However, the COVID-19 pandemic has significantly changed these forecasts. 1

raihanali

By mid-2020, global retail sales are expected to reach $23.4 trillion by the end of the year. 1 As a result, total global retail sales for 2020 decreased by 3% to $23.389 trillion. 1 Based on recent events and conditions, the global retail market is projected to grow at a compound annual growth rate (CAGR) of -1% in 2020 . 1  The latest forecasts have raised hopes of a recovery in the average annual growth rate to 5.1% in 2021.

1 Despite the challenges, global e-commerce  Phone Number List   retail sales grew 27.6% in 2020 compared to the previous year to reach a total of $4.280 trillion. 1 China is the world's largest e-commerce market, accounting for $792.5 million in sales, or 33.3% of the global total. 1 China's e-commerce sales are forecast to reach $2.779 trillion, accounting for 56.8% of global sales. 1 It is expected that 95% of all purchases will be made through e-commerce. 1 There are currently 7.9 million e-commerce retailers worldwide.

1 Building materials and distribution centers are the most profitable industries with a net margin of 5%. 1 Six in 10 retail executives expect a recovery within the next one to two years, while a quarter expect a longer period of two to five years. 1 Statistics Related to Delivery and Logistics Supply chain issues have been a hot topic in the second half of 2021. 2 39% of brands identify shipping and production delays and delivery costs as the top supply chain challenges over the next 12 months.