Connected retail market to hit $82.31bln in 2025

Connected retail market to hit $82.31bln in 2025

The value of the global connected retail market is estimated to reach $82.31 billion by the end of 2025, a report by Transparency Market Research (TMR) said on Monday.According to analysts, the worldwide boom in the connected retail market, which was just $19.46 billion in 2017, is being driven by the pandemic.While a post-Covid-19 world is expected to recover more slowly than it did after the 2008–2009 global financial crisis, e-commerce is the economic sweet spot as brands and consumers rush online, according to a report by Shopify.Nearly 150 million people shopped online for the first time in the pandemic, and the number of ecommerce buyers will only continue to rise, said the report.A recent Mastercard report said that roughly 20-30 per cent of the Covid-related shift to digital globally is expected to be permanent.The Gulf region's booming regional online shopping market is expected to grow by more than a third to reach a gross value of $30 billion this year, according to a report from Wamda and the Massachusetts Institute of Technology.The e-commerce market in the region was worth $22 billion by the end of 2020, boosted by online shoppers from Saudi Arabia, Egypt and the UAE.The three countries