Voice of the Industry: Retailing

September 2022

Euromonitor International’s Voice of the Industry: Retailing survey includes opinions from more than 440 professionals working at retailers and consumer brands on performance, trends, innovation and strategic priorities relating to the retailing industry.

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Key Findings

Voice of the Industry: Retailing survey explores the perception and opinions of retail professionals globally

This Voice of the Industry: Retailing survey includes the opinions from more than 450 professionals working at retailers and consumer brands on performance, trends, innovation and strategic priorities related to the retailing industry.

Retail industry expected to rebound in 2021 and exhibit strong growth in the next five years

Euromonitor International projects a modest positive forecast CAGR of 6% from 2021 to 2026. Similarly, an overwhelming percentage of professionals expect positive growth in their company in 2025, according to this Voice of the Industry survey conducted in June 2021.

E-commerce is a driver for growth, but in-store retailing accounts for majority of total retail sales

More than 60% of global retail professionals expect e-commerce penetration to be at least 20% of total retail sales. This share will continue to grow in the retail space and one can expect this percentage to exponentially increase in the years to come.

The global pandemic has affected consumers’ behaviour from short term to permanently

Adapting existing products, services and campaigns to new consumer needs and preferences is a must in the short term. In the longer term, an increasing focus by global consumers on prioritising product and service features that amplify convenience, availability and value and supporting local communities will be crucial.

An omnichannel strategy and accelerating digital transformation are vital for the next 12 months

In the next 12 months, providing the necessary investments in both in-store retailing and e-commerce will be vital for retailers to be able to successfully implement an omnichannel strategy that is able to pivot and respond easily to the ever-changing consumer demands.

 

 

Introduction

Scope
About Euromonitor International’s Voice of the Industry survey series
Key findings

Impact of rising inflation and the war in Ukraine

Retailers see development opportunities in 2022 and the forecast period
Almost 90% of companies suffer from rising cost of raw materials
Consumers prioritise grocery shopping, while retailers expand non-grocery assortment
Inflation challenges require companies to respond
Retail professionals are seeking opportunities

Undergoing digital transformation

Reinvention of last mile operations is expected to show the biggest increase in impact
More than 75% of global professionals estimate e-commerce penetration at below 20%
Percentage of consumers who shop via mobile devices differs across regions
Half of retail professionals implementing omnichannel strategy face integration difficulty
Key factors impacting digital transformation in 2022

Retailers balance offline versus online presence

COVID-19 pandemic caused permanent changes in consumer behaviour
Sustainability remains a long-term priority, while reducing costs is a top priority in 2022
Offline stores experiment with store space
Consumers demand more from the in-store experience
Global retailers’ in-store retailing investment plans over the next 12 months
Global retailers’ digital retailing investment plans over the next 12 months
Retailers keep navigating a change

Conclusion

Key findings

Appendix

About Euromonitor International’s Voice of the Industry survey series
Respondent breakdown

Retailing

Sales of new and used goods to the general public for personal or household consumption. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts, fuel. Also excludes foodservice, rental and hire and wholesale industries (Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retailing is the aggregation of Store-based retailing and Non-store retailing. Retailing excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, ie retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer which is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retailing. In relation to click and collect purchases (i.e. where purchases are made over the internet but picked up at store) where the sales data is attributed depends on where the payment is made: If payment is made in store, then the sale is included in store-based sales. If payment is made over the internet, then the sale is included in internet retailing.

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