E-Commerce Retailers Go Offline
In 2014, many e-commerce retailers started offline stores. Birchbox, an e-commerce store opened its first physical store in Soho and companies like Bonobos and Warby Parker doubled the number of their brick and mortar stores in 2014. E-commerce retailers setting up offline stores are good news for brick and mortar concept because it validates the need for physical stores.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL RETAIL & WHOLESALE MARKET TO GROW TO $41.5 TRILLION BY 2021
Asia Pacific was the largest region in the retail and wholesale market in 2017, accounting for almost one-third of the market share.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, innovations in automation technology are on the rise and retail stores are increasingly using in-store automation to streamline retail shopping. Automation in retail stores is aimed at automating store operations such as container movement, merchandise scanning, inventory checking, retrieving, packaging, and delivering products, and connecting with customers. Automation reduces waiting times, avoids stocking problems, enhances productivity, and increases overall customer experience. For instance, American retailer Lowe’s has installed multi-lingual, autonomous customer assistance robots in 11 locations in San Francisco Bay area. Retailers are also focusing on using self-checkout stands for customers. Walmart has patented a system of self-driving shopping carts.
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Wal-Mart was the largest competitor in the retail and wholesale market in 2017, with revenues of $485.9 billion for the financial year 2017. Wal-Mart’s strategy is to invest to differentiate on access, be competitive on assortment and deliver a great experience. Since retail environment is more competitive today with e-commerce, the company intends to focus on its e-commerce segment.
The retail market provides the service of making goods available to consumers in convenient quantities and locations. Retailing involves buying from wholesalers or direct from manufacturers, breaking bulk, displaying goods for sale either physically or online, and sometimes delivery.
The wholesale market comprises establishments in wholesaling merchandise and rendering services after the sale of merchandise. Wholesale trade comprises purchasing, storing and selling the goods to retailers, professional authorities or to other wholesalers.
Retail And Wholesale Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $160000 if you wish to use across a multinational company.
About The Business Research Company
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