The global retailing industry is undergoing a transformation, as e-commerce continues to grow, both as a channel and as a means of interacting with shoppers. This briefing serves as a guide to the current state of play, surveying key regional and channel trends, as well as the five most important global trends for the next five years.
China will be the fastest growing retailing market over 2019-2024. While it will not happen in the next five years, it is not difficult to imagine China becoming the largest retail market in the world within the next 10 years.
In 2020, e-commerce will become the largest channel globally, accounting for 15% of sales. In 2024, that proportion will be 20%. Retailers will need to respond to the permanent consumer shift to buying online.
With stagnant incomes, the middle class, especially in developed countries, are more value-orientated than ever. Retailers must bear this in mind when it comes to their own positioning and their competition.
Advances in technology have reshaped consumer behaviour, and the shopping journey is no different. Retailers will need to adapt, blending digital and physical experiences to meet consumer demand for a seamless shopping experience.
Sustainability and ethical consumption choices are becoming increasingly relevant to consumers across industries, and retailing is no exception.
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