Global retail tech funding skyrocketed to record highs in 2021, research firm CB Insights reveals in its new State of Retail Tech 2021 report (PDF), which provides data and analysis on transactions, financings and private market exits worldwide. retail technology companies.
CB Insights defines “retail tech” as any technology company that supports or enables the sale of products (excluding events, travel, gasoline) to consumers.
Last month, I mapped overall global retail technology funding in 2021 according to CB Insights. This funding topped $100 billion for the first time, more than double the amount in 2020. Bids were up 25%.
E-commerce funding grew 184% year-over-year, reaching a new high of $54 billion for about 50% of the global retail technology total.
According to the CB Insights report, Asia accounted for the most e-commerce offerings in 2021.
Year-over-year funding for in-store physical retail technology grew by around 150% in 2021 to around $10.7 billion. The number of transactions increased by 18%.
Amid the rush for investor funding, Bazaarvoice, a ratings and reviews platform, in 2021 surveyed more than “8,000 consumers from the US, UK, France, Germany, Germany Australia and Canada, and more than 500 employees who work in [physical] retailers from the same countries, to understand how people on both sides of the industry think retail should exist in the future.
Bazaarvoice released survey results earlier this year, finding that consumers and employees in physical retail stores are the most interested in implementing QR codes and virtual displays and interactions.