Retail Analytics Statistics 2024 – Everything You Need to Know

Steve Bennett
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Are you looking to add Retail Analytics to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Retail Analytics statistics of 2024.

My team and I scanned the entire web and collected all the most useful Retail Analytics stats on this page. You don’t need to check any other resource on the web for any Retail Analytics statistics. All are here only 🙂

How much of an impact will Retail Analytics have on your day-to-day? or the day-to-day of your business? Should you invest in Retail Analytics? We will answer all your Retail Analytics related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Retail Analytics Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 110 Retail Analytics Statistics on this page 🙂

Retail Analytics Market Statistics

  • Recent events and conditions considered, the global retail market was projected to have a compound annual growth rate of. [0]
  • China is the largest ecommerce market in the world with $792.5 million in sales, taking 33.3% of the global total. [0]
  • The US retail market saw a 0.7% monthover month decrease in December 2020. [0]
  • The global mobile payments market is predicted to grow by 33% by 2024. [0]

Retail Analytics Latest Statistics

  • The crosselasticity coefficients are estimated by using shrinkage methods for sparsity, so that only ηs are non zero, with the remaining exactly equal to 0. [1]
  • A random variable X is distributed according to the EW distribution, denoted as X∼EW, if its probability density and distribution function are given by respectively, where x>0, λ>0, β>0 and α>0. [1]
  • The estimates are very close to the true parameter values, which are also contained within the 95% credibility intervals, indicating that the inference is working effectively. [1]
  • It also includes the posterior mean and 2.5% and 97.5% posterior credible intervals of for each of the optimal clusters. [1]
  • Its first order statistic entry accounts for 98% of its leading direct elasticity and has a slower decay rate between successive order statistic sequences, each of these artefacts being significantly different from that of the previous clusters. [1]
  • New research says that retailers using advanced analytics outperform the competition by 68% in earnings — and the disparity is growing exponentially. [2]
  • But fundamentally, the process needs to generate recommendations that retailers can confidently follow 99% of the time. [2]
  • How top retailers outperform everyone by 68%. [2]
  • Ultimately, the year 2020 ended with a 3% decline in total worldwide retail sales at $23.389 trillion. [0]
  • Fortunately, the latest forecasts bring hope that the overall global retail will rebound to 5.1% CAGR in 2021. [0]
  • Despite the challenges, the global retail ecommerce sales grew by 27.6% in 2020 compared to the previous year, with a total of $4.280 trillion. [0]
  • China is projected to produce as much as $2.779 trillion in ecommerce sales, which is 56.8% of the worldwide total. [0]
  • 95% of all purchases are projected to be done via ecommerce. [0]
  • Building supplies and distribution centers are the most profitable industries by a 5% net margin. [0]
  • However, yearover year growth was rated at 2.9%. [0]
  • In all, the total US retail sales for the entire 2020 showed a 0.6% growth compared to 2019. [0]
  • Meanwhile, the US online retail sales grew from $343.150 million in 2019 to $374.38 million in 2020, showing a 9.1% growth. [0]
  • unemployment in the retail sector remained high at 6.7% in November 2020 compared with 2019. [0]
  • Amazon accounted for around 39% of online commerce spending in the US in 2020. [0]
  • The average gross margin in retail as of 2018 was 50.96%. [0]
  • 52.8% of American consumers visit Walmart in any given month. [0]
  • Small retailers with 50 employees or less represent 98.6% of all retail firms. [0]
  • Small retailers hire 39.8% of all retail employees. [0]
  • Small retailers have an average gross margin of 51%. [0]
  • In all, retail executives name the following as their top investment priorities for 2021 digital acceleration (88%), supply chain resilience (78%), health and safety (78%), and cost structure realignment (72%). [0]
  • Customers spend 69% of their discretionary income each month in. [0]
  • 40% of US consumers reduced retail spending in general after the pandemic hit. [0]
  • Additionally, 87% of customers said they would attend exclusive access to items or sale in physical stores. [0]
  • 81% of customers also said they would attend parties organized by physical stores. [0]
  • Meanwhile, 80% of customers said they would attend a product demonstration or tutorial by physical stores. [0]
  • 71% of customers said they would attend a game or competition organized by physical stores. [0]
  • 82% of shoppers attended a retail event in 2018. [0]
  • In the US, Clickand Collect sales grew by 60.4% in 2020 compared to 2019. [0]
  • 89% of US consumers are more likely to support retail brands that have a positive impact on the world. [0]
  • 36% more consumers tried a new product brand during the pandemic. [0]
  • 79% of consumers now prefer selfcheckout and would like to continue doing it after COVID. [0]
  • Curbside orders also increased by 208% during the pandemic. [0]
  • 59% of customers say they would like to continue curbside pickup after the pandemic. [0]
  • According to a pre Thanksgiving survey conducted in 2020, 56% of consumers are anxious about shopping in stores. [0]
  • As of 2019, ecommerce only comprised approximately 9.46% of retail sales. [0]
  • However, ecommerce took 14.3% of the pie in the third quarter of 2020. [0]
  • The number of unique online shoppers rose 40% yearon year during the pandemic. [0]
  • Around 69% of Americans have shopped online. [0]
  • 25% of American adults shop online at least once a month. [0]
  • Around 20% of buyers who return an online purchase in store make an additional purchase. [0]
  • 85% of orders from social media channels originate from Facebook. [0]
  • 84% of US online buyers review at least one social media platform before buying. [0]
