The retail industry thrives with the exceptional rise in sales, generating a staggering US$25.8 trillion globally in 2022. It is on the cusp of an incredible journey, poised to redefine success and set new benchmarks of prosperity. In 2023, The National Retail Federation (NRF) has released its forecast and predicts that retail sales will grow to 6%, reaching a total of US$5.13 trillion to US$5.23 trillion. Additionally, e-commerce sales projected to increase to 12%, reaching up to US$1.43 trillion. Looking closer to the region, Philippine’s retail market size is expected to increase by US$70.67 billion by 2026, and the market’s growth momentum will accelerate at a CAGR of 11.68%, according to a Technavio report.
The undeniable truth is evident—brick-and-mortar stores are here to stay, complementing the rapidly growing online retail sphere with a remarkable 43% of their revenue streaming. The evolution of retail operations revolves around two pivotal shifts: transforming consumer behaviour and the profound impact of technological advancements on the shopping experience. A recent survey conducted by Retail Dive revealed that 81% of retailers plan to amplify their presence on digital channels by next year. Additionally, virtual reality (VR) emerges as a potential game-changer, with 22% of customers expressing keen interest in exploring virtual shops to experience products firsthand.
Adaptation is essential and we offer you the unparalleled opportunity to explore the forefront of the ever-digitizing industry. Join us at the 6th Annual Future Retail Summit by Trueventus with industry leaders to gain invaluable insights on staying relevant amidst these revolutionary shifts. Discover how visionary businesses leverage cutting-edge technologies such as the Metaverse and Web 3.0 to not just survive but thrive in the face of intense competition.