CHICAGO: Mobile is set to account for more than half of global internet retailing within the next five years, according to a new report, as convenience continues to shape the retail industry.
In What's New in Retail: Emerging Global Concepts, market research company Euromonitor International predicted that internet retailing will account for 13% of global retail sales in 2021; within that, m-commerce is expected to account for 55% of sales.
"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 Euromonitor International.
Socioeconomic and demographic trends will help determine how the retail sector develops in the next few years.
For example, the urban population is forecast to grow more than 30% by 2030, and in this context it is not surprising that discounters and convenience stores have been the two highest growth channels in modern grocery over the past five years.
"The growth in these channels reflects consumers' desire to maximise time and money, and the importance of smaller food stores that are easy to access and navigate," noted Tim Barrett, retailing analyst at Euromonitor International.
Technological advances will further perpetuate retailers' convenience offerings, while locker stations as centralised delivery and pick-up locations are on the rise in developed countries to cater to the same trend.
This is now expanding into emerging markets, the report added, citing the example of PackASAP, the first company in Argentina to offer lockers for e-commerce deliveries.
"Retailers that can add convenience to consumers' daily activities at the right price will be the best positioned to succeed," Barrett stated.
Data sourced from Euromonitor International