Retail industry overview
The global retail industry is in flux. It is experiencing constant changes caused by new types of technologies. Retail businesses have to adapt to this change and anticipate emerging trends.
Retail industry data:
- There are 1 million retail establishments in the USA which make sales for $6 trillion annually, employ no less than 29 million people, and continue to grow.
- There are about 210,000 retailers in the UK. The total value of the retail sector is estimated to be £394 billion annually. It is the largest private-sector employer with no less than 3 million employees. Retail sales are increasing by 10% annually.
Customer shopping expectations are continuously evolving. It is more convenient than ever before. Meeting clients’ expectations is a tough challenge now. Retailers should provide clients with outstanding service, fast transactions, and give value at the same time.