Effect of Technological Advancement on Global Retail Industry Development Trend

Abstract

The purpose of this research is to analyse how worldwide retailing has changed because of technology progress. The retail industry has seen a dramatic shift in how firms’ function and interact with customers because of the rapid development of technology. This study delves into the ways in which recent technology breakthroughs like e-commerce, mobile apps, AI, and data analytics have affected the evolution of the retail sector. This research examines consumer behaviour, supply chain management, marketing strategies, and the overall customer experience in retail through the lens of technological innovation. This is accomplished through a cross-sectional design with usable data of 200 from respondents that was obtained randomly. The analysed data using SPSS veMarketing Technology trendsrsion 26 based on the Pearson correlation and Multi Linear Regression demonstrates a positive and significant effect of marketing trends, supply chain trends, and inventory trends on development trends in the global retail industry. As provided by the study, the growth of online marketplaces, the importance of data security, and the merging of offline and online channels are just a few of the opportunities and threats that are brought to light by this study. Businesses and policymakers can better adapt to the changing landscape, capitalize on emerging opportunities, and maintain competitiveness in the increasingly digital and interconnected world by understanding the effects of technological advancement on global retail industry development trends.