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In the face of changing consumer behavior and a challenging macroeconomic environment, the retail industry continues to adapt to overcome these challenges. Retailers are dealing with inflation, supply chain challenges, loyalty, evolving consumer preferences, and other business challenges (ie. theft, sustainability pressure, returns).
While legacy players continue to grow, they face increased competition from emerging and more specialized brands (i.e. resale, grocery, toys, etc.) in the never-ending battle for customer acquisition and loyalty.
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Global retail sales are projected to amount to around $31.7 trillion by 2025
E-commerce sales will increase +8.4% in 2023 while in-store sales will grow +1.6% (after growing +8.6% in 2022)
The use of social media as a retail e-commerce tool continues to grow in popularity. Social commerce was valued at $724B in 2022 and is expected to reach $6T by 2030
Source:
Statista
emarketer
Statista