  • 39% of Americans share their experiences from vendors on social media platforms. [0]
  • 30% of online customers have posted feedback online. [0]
  • A 2019 survey revealed that 25% of ecommerce companies planned to sell directly on social media in 2020. [0]
  • Meanwhile, 15% of ecommerce companies were already selling on social media in 2019. [0]
  • Branded Online Store 45% Branded Online Store. [0]
  • 65% of all ecommerce traffic comes from mobile. [0]
  • 53% of ecommerce sales come from mobile sessions. [0]
  • Fashion retailers convert 89.3% of mobile traffic into sales. [0]
  • 79% of smartphone users have made an online purchase using a mobile device in the last six months. [0]
  • Around 37% of smartphone users make an in store mobile payment at least once every six months. [0]
  • Additionally, mobile payment apps are predicted to handle an estimated $14 trillion worth of transactions every year come 2024. [0]
  • US ecommerce growth jumps to more than 30%, accelerating online shopping shift by nearly 2 years. [0]
  • A survey by Alteryx and RetailWire of nearly 350 retailers and brand manufacturers found that 81% of respondents say they gather shopper insights and 76% consider insights to be critical to their performance. [3]
  • According to the study, only 16% consider themselves experts when it comes to data harnessing, while 24% and 60%, respectively, describe themselves as “newbies” and “getting there.”. [3]
  • U.S. retail sales rose 0.2 percent in November 2018. [4]
  • Department store sales rose 0.4 percent in 2018, partially due to decent Black Friday holiday sales. [4]
  • However, department store sales were down 1 percent since last year. [4]
  • E commerce sales were up 11.4 percent over the previous year. [4]
  • Yearover year retail sales were up 4.3 percent. [4]
  • As of March 31, 2018, U.S. e commerce sales made up 9.46 percent of total retail sales. [4]
  • 78 percent of global respondents to BigCommerce’s survey made a purchase on Amazon, 65 percent in a physical store, 45 percent on a branded online store, 34 percent on eBay, and another 11 percent on Facebook. [4]
  • Amazon owns 49 percent of online spending in the U.S., which is about 5 percent of all U.S. retail sales. [4]
  • 81 percent of retail shoppers conduct online research before buying. [4]
  • 77 percent of shoppers use a mobile device to search for products. [4]
  • The average gross margin in retail is 50.96 percent. [4]
  • 2019 is predicted to see total retail sales grow 3.3 percent to $5.529 trillion, and e commerce sales are expected to grow 15.1 percent to $605.3 billion. [4]
  • 51 percent of Americans prefer to shop online and 96 percent of Americans have made an online purchase in their life. [4]
  • 95 percent of Americans shop online. [4]
  • at least yearly, 80 percent of Americans shop online. [4]
  • at least monthly, 30 percent of Americans shop online at least weekly, and 5 percent of Americans shop online daily. [4]
  • Gen Z respondents spend 8 percent more of their discretionary income each month online than the global average and tend to prefer online purchases to those made offline. [4]
  • In 2018, U.S. retailers spent $23.5 billion on digital ads, which is an 18.7 percent increase in spend from 2017. [4]
  • Only 9.6 percent of Gen Z reports buying items in a physical store. [4]
  • . [4]
  • Only 56 percent of Gen Z consumers made a purchase in a physical store in the last six months compared to 65 percent of all respondents. [4]
  • E commerce dollars now comprise 10 percent of all retail revenue. [4]
  • 6 percent of online shoppers prefer mobile wallets over other forms of payment. [4]
  • Mobile sessions account for 59 percent of all sessions on e. [4]
  • 79 percent of smartphone users have made an online purchase using a mobile device in the last six months. [4]
  • Almost 40 percent of all e commerce purchases during the 2018 holiday season were made on a smartphone. [4]
  • 12 percent of Americans have paid for in store purchases by swiping or scanning their cellphones at the register. [4]
  • Users who have a negative experience on a mobile site are 62 percent less likely to purchase from that site in the future. [4]
  • 30 percent of online shoppers say they would be likely to make a purchase from a social media network like Facebook, Pinterest, Instagram, Twitter or Snapchat. [4]
  • 84 percent of online shoppers in the United States review at least one social media site before making a purchase. [4]
  • 39 percent of Americans have shared their experiences or feelings about a commercial transaction on social media platforms. [4]
  • 85 percent of orders from social media sites come from Facebook. [4]
  • Around 30 percent of online consumers said they posted product feedback online. [4]
  • 38 percent of research ahead of a purchase is conducted on social media. [4]
  • In 2020, the coronavirus added $102.08 billion in U.S. ecommerce, and it added $116.45 billion in 2021, according to Digital Commerce 360 estimates. [5]
  • Overall in 2021, consumers spent $870.78 billion online with U.S. merchants, up 14.2% from $762.68 billion in 2020. [5]
  • From March 2020 through 2024, U.S. consumers spent $1.7 trillion online, $609 billion more than the two preceding years combined , according to new data from The Adobe Digital Economy Index. [5]
  • Online grocery sales increased 103% year over year in 2020, with U.S. consumers spending $73.7 billion online, according to Adobe. [5]
  • and then some in 2021, spending $79.2 billion on online groceries in 2021, up 7.2% compared with 2020. [5]
  • That’s up 8% from $152.7 billion in 2020. [5]
  • 2020’s online spend was 26.8% from 2019, according to Adobe data. [5]
  • Consumers paid more than $30 billion more for the same amount of goods during the pandemic, according to Adobe. [5]
  • Consumers encountered 60 billion outof stock messages from online retailers between March 2020 and 2024, according to Adobe. [5]
  • Shoppers are now likely to see an outofstock message on one out of every 59 product pages, a 235% increase from pre. [5]
  • The odds then of seeing an outof stock message were 1 in 200, according to Adobe. [5]

I know you want to use Retail Analytics Software, thus we made this list of best Retail Analytics Software. We also wrote about how to learn Retail Analytics Software and how to install Retail Analytics Software. Recently we wrote how to uninstall Retail Analytics Software for newbie users. Don’t forgot to check latest Retail Analytics statistics of 2024.

Reference


  1. financesonline – https://financesonline.com/retail-statistics/.
  2. wiley – https://rss.onlinelibrary.wiley.com/doi/abs/10.1111/rssc.12296.
  3. retalon – https://retalon.com/blog/retail-data-analytics.
  4. vendhq – https://www.vendhq.com/blog/how-retailers-can-use-data-to-boost-productivity-customer-service-sales/.
  5. g2 – https://learn.g2.com/retail-statistics.
  6. digitalcommerce360 – https://www.digitalcommerce360.com/article/coronavirus-impact-online-retail/.

How Useful is Retail Analytics

Retail Analytics: A Game-Changing Tool in Today’s Competitive Marketplace

In the fast-evolving world of retail, businesses are facing constant challenges to stay ahead of the competition, deliver exceptional customer experiences, and maximize profits. This dynamic nature of the industry has pushed retailers to seek innovative solutions, and one such tool that has emerged as a game-changer is retail analytics.

Retail analytics is the science of analyzing customer data, sales patterns, and market trends to uncover valuable insights that can shape strategic decision-making and steer businesses towards success. By harnessing the power of advanced algorithms and machine learning, it enables retailers to identify and understand key metrics such as customer preferences, buying behavior, inventory management, pricing strategies, and marketing effectiveness.

One of the greatest assets of retail analytics lies in its capacity to offer personalized customer experiences. By studying customer data, retailers can gain valuable insights into individual preferences, enabling them to curate tailored product recommendations, promotions, and incentives. This not only enhances customer satisfaction and loyalty but also contributes to increased sales and higher customer lifetime value.

Moreover, retail analytics has revolutionized inventory management through demand forecasting. By analyzing historical data and market patterns, retailers can optimize their inventory levels, ensure product availability, and avoid both stockouts and excess inventory holding costs. This means fewer missed sales opportunities, reduced wastage, and improved cash flow, resulting in a more streamlined and efficient retail operation.

Another significant advantage of retail analytics is its impact on pricing strategies. The ability to comprehensively analyze pricing elasticity and consumer response helps retailers to implement optimized, demand-driven pricing models. Understanding market dynamics, competitor pricing, and customer sensitivity allows retailers to make data-driven decisions, set competitive prices, maximize revenue, and maintain margins.

Furthermore, retail analytics allows businesses to assess the effectiveness of their marketing efforts. By tracking the success of various marketing campaigns, retailers can identify which strategies are yielding the best results, understand their return on investment (ROI), and adapt their marketing strategies accordingly. This data-driven approach not only ensures more accurate targeting but also optimizes marketing spend, translating into better outcomes for the business.

Moreover, retail analytics promotes better decision-making at every level of a retail organization. Both strategic choices and day-to-day operations benefit from insights offered by analytics. Decisions related to store expansion, assortment planning, product assortment, and operational efficiency can all be made with a deeper understanding of customer behavior, market trends, and operational performance, resulting in improved performance and a competitive advantage.

However, despite the numerous benefits of retail analytics, its implementation may pose some challenges for organizations. Proper data collection, data quality, infrastructure requirements, and talent development are among the factors that retailers need to consider. Additionally, tackling security and data privacy concerns while managing increasingly large volumes of customer data is a crucial aspect of the analytics journey.

In conclusion, retail analytics is undeniably a powerful tool that modern retailers cannot afford to overlook. Its potential for understanding customers, optimizing processes, and driving revenue makes it an essential component in the competitive retail landscape. By harnessing the insights offered by retail analytics, brick and mortar stores and e-commerce retailers alike can adapt, innovate, and prosper, ushering in a new era of success in the ever-changing dynamics of retail.

In Conclusion

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We tried our best to provide all the Retail Analytics statistics on this page. Please comment below and share your opinion if we missed any Retail Analytics statistics.

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