(PharmaNewsWire.Com, July 13, 2021 ) Digital transformation is a key to the future of retail fuel operations and is gaining significant popularity in the retail industry. Innovative technologies such as the Internet of Things (IoT), artificial intelligence (AI), robotics, blockchain, and application programming interfaces (APIs) not only help fuel retailers to track customer usage and spending but to provide customers with their specific requirements and at the right price. For instance, retailers are communicating offers and discounts to drivers via connected cars (part of the IoT) and have started using AI to identify the best time of day to contact consumers, with purchase offers based on website visits and past clicks data. Fuel retailers are providing customers with electronic payment options such as WeChat Pay, AliPay, and PayPal to provide secure and reliable money transfers. Moreover, fuel retailers are recognizing the importance of the digital revolution and are increasingly investing in these technologies.
The retail market consists of sales of goods to ultimate users by entities (organizations, sole traders and partnerships) that provide the service of making goods available in convenient quantities and locations. Retailing involves buying from wholesalers or direct from producers, breaking bulk, displaying goods for sale either physically or online, and sometimes delivery. Wholesalers are independent organizations in the distribution channel that buy in bulk and sell to resellers rather than to consumers. Both retailers and wholesalers take ownership of the goods and so bear the risk of carrying inventory. They also reduce the total number of transactions required for the process of transferring goods from producers to consumers.
Retail Market Report Segments:
By Type: Motor Vehicle And Parts Dealers, Food And Beverage Stores, Gasoline Stations, Miscellaneous Store Retailers, Cosmetics And Personal Care Stores, Clothing And Clothing Accessories Stores, Electronics And Appliance Stores, Furniture And Home Furnishings Stores, Supermarkets And Hypermarkets, Convenience, Mom And Pop Stores, Department Stores & Other General Merchandise Stores, Ecommerce & Other Non-Store Retailers, Building Material And Garden Equipment And Supplies Dealers, Pharmacies And Healthcare Stores, Sporting Goods, Hobby, Musical Instrument, And Book Stores
By Ownership: Retail Chain, Independent Retailer
Subsegments Covered: Auto Parts And Accessories, Automobile Dealers, Other Motor Vehicle Dealers, Specialty Food Stores, Beer, Wine & Liquor Stores, Diesel - Retail, Gases, Gasoline - Retail, Other Gasoline Stations Hair Care Stores, Skin Care Stores, Cosmetics Stores, Clothing/Apparel Stores, Jewelry & Watch Stores, Optical Goods Stores, Footwear Stores, Hardware Suppliers & Security Stores, Consumer Electronics Stores, Furniture Stores, Home Furnishings Stores, Supermarkets, Hypermarkets, Convenience Stores, Mom And Pop Stores, Department Stores, Other General Merchandise Stores, E-Commerce, Vending Machine Operators, Direct Selling Establishments, Building Material And Supplies Dealers, Lawn And Garden Equipment And Supplies Stores, Pharmacies And Drug Stores, Other Health And Personal Care Stores, Sporting Goods Stores, Hobby, Toy, And Game Stores, Musical Instrument And Supplies Stores, Other Sporting Goods, Hobby, Musical Instrument, And Book Stores
The global retail market is expected to grow from $20.29 trillion in 2020 to $22.43 trillion in 2021 at a compound annual growth rate (CAGR) of 10.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $29.36 trillion in 2025 at a CAGR of 7%.
Retail Market - Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, retail market segments and geographies, retail market trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Reports Similar To The Retail Global Market Report By The Business Research Company:
Retail And Wholesale Global Market Report 2021: COVID-19 Impact And Recovery To 2030
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