Taxable Retail Market Is Estimated To Witness High Growth
The taxable retail market is estimated to be valued at US$ 13.49 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Taxable retail refers to the sale of tangible personal property, selected digital products, and certain services that are subject to sales and use tax laws. It covers a wide range of products across various categories including food & beverages, apparel, electronics, furniture, and health & beauty. Both brick-and-mortar as well as online channels contribute significantly to the taxable retail market.
Market Dynamics:
Consolidation - The taxable retail landscape is witnessing high consolidation activity as major retailers acquire smaller chains to attain economies of scale and expand footprint. For instance, Albertsons completed the acquisition of Rite Aid to become one of the largest retail pharmacy chains in the U.S. Such consolidation moves help retailers strengthen supply chain and distribution network.
E-commerce Adoption - The retail market is transitioning steadily towards the online platform with growing customer preference for contactless shopping during the pandemic. E-retail giants like Amazon and Walmart have further increased their investments to cater to the rising demand. Rapid expansion of digital channels and fulfillment capabilities is expected to boost taxable retail market growth over the forecast period.
Read More : https://cmiorientedreportblog.blogspot.com/2023/11/the-global-taxable-retail-market-is.html
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