The global retail logistics market will grow by over $192 billion between 2022 and 2027, according to a new study by ResearchAndMarkets.com.

The forecast figure was based on the market researcher examining the latest trends, drivers, and the current retail logistics market environment.

It said the market is currently being driven by rise in international retailing, increasing online sales owing to rise in internet penetration, and increasing multimodal transportation.

The use of sustainable logistics was also found to be a key driver of growth, with the report also forecasting that blockchain applications and digital transformation in retail logistics would lead to “sizable demand” in the market over the coming years.

The research follows another recent study by ResearchandMarkets.com, which forecasts that UK BNPL payments will exceed $55bn by 2028.

Online fashion retailer Asos recently announced it is partnering with Maersk as its new global supply chain partner following a period in which its sales declined by four per cent due to “challenging trading conditions".

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