The value of global retail is astounding. According to research firm Market & Research, the global retail market was nearly US$20.3 trillion in 2020, having increased at a compound annual growth rate (CAGR) of about 2.4 percent since 2015. The global retail market is expected to double to US$39.9 trillion by 2030.
According to the website Automation.com, global manufacturing industry output was even higher at around US$41.9 trillion in 2021, an increase from $39.3 trillion in 2020. In addition, consulting firm Deloitte projects further growth in manufacturing of 4.1% for 2022.
Global trade continues to flourish, albeit at a slower pace and in spite of current global issues. Some companies will benefit from this growth, and one such company is RGIS.
RGIS is an acronym for Retail Grocery Inventory Service. Founded in the US in 1958, RGIS now performs more than 174,000 stock takes globally per year for companies of all types and sizes and in 37 countries and is the dominant player in this industry. As many companies cannot invest into the necessary technology to manage their inventory, companies like RGIS benefit greatly by filling this critical inventory management gap.
Its successes in retail, healthcare and manufacturing is no surprise to more than three thousand international organisations. RGIS provides critical information and insight that organizations need to fully understand their asset usage in order to make better business decisions. The company’s expertise is in providing services for stocktaking, inventory management system, retail merchandising, store layout design, supply chain audit, asset management, cycle and inventory counter, and healthcare audits.
The company’s products and services can be used to count and measure multiple types of products for manufacturing companies, retail chains, groceries and supermarkets, pharmacies, convenience stores, high-end retail shops, to home improvement stores like Ace Hardware. With the rapid rise of online sales and need for distribution and warehousing facilities, RGIS has benefited from the online retail explosion in recent years. No matter the size of the business, RGIS has a solution for it all.
Having one of the fastest growth globally, the Asia Pacific region is a key focus of the company. According to Mr. Jan Morlok of RGIS, “For the next decade, Asia is perceived to remain attractive as an underserved market for international retail players. The total retail sales in ASIA is predicted to hit $10.94 Trillion per eMarketer predictions. Additionally, transactions involving the establishment of brick and mortar stores are expected to be brisk in key urban locations as physical presence still matters to most Asian consumers. All these factors present an excellent opportunity for RGIS to engage in this exiting market.”
Author: Sean T. Ngo is a franchise consultant and broker with one of Asia’s leading franchise consultancy and brokerage, VF Franchise Consulting (www.vffranchiseconsulting.com). He is Asian American and has been based in Ho Chi Minh City, Vietnam, for nearly 18 years. You can reach him at firstname.lastname@example.org or email@example.com