When asked if the lockdown caused by the coronavirus crisis had a positive impact on retail stores' online sales in late 2020, over 60 percent of surveyed European countries stated that it had boosted retail store sales in the same way it had benefited pure online players on the market. About 15 percent even believed the beneficial effects of the lockdown for retail stores' online sales to have been even stronger than those for pure players.

According to a survey conducted in Japan, approximately 82.8 percent of business enterprises in the retail industry stated that they already experienced an impact of the coronavirus (COVID-19) pandemic on their corporate activities. Adding the share of companies which foresaw a possible impact on their business in the near future, close to 96 percent of the companies considered that they were somewhat affected by the outbreak of coronavirus.

In 2020, the food service industry in the United States took a huge hit due to the coronavirus (COVID-19) pandemic. According to the source, in 2020, the retail sales of the food service industry was forecasted to reach 636 billion U.S. dollars (nominal dollars). This shows a 183 billion U.S. dollars decline when compared to the previous year.

Between November and December 2021, total retail sales in the United States had decreased by roughly two and a half percent. The coronavirus pandemic had caused major blows to U.S. retail when it first became a global emergency, i.e., during March and April 2020. As of January 2022, the United States had accounted for over 60 million COVID-19 cases since the beginning of the pandemic.

Which industries did COVID-19 affect the most? The COVID-19 crisis caused consumers to shift their spending focus towards necessities: in other words, people in the United States had been spending more on groceries and household supplies. Most other industries, including out-of-home entertainment, restaurants, apparel and footwear stores, saw a substantial decrease in consumer spending as a result of the virus outbreak.

Hoarding behavior among consumers Not only have consumers changed what they buy, there have also been times when shoppers would purchase larger quantities: during the first weeks of the pandemic, hoarding was very prominent among households in the United States. Over the later quarters, pantry filling and hoarding behavior fluctuated, but showed a mostly downward trend.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

The coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel coronavirus a pandemic on March 11, 2020. Read More

As per Cognitive Market Research's latest published report, the Global Online Fashion Retail market size was $771.90 Billion in 2022 and it is forecasted to reach $2,755.17 Billion by 2030. Online Fashion Retail Industry's Compound Annual Growth Rate will be 17.37% from 2023 to 2030. Market Dynamics of the Online Fashion Retail Market:

Evolution in online shopping along with the emergence of technologies:

Technological advancement has become the center of life. Most devices such as smartwatches, and mobile phones with multiple accessibilities merge with digital networks. Technologies such as blockchain, and artificial intelligence have pushed online fashion businesses to be more user-friendly which can help customer to fulfill their needs. E-commerce retail platforms which are using several technologies would be able to surge their competitive advantage towards better customer experiences and customizing the products as per their requirements. Artificial Intelligence (AI) is becoming the most popular technology in the online fashion retail industry. AI has the ability to change vast and diverse data into valuable data which helps to exceed cost, speed, and time. Furthermore, Augmented Reality (AR) technology also plays a vital role which provides a real-time view and also magnified computer-generated information.

Restraining Factor:

Lack of close examination and frauds in online shopping:

Many customers want to feel and touch the product in order to identify product quality. Thus, most of the customers prefer to purchase from window shops to touch-feel-try the products which may lead to hinder the market growth to some extent. In addition, the products shown in the pictures are sometimes misleading. The size, colour, and appearance are not images with electronic images. In addition, many people prefer to visit physical stores for examining the product though it consumes time. Further, the online payment mode is not much safe while doing payment transactions. Therefore, retailers and e-marketers are paying attention to finding out a solution to this issue.

However, the emergence of new technologies, good discounts, availability of different brands, time-saving processes, a wide range of products, and safer payment transactions are expected to surge the market growth during the forecast period.

Current Trends on Online Fashion Retail:

Development of new applications in online fashion retail platforms:

Increasing penetration of smartphones and the emergence of new technologies followed by the development of different applications have gained traction in the online fashion retail market. Solutions like Mobile body scanning technology are having a lucrative impact on the online fashion retail market size and shape. In addition, a solution like Mobile Tailor which allows customers to take body measurements remotely and contactless by using just two photos of them enables businesses to expand their reach. Furthermore, YourFit solution also helps shoppers to find out matching online shoppers in order to overcome size issues. Thus, the development of new applications in the fashion world is projected to expand the market growth in the future.

Impact of the COVID-19 pandemic on the Online Fashion Retail Market:

The outbreak of Covid-19 has significant impact on the global fashion retail market. As governments of several nations announced lockdown and social distancing regulations, the market has faced several damages during the Covid-19 pandemic. However, there are some positive impacts such as the emergence of new technologies i.e. ewallet, 360-degree videos, three-dimensional product view, and trying on clothes with augmented reality has gained traction during a pandemic. The online fashion market has gained traction among young consumers during the outbreak of COVID-19. UK-based eCommerce company BooHoo has reported that during the lockdown their sales has increased by 45% in May 2020.

