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Hypermarkets Global Market Size, Share Analysis And Trends By 2033
Hypermarkets Global Market Size
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According to The Business Research Company's, The hypermarkets market size has grown strongly in recent years. It will grow from $1784 billion in 2023 to $1924.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. . The growth in the historic period can be attributed to rise of urban populations, higher demand for time-saving shopping experiences, economies of scale, evolving consumer preferences, increasing adoption omni-channel retailing strategies.
The hypermarkets market size is expected to see strong growth in the next few years. It will grow to $2581.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. . The growth in the forecast period can be attributed to e-commerce integration, sustainable practices, personalization and data analytics, rising health consciousness, regulatory change. Major trends in the forecast period include digitization of operations, flexible store formats, partnerships and collaborations, experience-driven retail, rise of private labels.
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Market Drivers and Trends:
The creation of personalized experiences is expected to propel the growth of the hypermarkets market going forward. Personalization refers to communication-based on an organization's knowledge of a customer. Personalized experiences are required to meet individual demands. Personalized experience provides manufacturers, hypermarkets, and supermarkets to maximize their financial returns. For instance, in May 2022, according to the report published by Psychology & Marketing (P&M), a West Sussex-based research publisher, an increase of 5%-15% in revenue of senior marketing leaders is directly attributed to the successful implementation of personalization. Therefore, the creation of personalized experiences is driving the growth of the hypermarkets market.
Artificial intelligence is a key trend gaining popularity in the hypermarkets market. Major companies operating in the hypermarket market are adopting artificial intelligence to strengthen their position in the market. The creation of intelligent machines and intelligent computer programs that require human intelligence is the focus of the artificial intelligence (AI) subfield of computer science. For instance, LuLu Group International, an Indian Emirati-based conglomerate company that operates a chain of hypermarkets and retail companies, launched Salem, an AI-powered customer experience or service channel on WhatsApp by which customers will receive in-app purchase receipts, track online order deliveries, and seek purchase-related assistance. The service is powered by Yellow.ai, a US-based Conversational AI platform. Salem can effectively engage with customers throughout their buy journey owing to deep backend integration with the retailer's CRM and Order Management system. This has significantly increased customer satisfaction by up to 60%.
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Major Key Players of the Market:
Albrecht-Diskont (ALDI), Walmart Inc., Carrefour, Edeka Group, Lotte Corporation, Renrenle Commercial Group Co. Ltd., RT-Mart International Ltd., Beijing Hualian Group, Target Corporation, Costco Wholesale Corporation, E. Leclerc, Metro Cash & Carry, Auchan, Emart Inc., Shinsegae Inc.
Hypermarkets Market 2024 Key Insights:
• The hypermarkets market size is expected to see strong growth in the next few years. It will grow to $2581.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Personalization Driving Growth In The Hypermarkets Market
• Artificial Intelligence Revolutionizes Customer Experience In The Hypermarkets Market
• North America was the largest region in the hypermarkets market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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