Retail

[New] By the end of 2020, the global e-commerce sales will reach a smashing $4.2 trillion, making up for 16% of total retail sales around the world.
[New] The number of cellular IoT connections in the retail industry will grow at a CAGR of 10.0% from 72.4 million in 2019 to 116.6 million connections worldwide in 2024.
[New] The number of cellular IoT connections in the global retail industry will grow at a compound annual growth rate of 10.0% during the next five years to reach 116.6 million connections in 2024.
[New] The Indian retail market is expected to grow and reach US$1.4trn by 2023 at a compound annual growth rate of 10.7% between 2020-2023.
[New] Compared to the total retail market size in China, which Coresight Research projects will reach RMB 38.9 trillion in 2020, the slice of automated retail business remains modest, accounting for roughly 0.12%.
[New] Even after the bricks-and-mortar stores reopen and their sales revive, e-commerce will continue to gain more than 1% of the total retail sales each year through 2024 after losing a mere 0.1% share in 2021.
[New] Gold retail investment is expected to grow at an annual rate of 2.2% over the outlook period, to reach 990 tonnes by 2025.
[New] After 2020, world gold consumption is projected to rise at an annual rate of 2.1%, to 4,712 tonnes in 2025, as lower gold prices boost jewellery demand and retail investment.
[New] Ecommerce is giving retailers hope: In the U.S., online retail sales are expected to grow 18% in 2020, driven by an increasing number of digital buyers and a rise in average spending.
[New] Retail investment is expected to help global gold consumption, with demand for gold bars and coins forecast to rise at an average annual rate of 9.0% between 2021 and 2022, to 868 tonnes by 2022.
Global spending on AI systems is projected to reach $98 billion in 2023, over 2.5 x the amount spent in 2019, with financial services, retail, and automotive leading the way.
RTD cocktails sold through retail stores will hold a major share in the global canned cocktails market, but are likely to lose their dominating position to supermarkets and other large stores during the next 10 years.
The COVID-19 pandemic is expected to reduce the value of US MV retail sales by 23% from 2019 levels in 2020, and unit sales are expected to decline 22%.
The resale market is expected to grow five times over the next five years - with a projected value of $64 billion by 2024 - while traditional retail is projected to shrink.
2% of U.S. stores will close every year through 2025, reducing the number of retail stores from 883,000 last year to 782,000 in 2025.
In 2020 China's retail sales will reach 5.072 trillion US dollars, will surpass the United States as the world's largest retail market.
A record number of retail stores in the U.S. are expected to close in 2020 (25,000).
Given California's mandate to supply 60% of its retail electric sales with renewable energy resources by 2030, compared to an estimated 36% in 2019, and its target of 100% carbon-free power by 2045, additional demand seems inevitable.
As economic challenges remain for both consumers and retailers, digital loyalty will become a prized differentiator as retail markets become increasingly commoditised.
MGI predicts that hours spent performing physical and manual tasks in retail will decrease from 24% (2016) to 18% (2030) and that hours spent performing basic cognitive skills will decrease from 27% (2016) to 24% (2030).
While goal 12 sets to halve per capita global food waste at the retail and consumer levels by 2030, CPF aims for zero food loss in the production line and food waste throughout the supply chain in Thailand.
As 2019 pet food sales approached $29 billion, sales of dog and cat food are expected to reach nearly $38 billion by 2024, with e-commerce surging to become the most significant retail channel.
Even as stores reopen and brick-and-mortar sales rebound next year, we expect ecommerce to only lose 0.1% share before continuing to rise by more than a percentage point each year until 2024.

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Last updated: 17 September 2020