Retail Statistics You Should Know

What do the most recent retail statistics inform us about retailing in 2021? You may be stunned.

We have assembled all of the numbers you want, together with retailer operations, shopper behaviors, how retailers market their companies, and far more.

If you personal a retail retailer or are contemplating shop ideas for a brand new one, check out the stats under.

Retail Statistics: The Big Picture

The retail market measurement is constantly rising. According to a report from the National Retail Federation, the US retail gross sales in 2020 grew 6.7% over 2019 regardless of ubiquitous public well being emergencies within the nation.

What’s extra, retail commerce added 4.8 trillion to GDP in 2020, reports the US Bureau of Economic Analysis.

Being a retail enterprise proprietor your self, you should be curious to know what the long run holds for the retail trade.

We have listed right here key retail gross sales statistics that can assist you perceive the current and way forward for the retail sector:

  • The complete income from retail gross sales within the United States was $4.06 trillion throughout 2020 (NRF)
  • US retail gross sales depressed throughout the first two quarters of 2020 as a consequence of COVID-19, however issues began to enhance with the third quarter. And throughout the 4th quarter of 2020, the US retail reached $1.47 trillion (US Census Bureau)

Are you serious about how the US retail commerce trade fared throughout the first quarter of 2021?

According to the US Census Bureau report, retail gross sales reached $1.58 trillion within the first quarter of 2021.

The National Retail Federation, in its forecast, estimates that retail gross sales will exceed $4.44 trillion in 2021. Considering these retail stats, you’ll be able to count on that the way forward for retail can be vibrant in 2021.

Here are fascinating information from the National Retail Federation report that can assist you assess how massive the retail trade is:

  • Retail helps 1 in 4 American jobs, which is over 50 million American staff
  • The contribution of the retail trade reaches round $1 trillion Direct Labor Income
  • The retail trade within the US accounts for 18.7 % of complete gross home product (GDP)
  • Retail is the biggest private-sector employer within the US

If you’ve got ever questioned how a lot of the U.S. financial system is retail, now you understand. And if you’re questioning what number of retail shops are within the US, the quantity 4.2 million.

What are you able to count on whenever you discuss world retail gross sales?

According to a report from Statista, world retail gross sales are anticipated to the touch 26.69 trillion in 2022.

Small Retail Businesses

picture: SCORE
If you need to run a profitable retail retailer, you shouldn’t solely find out about how to open a retail store but in addition what sort of retail retailer (massive or small) you need to open.

Small retailers, with 50 or fewer workers, rule the retail trade. Following information from SCORE research show the purpose:

  • Small retailers account for 98.6% of all retailer corporations within the US
  • Small and medium-sized retailers rent nearly 40% of all retail workers
  • The common month-to-month income reported by small retailers is $22,341
  • Small and medium-sized retailers have a mean gross margin of 51%

The above small retail statistics point out that small retailers are in no way small with regards to contributing to the US financial system.

Specialty shops are sometimes part of small retail retailer companies. Unlike department shops that promote all kinds of things, specialty shops supply niche-specific merchandise.

According to a report, small specialty retail shops have a market measurement of $33.4bn within the US.

Want to know extra about small specialty retail retailer companies within the nation?

The following retail stats from IBISWorld will show you how to perceive the panorama of small specialty retail shops within the US:

  • There are round 131,470 small specialty retail shops within the US in 2021
  • The variety of small specialty shops has declined 0.8% per yr on common between 2016-2021
  • Small specialty shops have annualized progress of -0.8% between 2016-2021

The above information trace that the trail to success is tough for small specialty retailer homeowners.

Therefore, it’s best to get able to stroll the additional mile in the event you’re serious about opening a retailer to promote niche-specific merchandise.

Doing thorough market analysis, implementing the best retail marketing strategy, and displaying empathy in customer support are a couple of confirmed ways to develop a small retail retailer.

Physical Stores


picture: NRF

Online buying lets you place an order from the consolation of your private home. But individuals nonetheless love visiting a retailer, experiencing merchandise, and buying in-store.

The following stats inform the expansion story of in-store gross sales:

  • In-store gross sales are anticipated to achieve $21.4 trillion globally by 2024 (Statista)
  • The US bodily retailer gross sales are projected to exceed $3.3 trillion in 2021 (NRF)
  • Non-e commerce gross sales have been 86% of complete retail gross sales within the US throughout Q2021 (US Census Bureau)

These numbers validate that folks love to purchase from a bodily retailer. One cause why prospects need to purchase in-store is they’ll expertise merchandise.

A survey from Retail Dive states 62% of consumers desire in-store buying as a result of they’ll see, contact, really feel, and check out the objects.

The similar Retail Dive survey additionally notes that 49% of consumers like to purchase from bodily shops as a result of they need to purchase now and quick. That mentioned, enhancing the in-store buyer expertise can delight your prospects and enhance gross sales.

Are you interested by figuring out the entire variety of brick-and-mortar retail shops within the US?

Statista reported that there have been 328,208 bodily shops in 2020 within the US. And comfort shops make the biggest a part of this quantity.

Here are all of the vital stats on bodily shops that matter:

  • 73% of consumers say that beacon-triggered content material and gives increase their probability to purchase objects throughout a bodily retailer go to (Synchrony)
  • Organizing a retail occasion in a bodily retailer is usually a good technique to pull customers. 58% of customers are concerned about attending a retail occasion sooner or later (SCORE)
  • The retail workforce primarily consists of cashiers, retail salespersons, or first-line supervisors of retail salespersons. These occupations account for six.3% of the entire US labor drive (US Census Bureau)

If you’re serious about beginning your individual bodily retailer, listed here are a couple of low-cost retail business ideas to discover.

Indeed, the covid 19 compelled many retailer homeowners to shut their operations in 2020. But with the financial system getting on monitor, one can count on newer shops to open up.

According to research from IHL Group, 5 retailers are opening shops for each retailer closing shops.

Shopping Statistics

Covid 19 began to indicate its affect on the retail trade from April 2020. With nationwide lockdowns in drive, many distribution facilities and provide chain logistics acquired disrupted. Some predicted we have been inching nearer to the retail apocalypse.

However, in actuality, retail as an entire registered wholesome progress in 2020. The National Retail Federation reported that retail gross sales in 2020 grew 6.7% over 2019.

My buddy, the way forward for retail is vibrant and you’ll relaxation assured that the retail apocalypse shouldn’t be going to occur anytime quickly.

We have compiled all of the vital buying statistics right here that can assist you sustain with the most recent retail developments.

Let’s discover:

Shopper Demographics



The coronavirus pandemic fueled the expansion of e commerce. But customers love to go to retail institutions as they’ll contact, really feel, or check out merchandise.

However, male shopping behavior is completely different from feminine buying habits.

Here are two stats from Retail Dive to show the purpose:

  • 66% of feminine customers say that trying-it-out is a lead issue to do in-store buying
  • 54% of male customers desire in-store buying as a result of they’ll take objects house instantly

Do prospects take into consideration the atmosphere? The reply is a giant resounding YES. Customers of all ages need manufacturers and retailers to change into extra sustainable.

However, customers from youthful generations desire sustainable manufacturers extra. According to the State of Consumer Spending from First Insight, 62% of Gen Z customers desire to purchase from sustainable manufacturers. But solely 39% of child boomers need to do the identical.

When it involves packaging, sustainable packaging is vital throughout prospects of all ages. 55% of child boomers and 68% of Gen Z prospects say that sustainable packaging is necessary for them, stories the State of Consumer Spending.

Following are beneficial information from Salesforce Connected Shoppers Report that you just also needs to contemplate:

  • 81% of consumers uncover and consider new merchandise in-store
  • 62% of consumers purchase greater than what initially meant throughout in-store buying
  • 67% of consumers admit that they purchased one thing else whereas returning a product

The above stats sign that buyer expertise performs a significant position in rising a retailer’s gross sales. The higher buyer expertise, the extra gross sales.

And poor buyer expertise can value you gross sales. The similar Connected Shoppers Report from Salesforce finds that 25% of customers have lately taken their enterprise elsewhere simply due to poor in-store buying expertise.

Shopper Behaviors

Shopper habits and shopper developments are continually altering.

As a small enterprise proprietor who desires to create an unappareled buyer expertise, it’s best to maintain tabs on altering shopper habits.

We have collected all of the important stats to grasp the most recent retail developments:

  • 65% of the buying finances is spent in-store (BigCommerce)
  • 47% of consumers are prepared to pay extra for the shopper expertise that exceeds their expectations (Accenture)
  • 53% of customers usually tend to purchase from an area retailer that helps the group (Zyp Media)
  • 56% of customers usually tend to make a purchase order in a retailer that acknowledges them by a reputation (Accenture)
  • Retail occasions can deliver in additional prospects. 85% of buyers usually tend to purchase a model’s merchandise after taking part within the model’s occasions and experiences (Statista)

Do you need to know the way a lot cash customers spend after they go to a retail retailer?

According to a report from ?First Insight, 71% of customers spend greater than $50, and 34% of customers spend greater than $100 when buying in-store.

When customers go for in-store buying, it’s extra more likely to occur that they are going to find yourself including further objects to their cart. In reality, 78% of males and 89% of girls purchase further objects throughout in-store buying, notes First Insight report.

That mentioned, cross-selling could be a wonderful technique to spice up gross sales in your retailer.

Online to Offline Shopping


picture: Retail Dive

The Internet has modified shopper habits. Thanks to low-cost information plans, increasingly more smartphone customers are utilizing Google Search earlier than shopping for in-store.

Look on the following stats to grasp how on-line search is impacting the in-store buying expertise:

  • 65% of customers conduct on-line product analysis earlier than getting into a retailer (Retail Dive)
  • Digital interactions affect 56 cents of each greenback spent in a retailer (Deloitte)

The above stats stipulate that digital expertise issues even when customers are visiting a store to purchase merchandise.

So manufacturers ought to make it possible for they provide a seamless on-line expertise to their customers, no matter their industries.

Here are some further stats from Retail Dive that can assist you perceive the significance of digital expertise:

  • 58% of customers use their smartphones in-store to analysis merchandise or lookup product info
  • 54% of consumers do worth checks and comparisons in-store utilizing their cellphones

Online buying could be prime of thoughts for a lot of customers, however retail firms shouldn’t ignore the significance of getting bodily shops. Why?

61% of customers would moderately purchase from manufacturers which have bodily areas than those which have solely internet shops, stories Google.

Gift Cards

Gift-Cards .png

picture: First Data

Gift playing cards are an amazing device for retailers to construct relationships with prospects, enhance model consciousness, and produce extra prospects.

Grocery shops, comfort shops, or shops providing meals providers, retail companies of virtually all types can reap the advantages from reward playing cards.

Here are some necessary statistics on reward playing cards from the Incentive Research Foundation:

  • 52% of US companies use reward playing cards
  • 68% of American companies make use of open-loop playing cards that can be utilized nearly in all places
  • 54% of US companies use closed-loop playing cards, that are utilized by one vendor solely

If you’re being skeptical concerning the success of reward playing cards, it’s best to relaxation your worries.

According to Small Business Gift Card study, 90% of customers who get reward playing cards go to shops to redeem their reward playing cards.

Here are some further stats from the Small Business Gift Card examine to show the effectiveness of reward playing cards:

  • Nearly 4 out 5 customers go to a retailer to redeem their reward card even whether it is value $0.86
  • 56% of customers discover reward playing cards a most well-liked technique to reward their loyalty
  • 60% of buyers desire plastic playing cards

Though reward playing cards can supply a number of advantages to your small business, it’s typically not straightforward to implement a present card technique. In reality, 1 in 3 small companies would think about using a present card program whether it is straightforward to execute, as discovered within the Small Business Gift Card examine.

To show you how to out, now we have collected right here east-to-implement gift card promotion ideas for your small business.

Retail Marketing Statistics

The world retail market is rising. What does your retail gross sales report say?

Brands which are registering progress are those which are implementing the most effective advertising methods resembling content material advertising, social media, e mail advertising search engine optimisation, and so forth.

For instance, 81% of businesses depend on e mail advertising, and 91% of businesses use content material advertising.

No one can develop by simply opening a retail retailer. Jewelry shops or grocery shops, all types of outlets must create consciousness and construct relationships with prospects to succeed. And advertising helps do these issues.

We have compiled all of the vital retail advertising statistics right here to be able to get an concept of what retailers are doing to extend gross sales.

Retailer Use of Social Media

Social media shouldn’t be just for rising ecommerce gross sales. Many retail manufacturers are successfully leveraging completely different social networks to develop their companies.

According to a report from eTail and Stackla, 89% of outlets surveyed are both presently utilizing social commerce, implementing it, or planning to take action inside 24 months on the newest.

Here are some further information from the report:

  • 75% of outlets will both enhance or preserve their funding in social media advertising throughout the subsequent 12 months.
  • 62% of companies consider that social commerce has helped them enhance buyer communication
  • The hottest platforms for social commerce are – Instagram (92%), Facebook (77%), Twitter (57%), and Pinterest (47%)

My buddy, strategically created social commerce strategies can construct consciousness, affect buy selections, drive progress, and extra.

Here are some stats from Smart Insights to show it:

  • 74% of individuals use social media to information their buy selections
  • 41% of impartial retailers charge social media (SM) as a really efficient advertising tactic
  • 71% of consumers who’ve good SM expertise with manufacturers are more likely to suggest these manufacturers to others

Retail search engine optimisation Stats


picture: SEW

Many manufacturers can suppose that they need to not concentrate on search engine optimisation as they don’t personal Estores. It is a fallacious notion. Every enterprise wants search engine optimisation.

Even if in case you have created your small business web site simply to supply info to your viewers, your small business web site wants search engine optimisation to get discovered on Google.

Here are two stats from Think with Google that can assist you perceive the most recent retail developments:

  • 48% of buyers say that they use Google to get assistance on what to purchase
  • 60% of consumers have reached out to a enterprise straight utilizing the search outcomes

If you need to know what number of retailers discover search engine optimisation efficient, the precise quantity could shock you.

According to research, 85% of retail enterprise homeowners mentioned search engine optimisation and paid adverts have been the simplest technique to seek out/purchase prospects.

Retailers typically serve their native communities, and Google My Business (GMB) is a free but efficient device to focus on native audiences.

According to Bright Local research, 5% of GMB itemizing views end in route requests, calls, or web site visits.

However, 56% of native retailers have but to say their Google My Business Profile, reports the Local Marketing Institute.

Claim your GMB itemizing and enhance native search engine optimisation to focus on an area viewers.

You can discover this local SEO checklist to know extra about how one can be higher at catering to your native viewers.

Advertising by Retailers

Retailers, no matter their industries, run promoting campaigns to tell, persuade, and remind their audiences.

If you need to run paid adverts for your small business and don’t know the place to start out, the next stats can work as a benchmark:

  • The US digital advert spend within the retail trade is anticipated to account for $35.48 billion in 2021 (eMarketer)
  • The US outside advert market is projected to the touch $3.84 billion by 2023 (SBT)
  • Print promoting spending within the US is anticipated to the touch $24.01 billion by 2021 (Statista)

How a lot promoting finances do you have to repair in your retailer?

The reply is 1% of your income. According to Sageworks’ information, small companies spend 1% of their income on promoting.

In case you struggling to give you concepts in your subsequent advert marketing campaign, these small business advertising ideas can get you began immediately.

Online Reviews

Reviews on websites like Yelp, Facebook, Google My Business, or Better Business Bureau can sway buyers.

The following stats from Bright Local show the purpose:

  • 94% of buyers say that constructive critiques encourage them to make use of a enterprise
  • 92% of patrons have accepted that unfavorable critiques make them much less possible to purchase from a model
  • 79 % of customers belief on-line critiques as a lot as private suggestions from household and mates

Despite the truth that critiques play a vital position in model constructing, not all companies proactively monitor critiques. In reality, a mean marketer spends solely 17% of their time on on-line repute administration.

Here are some further evaluate information from Womply to think about:

  • 75% of companies don’t reply to critiques
  • Businesses that declare their free listings on not less than 4 evaluate websites earn 58% extra income
  • Businesses that don’t reply to any critiques earn 9% much less income than common
  • Brands with lower than 82 complete critiques earn 15% much less income than common

If you’re critical concerning the on-line repute administration of your retail retailer, listed here are 26 business reviews sites the place prospects can charge you. Check these websites and interact along with your viewers there.

Loyalty and Rewards Stats

Companies have been utilizing loyalty and reward factors for years to construct a base of loyal prospects

Why shouldn’t they? After a time period, loyal prospects flip into enterprise builders – shopping for extra and referring new prospects.

Here are two key stats on loyalty and reward factors:

  • 74% of buyers presently belong to a free loyalty program, whereas 58% of buyers belong to a paid loyalty program (Loyalty 360)
  • 60% of outlets use a loyalty program as a device to trace shopper actions throughout omnichannel buy journey (Retail Touch Points)

If you’re interested by figuring out the affect of loyalty packages, have a look at the next stats from Bond:

  • 70% of loyalty program members usually tend to suggest manufacturers having good loyalty packages
  • 63% of members modify their spending to earn extra loyalty advantages.

What’s extra, round 60% of consumers agree that incomes reward/loyalty factors is one probably the most valued points of buying, stories eMarketer.

That mentioned, loyalty program is a surefire technique to increase in-store and ecommerce gross sales. And this temporary how to start a loyalty program information may also help you get transferring rapidly.

How You Can Use These Retail Statistics

So how do you utilize these statistics? Take a couple of minutes to jot down what different retailers are doing based mostly on these numbers and what they counsel you are able to do to extend your success. Specifically, make notes on objects resembling the next:

  • Identify methods for working your retailer extra successfully. Do you should change your hours to compete higher? Do you should put money into expertise to do customer support on-line?
  • Note how different small retailers are utilizing digital advertising. What new methods are you able to incorporate into your combine? Are you successfully utilizing search engine optimisation and cell maps to accumulate new prospects?
  • Spot potential new prospects and merchandise they’re concerned about. Are there buyer demographics you may higher goal? How can you improve your buyer’s expertise and maintain them coming again?

For extra, see these further small business statistics.

Image: Depositphotos

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