Retail Marketplace Surge
Retail annual sales are forecasted to grow between 6 to 8 percent to 486 trillion in 2022 predicting steady growth as more consumers utilize e-commerce services. Non-stores including online sales are expected to grow between 11 and 13 percent to a range of 1.17 trillion to 1.19 trillion dollars more consumers continue to shop online for products and services. The United States is home to the top three retail companies of the world including Amazon, Costco and Walmart are conducting business around the world. As a result of globalization including various trade agreements between markets and countries, many retailers are capable of doing business across the globe in 2022. Physical in-store retail gains popularity in the marketplace forms of non-store retailing is favored due to convenience shopping. Transactions take place through various channels of distribution across a wide range of product industries including apparel, electronics, and motor vehicles establishing a share of the retail sector in many global markets. Retailers operate an omnichannel model providing consumers a seamless shopping experience integrating online and offline channels flawlessly. The retail marketplace continues to surge in 2022 as more consumers are making green sustainable choices when shopping 2022.
The announcement was made during NRF’s annual State of Retail & The Consumer virtual event where the retail industry leaders discussed the strength of the consumer economy and the future of retail.” NRF expects retail sales to increase in 2022 as consumers are ready to spend and have the resources to do so.“NRF President and CEO Mathew shay said “We should see durable growth this year given consumer confidence and continue this expectation notwithstanding risks related to inflation, Covid-19, and geographical threats.” The National Retail Federation issued the following statement from Senior Vice President for Government Relations David French after the house gave final approval to the Ocean Shipping Reform Act 2022. Businesses that depend on the global maritime transportation system to move goods through the supply chain each day continue to face significant challenges including unfair business practices by ocean carriers.
ORSA Federal Law helps address longstanding systematic supply chain and port disruption issues. It provides critical updates to the international maritime transportation system which has been affected by Covid-19. Improvements came at a time when inflation has reached a 40-year high NRF has championed the effort to pass ORSA as one of the steps necessary to lower inflation in 2022 easing pressure on American businesses, workers, and consumers. It serves as the final piece of the NRFs Save Our Shipments grassroots campaign. The target advocacy effort focused on legislative solutions to address the retail industry supply chain challenges including passing the bipartisan infrastructure bill and adding more truck drivers to the workforce in 2022. The 1.2 trillion Infrastructure Investment and Job Act has been signed into law including historic investments in our roads, bridges, rails, and ports to help get America’s supply chains back on track including new policies to address the truck driver shortage. Retail annual sales is forecasted to grow between 6 to 8 percent to 486 trillion in 2022.
The announcement was made during NRF’s annual State of Retail & The Consumer virtual event where the retail industry leaders discussed the strength of the consumer economy and the future of retail.” NRF expects retail sales to increase in 2022 as consumers are ready to spend and have the resources to do so.“NRF President and CEO Mathew shay said “We should see durable growth this year given consumer confidence and continue this expectation notwithstanding risks related to inflation, Covid-19, and geographical threats.” In 2021 the global market generated sales of 21 trillion U.S. dollars with a forecast to reach 30 trillion U.S. dollars by 2024.
Cheers!
Patricia Lynn
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