Strong Global Growth Forecast For Retail

The global retail market is expected to grow from $20,298.69 billion in 2020 to $22,438.07 billion in 2021 at a growth rate of 10.5 per cent, says a report by Research and Markets. The growth is mainly due to 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 $29,361.95 billion in 2025 at a compound annual growth rate of seven per cent. The outbreak of COVID-19 has acted as a massive restraint on the retail market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. As a result, many retailers are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency and streamline operations to engage customers and building loyalty; this data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for retails to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward.