Global Powers of Retailing 2016 has been added to Bookmarks.
Global Powers of Retailing 2016
Navigating the new digital divide
The Global Powers of Retailing identifies the 250 largest retailers around the world and analyses their performance. It also looks at the world's 50 biggest e-retailers, considers the top trends in the industry, and provides a global economic outlook for the coming year.
The 19th annual Global Powers of Retailing focuses on the theme of "navigating the new digital divide," and considers the gap between consumers’ digital behaviours and expectations and retailers’ ability to deliver the desired experiences.
From an Australian perspective, retailers remain optimistic about their fortunes for 2016, even though the globalisation of the Australian retail market is set to continue. Australian retailers therefore face significant challenges in order to meet their growth targets in what is perhaps the most disrupted and competitive of all market sectors.
Key highlights from the Australian research are as follows:
- Digital influences 40% of retail bricks-and-mortar store visits
- Sixty Five percent of customers use a digital device before shopping and 31% while shopping
- Using digital devices to research, find and compare products boosts the conversion of sales by 25%
- On average, 21% of shoppers think digital increases their overall order size.
From a global perspective, fortunes again appear likely to be mixed across the regions. Strong performance in the US is broadly expected to continue into 2016, with consumer spending and housing continuing to grow at a healthy pace. In China we have seen a slow-down in growth with the days of double digit growth now seeming like a distant memory. In Europe a number of countries have performed well over the past 12 months, notably Spain, Ireland and the UK. The performance of Emerging Markets has also been mixed.
Key global insights identified in the report:
- No single path toward digital adoption. While all markets are moving in the same direction, some are taking somewhat different routes to get there. Some emerging markets, for example, are entirely skipping adoption stages previously experienced by established markets.
- One digital "size" does not fit all customers. Digital behavior varies depending on personal factors, for example age, income, and product type being sought.
- Consumers are demanding better digital tools. Digital tools and channels can both extend a retailer's reach and increase revenue, but customers are currently feeling unsatisfied and underserved.
Note: The report identifies the 250 largest retailers around the world based on publicly available data for fiscal year 2014 (encompassing companies’ fiscal years ended through June 2015). It analyses their performance based on geographic region, primary product sector, e-commerce activity and other factors. The report also provides a look at the world’s 50 largest e-retailers, an outlook for the global economy and an analysis of market capitalisation in the retail industry. It also provides an introduction to and executive summary of findings from the forthcoming Deloitte Global publication Navigating the new digital divide: a global summary of findings from nine countries on digital influence in retail.