Major companies in the retail and wholesale market include Wal-Mart Stores. Inc. ; McKesson Corporation; AmerisourceBergen Corporation; Cardinal Health Inc. and Costco Wholesale Corporation.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Retail And Wholesale Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018957/?utm_source=GNW
The global retail and wholesale market is expected to grow from $65323.79 billion in 2020 to $71809.83 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%. 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 $93696.36 billion in 2025 at a CAGR of 7%.
The retail and wholesale market consists of sales of retail and wholesale services and related goods by entities (organizations, sole traders and partnerships) that together provide the service of making goods available in convenient quantities and locations. Retailers are independent organizations in the distribution channel for consumer goods that buy goods from wholesalers or direct from producers, break bulk, store goods, display goods for sale either physically or online, sell to ultimate users and sometimes deliver. Wholesalers are independent organizations in the distribution channel for consumer goods that buy in bulk, store goods, break bulk and sell merchandise primarily to retailers, professional authorities or to other wholesalers 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. The retail and wholesale market is segmented into retail and wholesale.
Asia Pacific was the largest region in the global retail and wholesale market, accounting for 46% of the market in 2020. North America was the second largest region accounting for 20% of the global retail and wholesale market. Middle East was the smallest region in the global retail and wholesale market.
The retail/e-commerce market is increasingly investing in drones to reduce delivery times and increase profitability. A drone is an unmanned aerial vehicle (UAV), that is remotely controlled or flies autonomously using software-controlled flight plans in their systems. Using a drone for delivery allows retailers to cut costs and help in providing customers with their products earlier than traditional delivery methods. For example, Amazon has been investing in its Prime Air deliveries via drones, which claims to complete the delivery within 30 minutes. Amazon has started delivery trials via drones in the UK, but is still waiting for regulatory approval in the US.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the retail and wholesale market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the retail and wholesale market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Many retailers and wholesalers are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty, data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyse 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.
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