kaufland, is known for its discount supermarket chains and is one of the largest retail corporations in Europe. Schwarz Group's revenue in 2023 increased by 5.4% from the previous year, reaching an USD 168 billion. Lidl's robust core retail operations, notably its extensive network of discount stores, are the primary factors driving this growth. Schwarz Group market revenue will increase to USD 177 billion in 2024, which will be facilitated by the company's ongoing expansion and competitive pricing strategies. The Group's research and development initiatives are concentrated on technological innovation and supply chain efficiency. In 2023, the expenditure was USD 1.2 billion, and will rise to USD 1.4 billion in 2024. Lidl and Kaufland comprise Schwarz Group's principal business segments. Lidl, with a network of more than 11,000 stores in Europe and the United States, is the greatest segment, accounting for 75% of the total revenue. Kaufland, a hypermarket chain, operates more than 1,300 stores in Eastern Europe and Germany, accounting for 25% of the Group's revenue. Schwarz Group occupies an immense portion of the global retail market. Schwarz Group's market share was 2.8% in 2023, which is indicative of its robust presence in Europe and expanding footprint in the United States.

Recent developments in Retail Market

Conclusion

The retail industry around the world has shown incredible flexibility and durability in 2023 and 2024. The global retail market size was USD 26 trillion in 2023 and will be USD 27.3 trillion, with a 18.6% CAGR in 2024. By 2031, the retail market size will be USD 106.8 trillion, at a CAGR of 18.60%. A conglomeration of factors, including rising e-commerce, new technologies, and shifting consumer tastes, is fueling this expansion. In 2023, online sales made up roughly 22% of all retail sales, in  2024, it will 24% as more and more people enjoy the ease and variety of shopping online. Market heavyweights like Amazon, Walmart, and Costco have all announced substantial increases in sales. As an example, Walmart's omnichannel strategy is said to have contributed to a meteoric rise in revenue, which reached USD 611 billion in 2023 and will be USD 630 billion in 2024. Amazon's sales soared to USD 514 billion in 2023 and will reach USD 560 billion in 2024, propelled by its vast online marketplace and technology developments. Another company that had remarkable development was Costco. In 2023, its market revenue is USD 235 billion, and will be USD 252 billion in 2024.

One of the most important factors in the retail industry's continuous development is technological innovation. Investments in artificial intelligence, robotic process automation, and big data analytics are spurring improvements to supply chains and consumer experiences. About 70% of shops used AI in 2023, and that number will rise to 75% in 2024. Also on the upswing is mobile commerce, which holds 42% of all e-commerce revenues in 2024, up from 40% in 2023. Sustainability efforts are still molding the retail industry. As the demand for sustainable products continues to rise, more and more companies are concentrating on environmentally responsible methods. Sustainable products were selected by 55% of consumers in 2023, and this trend will continue in 2024.

 

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