As the online fashion retail industry is growing, fashion businesses need to adapt to changing circumstances. Due to the high competition in the sector, online fashion businesses have to implement new intelligent solutions which are going to recommend the right product to the right customer in real time. Introduction of Online Fashion Retail:

In the past decade, increasing usage of the internet has given new momentum to the online fashion retail market. Rising demand for designer dress...

The coronavirus pandemic has caused massive shocks to the global economy and dampened previously projected growth scenarios worldwide. According to a recent study, clothing and footwear retail was predicted to suffer a 25.8 percent decline annually in 2020. However, with the diminishing of the impact of the pandemic, in 2021 the sector is forecast to grow by 28.7 percent. In total terms, the retail industry is expected to grow by 3.9 percent, as opposed to the 3.6 percent decline in 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

According to Cognitive Market Research, the global Artificial Intelligence in Retail market size is USD 4951.2 million in 2023and will expand at a compound annual growth rate (CAGR) of 39.50% from 2023 to 2030.

Enhanced customer personalization to provide viable market output
Demand for online remains higher in Artificial Intelligence in the Retail market.
The machine learning and deep learning category held the highest Artificial Intelligence in Retail market revenue share in 2023.
North American Artificial Intelligence In Retail will continue to lead, whereas the Asia-Pacific Artificial Intelligence In Retail market will experience the most substantial growth until 2030.

Enhanced Customer Personalization to Provide Viable Market Output

A primary driver of Artificial Intelligence in the Retail market is the pursuit of enhanced customer personalization. A.I. algorithms analyze vast datasets of customer behaviors, preferences, and purchase history to deliver highly personalized shopping experiences. Retailers leverage this insight to offer tailored product recommendations, targeted marketing campaigns, and personalized promotions. The drive for superior customer personalization not only enhances customer satisfaction but also increases engagement and boosts sales. This focus on individualized interactions through A.I. applications is a key driver shaping the dynamic landscape of A.I. in the retail market.

January 2023 - Microsoft and digital start-up AiFi worked together to offer Smart Store Analytics. It is a cloud-based tracking solution that helps merchants with operational and shopper insights for intelligent, cashierless stores.

Source-techcrunch.com/2023/01/10/aifi-microsoft-smart-store-analytics/

Improved Operational Efficiency to Propel Market Growth

Another pivotal driver is the quest for improved operational efficiency within the retail sector. A.I. technologies streamline various aspects of retail operations, from inventory management and demand forecasting to supply chain optimization and cashier-less checkout systems. By automating routine tasks and leveraging predictive analytics, retailers can enhance efficiency, reduce costs, and minimize errors. The pursuit of improved operational efficiency is a key motivator for retailers to invest in AI solutions, enabling them to stay competitive, adapt to dynamic market conditions, and meet the evolving demands of modern consumers in the highly competitive artificial intelligence (AI) retail market.

January 2023 - The EY Retail Intelligence solution, which is based on Microsoft Cloud, was introduced by the Fintech business EY to give customers a safe and efficient shopping experience. In order to deliver insightful information, this solution makes use of Microsoft Cloud for Retail and its technologies, which include image recognition, analytics, and artificial intelligence (A.I.).

Source-www.ey.com/en_gl/news/2023/01/ey-announces-launch-of-retail-solution-that-builds-on-the-microsoft-cloud-to-help-achieve-seamless-consumer-shopping-experiences

Market Dynamics of the Artificial Intelligence in the Retail market

Data Security Concerns to Restrict Market Growth

A prominent restraint in Artificial Intelligence in the Retail market is the pervasive concern over data security. As retailers increasingly rely on A.I. to process vast amounts of customer data for personalized experiences, there is a growing apprehension regarding the protection of sensitive information. The potential for data breaches and cyberattacks poses a significant challenge, as retailers must navigate the delicate balance between utilizing customer data for AI-driven initiatives and safeguarding it against potential security threats. Addressing these concerns is crucial to building and maintaining consumer trust in A.I. applications within the retail sector.

Impact of COVID–19 on the Artificial Intelligence in the Retail market

The COVID-19 pandemic significantly influenced artificial intelligence in the retail market, accelerating the adoption of A.I. technologies across the industry. With lockdowns, social distancing measures, and a surge in online shopping, retailers turned to A.I. to navigate the challenges posed by the pandemic. AI-powered solutions played a crucial role in optimizing supply chain management, predicting shifts in consumer behavior, and enhancing e-commerce experiences. Retailers lever...

