From millions to billions to trillions - online retailing grows
Market Research Company Euromonitor International released new data on the global retailing industry on Friday, 7 November 2014, showing a steady growth of 5.3% in 2014 due to improved performance in Western Europe.
"Western Europe registered its biggest increase since 2008, while Eastern Europe experienced its biggest slowdown with 6% growth due to the conflict in Ukraine and economic sanctions on Russia," said Daniel Latev, Head of Retailing at Euromonitor International.
Key findings
- Starting in 2014 through to 2019, a third of new global retail sales will come from China.
- Nigeria is expected to see a compound annual growth rate (CAGR) of 10.9% to 2019, due to a growing middleclass and an overall increase in disposable income.
- In the last year, Latin America, the Middle East and Africa were the most dynamic regions, with increases of over 12% in retail sales.
- Apparel and footwear are reported to be the most popular products sold online and are expected to generate over US$360 billion. Food and beverages are expected to be the most dynamic with 18.2% CAGR by 2019.
- Wal-Mart, Carrefour and Seven and I remain the top global three retailers, while Tesco lost its fourth place market share to Schwarz Beteiligungs.
- Amazon and Alibaba are the only online retailers in the top 15 global retail rankings.
Online retailing is set to generate a third of all new retail sales, driven by strong growth in both emerging and developed markets. Mobile internet retailing will account for 32% of internet retailing sales compared to 18% in 2014. Euromonitor International forecasts internet retailing to increase by 15% CAGR to reach US $1.7 trillion by 2019, making multichannel operations key for all retailers looking for growth.
