Market Overview:
The taxable retail market comprises products such as electronics, home decor, clothing, accessories, appliances and tools that incur sales taxes. These products cater to day-to-day needs of consumers and offer convenience through extensive store networks and online shopping options.
Market key trends:
One of the key trends witnessed in the taxable retail market is the rising adoption of artificial intelligence and machine learning technologies by major retailers. AI helps retailers in automating supply chain operations, focusing marketing efforts, personalized shopping experiences through recommendations, and optimizing prices in real-time. For instance, AI chatbots are assisting customers for product searches and purchases. This is expected to significantly boost customer acquisition and spending in the taxable retail market.
Segment Analysis
The taxable retail market is segmented based on product type, into food and beverage, apparel and footwear, consumer electronics, personal care, and others. Among these, the food and beverage segment accounts for the largest share of the market currently. This can be attributed to changing consumer preference towards organic and premium food products. The apparel and footwear segment is anticipated to witness the highest growth over the forecast period owing to growing fashion consciousness among consumers and availability of a wide range of products.
Key Takeaways
The global Taxable Retail Market size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period 2023 - 2030, due to increasing disposable income and rising online shopping trends among consumers.
Regional analysis:
The US accounts for the largest share in the global taxable retail market currently. This can be attributed to strong economic growth and increasing spending power of consumers in the country. The Asia Pacific region is anticipated to witness the fastest growth over the forecast period owing to rapid urbanization, growing middle class population and their rising spending on discretionary products.
Key players:
Key players operating in the taxable retail market are Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe's, Albertsons, Publix, Walgreens Boots Alliance, CVS Health, 7-Eleven, Rite Aid, Ace Hardware, Menards, Dick's Sporting Goods, L Brands, Nordstrom, and Macy's. Walmart currently dominates the market owing to its large store network and wide product portfolio. Amazon has also witnessed significant growth in the recent years due to robust online platform and strong supply chain infrastructure.
Read More : https://www.rapidwebwire.com/taxable-retail-market-growth-driven-by-e-commerce-boom/
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