According to a March 2021 survey conducted in the United Kingdom (UK), UK retailers in the fuel and textile clothing and footwear sectors were hit the hardest by the coronavirus pandemic. About 91 percent of fuel retail businesses stated they experienced decrease in their business turnover between February 22 and March 7, 2021. Non-store retailers were the least impacted sector in the group as 55 percent of these businesses reported their turnover have increased in this time period and a further 25 stated that their turnover have not affected by the pandemic.

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Read More

The coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel coronavirus a pandemic on March 11, 2020. Read More

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Read More

Companies engaged in manufacturing, producing, and retailing cosmetic products fall under the Cosmetics & personal care industry. This industry consists of stores that mainly retail personal grooming products, cosmetics, perfumes, and toiletries. The COVID-19 pandemic has changed the course of the world. It has affected everyone, no matter where you are or what sector you work in. The beauty and makeup industry is no exception to it either. The import and export aspects of this industry h.....

As the new coronavirus strain Sars-Cov-2 (Covid-19) is spreading across the world at an alarming pace, the consumer market is seeing disruptions as manufacturing and production sectors slow down, particularly in countries where the disease hit the hardest. According to a study conducted with UK retailers in the food, fashion, and health and beauty categories, retailers are positive that the Covid-19 will have a negative impact on their sales. While 34 percent thought the impact would be significant, a great share of respondents thought the outbreak would have a slightly negative impact on their sales, if the virus persists.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Enterprise Mobility in Retail Market Outlook

The global enterprise mobility in retail market size was valued at approximately USD 58.7 billion in 2023 and is projected to reach USD 162.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.8% during the forecast period. This significant growth is fueled by the increasing adoption of mobile solutions within the retail sector, as businesses seek to enhance operational efficiency, improve customer engagement, and gain a competitive edge in the digital economy. The growing prevalence of smartphones, coupled with advancements in mobile technologies, is enabling retailers to implement enterprise mobility solutions to streamline operations, optimize supply chain management, and provide personalized customer experiences.

One of the primary growth factors for the enterprise mobility in retail market is the rising demand for real-time access to data and applications by retail employees. As retailers strive to stay competitive in a fast-paced environment, having access to critical business information on the go is essential. Mobile solutions allow employees to access inventory levels, customer data, and sales figures anytime and anywhere, leading to improved decision-making and operational efficiency. Furthermore, the integration of Internet of Things (IoT) technology with mobile solutions is driving the development of innovative applications that enhance inventory management, customer service, and sales strategies, contributing to the market's expansion.

The shift towards omnichannel retailing is another significant driver of the enterprise mobility in retail market. Modern consumers demand a seamless shopping experience across various platforms, including brick-and-mortar stores, e-commerce websites, and mobile apps. Retailers are leveraging mobility solutions to bridge the gap between physical and digital channels, ensuring a consistent customer experience. Mobile apps and responsive websites enable retailers to engage with customers effectively, offering features such as personalized recommendations, mobile payments, and loyalty programs. This trend is compelling retailers to invest in enterprise mobility solutions to optimize their omnichannel strategies and boost customer satisfaction.

Moreover, the COVID-19 pandemic has accelerated the adoption of enterprise mobility solutions in the retail industry. With lockdowns and social distancing measures in place, retailers have had to adapt quickly to changing consumer behaviors. Mobile solutions have enabled retailers to continue operations by facilitating remote work, enabling contactless transactions, and providing virtual customer support. The need for agile and adaptable solutions to respond to unforeseen disruptions is expected to drive further investments in enterprise mobility, ensuring business continuity and resilience against future challenges.

Regionally, North America is expected to hold the largest market share in the enterprise mobility in retail market due to the early adoption of advanced technologies and the presence of major retail giants. The region's mature IT infrastructure and high smartphone penetration rates provide a conducive environment for the implementation of mobile solutions. Meanwhile, the Asia Pacific region is anticipated to exhibit the fastest growth, driven by the rapid digital transformation of the retail sector in emerging economies like China and India. The increasing proliferation of mobile devices, coupled with government initiatives to promote digitalization, is supporting the market's expansion in this region.

Enterprise Mobility in Energy is emerging as a transformative force, much like its impact on the retail sector. In the energy industry, mobility solutions are being leveraged to enhance operational efficiency, improve field service management, and ensure safety compliance. With the increasing complexity of energy operations, mobile technologies enable real-time data access and analytics, allowing for better decision-making and resource management. Energy companies are adopting mobile applications to monitor equipment health, track maintenance schedules, and optimize workforce deployment, thereby reducing downtime and operational costs. As the energy sector continues to evolve, the integration of mobile solutions is expected to play a crucial role in driving innovation and sustainability.

Component Analysis

The enterprise mobility in retail market can be segment

Snapshot img

Digital Retail Marketing Market Size 2024-2028

The digital retail marketing market is expected to grow by USD 1,879.8 billion, at a CAGR of 36.5% between 2023 and 2028. The rapid expansion of social media stands as a pivotal driver in the growth of the market. This comprehensive report provides essential insights into the evolving dynamics of the industry, enabling businesses to pinpoint growth opportunities within the dynamic digital retail landscape. As consumer behavior increasingly shifts online, the integration of social media platforms becomes instrumental in shaping marketing strategies. The report highlights trends and innovations that empower businesses to adapt and thrive in the digital retail space. By leveraging these insights, companies can enhance their digital marketing efforts, optimize customer engagement, and capitalize on emerging market trends. In a competitive marketplace driven by digital transformation, understanding and utilizing these dynamics are essential for sustaining growth and gaining a competitive edge.

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Market Dynamics

The market is revolutionizing the shopping experience for retailers and consumers alike. By leveraging digital marketing trends, retailers can cater to specific audiences and exceed expectations through personalized promotions and optimized store layouts. This transformative impact extends to enhancing brand identity and loyalty among customers, adhering to brand guidelines to maintain consistency across digital platforms. The benefits of digital retailing include increased customer engagement, operational efficiencies, and expanded market reach, translating into improved marketing and revenue outcomes. Implementation of innovative strategies is crucial for retailers to capitalize on business opportunities in the digital marketplace. Companies like Zappos exemplify success in the retail business by prioritizing customer satisfaction and pioneering digital initiatives. As the digital retailing landscape continues to evolve, businesses that embrace these trends stand to achieve sustainable growth and competitive advantage in an increasingly interconnected market.

Key Market Driver

The rapid growth in social media is a major factor driving the market share development. Social media platforms allow the advertising of the websites of individuals or organizations on a larger scale than most other advertising media. Advertisers are able to build brand acquaintance among users by putting up posts and updates on brand pages, which get shared among their networks. Regular updates enhance brand visibility and help to acquire new customers as well as increase familiarity among existing customers. The COVID-19 pandemic has had a significant influence on social media usage.

Moreover, to avoid the spread of COVID-19, many countries have announced restrictions related to travel, and people have been advised to stay indoors as a part of the lockdown measure. This has increased the time spent on social media platforms in countries such as the US, the UAE, Italy, India, China, Spain, and Germany. Therefore, an increase in the use of social media platforms will drive the demand for digital retail marketing in these countries and thereby influence the overall growth during the market growth and forecasting period.

Significant Market Trends

The growing shift of preference from traditional to digital retail advertising channels will be a major challenge for the global retail marketing market share growth. With the advances in technology, there has been a rapid shift in preference for digital retail advertising from the traditional medium. This is primarily because of the effectiveness offered by digital media in terms of the ability to view posts and advertisements at any point with no location constraints. In addition, marketers are also combining traditional channels with online channels, such as the use of geofencing to send advertising messages to mobile devices within range of a billboard, shelter, or outlet.

Further, some of the major factors influencing the shift from traditional advertising channels to digital channels are increased brand awareness, modernization, enhanced customer experience, and increased product awareness. Essentially, the market will continue to grow during the forecast period.

Major Market Challenge

Security concerns associated with digital platforms is a significant challenge hindering market growth. The growing number of digital data thefts and online frauds has made consumers more reluctant to engage in online transactions, which hinders the growth of the market. Digital platforms offering retail services store customers' personal as well as financial information to optimize the transaction process and serve the customers more efficiently.

However, in many instances, this data has been stolen through cyber-attacks that have caused

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Read More

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel coronavirus a pandemic on March 11, 2020.

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Read More

Outlet stores are establishments that sell goods directly from manufacturers to consumers. Historically, outlet stores have been known for low-quality goods at bargain prices. However recently, major retailers have broken into the industry, exclusively selling name-brand products directly from the manufacturing line. These products are usually out of season and heavily discounted. Outlet stores have largely struggled through the end of 2024 because of the COVID-19 pandemic and inflation. Consumer spending has fallen as households contend with the ballooning cost of living. Revenue has fallen at a CAGR of 4.0% through the end of 2024 to reach $64.6 billion, with the most significant depression in 2022 amid rapid inflation. Profit has fallen slightly from 3.3% in 2019 to 3.1% in 2024. Still, revenue is expected to climb 1.6% in 2024 alone. This is expected to signal growth on the horizon, with outlet stores faring better as interest rates cool and the effects of the pandemic ultimately abate. This will likely encourage consumer spending, leading to a surge in retail activity. However, outlet stores must contend with the growing threat of online retail. Outlets can mitigate losses by forming closer bonds with manufacturers to purchase bulk goods at low prices. Overall outlet store revenue is expected to creep upward at a CAGR of 0.9% to reach $67.5 billion.