How has the retail sector performed during the pandemic?
Under the influence of the global pandemic, the retail sector has experienced significant deviation from its traditional business models. Due to enforced lockdowns and unprecedented restrictions to limit the spread of the virus, consumer behavior has drastically shifted from physical shopping towards online platforms. It has been instrumental in composing a new landscape for retail businesses and is likely to remain influential in the forthcoming years.
What are the growth prospects for the retail sector?
Despite the challenges presented by the global health crisis, the retail sector has shown positive avenues for growth. E-commerce platforms have demonstrated substantial growth due to the increased digital transformation and new consumer behaviors. Brick-and-mortar stores, particularly those dealing with essential goods, have seen surprising resilience amid the uncertainties. However, the severity of the impact varies widely depending on the retail segments.
How diverse segments are impacting retail sales?
Certain segments within the retail sector have shown a peculiar trend during the pandemic. High demand for groceries and home essentials has led to substantial growth in these sectors. On the other hand, retail businesses that are highly reliant on physical foot traffic such as apparel and fashion have been negatively impacted. Meanwhile, the growth of the online retail segment is undeniably substantial, leaving a lasting impact on retail sales. The adaptation of multiple retail segments to the new normal is shaping the future of retail commerce.
- Total Sales Volume
- Monthly Sales Growth
- E-commerce Sales as Percentage of Total Sales
- In-store Sales as Percentage of Total Sales
- Regional Sales Breakdown
- Segment-specific Sales (food, clothing, electronics, etc.)
- Consumer Confidence Index
- Employment Rate
- Household Disposable Income
- Covid-19 Infection Rates and Lockdown Status
- Accelerated shift towards e-commerce
- Rise of contactless shopping
- Increase in localized shopping
- Surge in use of omnichannel retailing
- Growth of private labels
- Prominence of convenience retail
- Increase in social commerce
- Prevalence of enhanced hygiene measures
- Rise in demand for essential goods
- Boost in direct-to-consumer sales