Department Stores & Other General Merchandise Stores Market Involving Cohesive Data Analytics In Management

Department Stores & Other General Merchandise Stores Market Report 2021: COVID-19 Impact And Recovery To 2030

Department Stores & Other General Merchandise Stores Global Market Report 2021: COVID-19 Impact And Recovery To 2030

The Business Research Company’s Department Stores & Other General Merchandise Stores Global Market Report 2021: COVID-19 Impact and Recovery to 2030

LONDON, GREATER LONDON, UK, February 10, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

Department stores & other general merchandise stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty; data has become critical for most retail operations. For instance, the global retail analytics market was expected to rise up to $5.1 billion by 2020. With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for convenience and mom and pop stores to identify and meet the needs and expectations of their customers, thus it is expected to drive these and the department stores industry going forward.

The global department stores and other general merchandise stores market size is expected to grow from $1.43 trillion in 2020 to $1.75 trillion in 2021 at a compound annual growth rate (CAGR) of 22%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. According to department stores market research, the market is expected to reach $2.17 trillion in 2025 at a CAGR of 6%.

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The Business Research Company
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