Euromonitor International, Chicago, released new retailing industry data alongside its report: “What’s New in Retail: Emerging Global Concepts.” The new research showcases how the rise of omnichannel and demand for convenience are boosting innovation within the retail landscape, the market research firm says.
According to Euromonitor’s research, Internet retailing will account for 13 percent of global retail sales in 2021. Within Internet retailing, mobile-commerce is forecasted to account for 55 percent of Internet sales, it says.
“Consumers will continue to research and shop across all channels, and retailers are employing omnichannel tactics to be where consumers are,” said Michelle Grant, head of retailing research at Euromonitorl, in a statement. “An example of this is Pointy, an app that allows consumers to search for products at nearby retailers in Dublin.”
The rising demand for convenience also will reshape the retail landscape, driven by socioeconomic and demographic trends. The urban population is forecasted to grow more than 30 percent to 2030, Euromonitor says.
Within modern grocers, discounters and convenience stores are the two highest growth channels with more than 5 percent compound annual growth rate (CAGR) from 2011 to 2016, it adds.
“The growth in these channels reflects consumers’ desire to maximize time and money, and the importance of smaller food stores that are easy to access and navigate,” said Tim Barrett, retailing analyst at Euromonitor.
Technological advancements will further perpetuate retailers’ convenience offerings, the market research firm reports. Locker stations as centralized delivery and pick-up locations are on the rise in developed countries to cater to convenience. This trend now is expanding into emerging markets as seen by PackASAP, the first company in Argentina to offer lockers for eCommerce deliveries, it says.
“Retailers that can add convenience to consumers’ daily activities at the right price will be the best positioned to succeed,” Barrett said.