Retail Business Management Statistics 2024 - Everything You Need to Know

Are you looking to add Retail Business Management 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 Business Management statistics of 2024.

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Best Retail Business Management Statistics

Best Retail Business Management Statistics

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Retail Business Management Benefits Statistics

56% of consumers find gift cards a preferred way to reward their loyalty 60% of shoppers prefer plastic cards Though gift cards can offer multiple benefits to your business, it is often not easy to implement a gift card strategy. ^[0]
63% of members modify their spending to earn more loyalty benefits. ^[0]

Retail Business Management Usage Statistics

In the UK, supermarket plastic bag usage has fallen by 86% in 2018. ^[1]
Another plastic reduction measure is the 5p charge per plastic bag in England, which slashed plastic bag usage by 86%. ^[1]

Retail Business Management Market Statistics

According to a report, small specialty retail stores have a market size of $33.4bn in the US. ^[0]
For example, 81% of businesses rely on email marketing, and 91% of businesses use content marketing. ^[0]
75% of retailers will either increase or maintain their investment in social media marketing within the next 12 months. ^[0]
41% of independent retailers rate social media as a very effective marketing tactic. ^[0]
In fact, an average marketer spends only 17% of their time on online reputation management. ^[0]
In the UK, supermarket plastic bag usage has fallen by 86% in 2018. ^[1]
Together with Google, Facebook controls 82% of the digital advertising market. ^[1]
Millennials and Generation Z will represent 45% of the global personal luxury goods market by 2025. ^[1]
Recent events and conditions considered, the global retail market was projected to have a compound annual growth rate of. ^[2]
China is the largest ecommerce market in the world with $792.5 million in sales, taking 33.3% of the global total. ^[2]
The US retail market saw a 0.7% monthover month decrease in December 2020. ^[2]
The global mobile payments market is predicted to grow by 33% by 2024. ^[2]
[20] 63% of sellers only sell on marketplaces. ^[3]
[20] 72% of sellers don’t use a marketplace management tool. ^[3]
[1] 63% of consumers feel a coupon is the most valuable form of mobile marketing. ^[3]
[8] 41% of independent retailers rate social media as a “very effective” marketing tactic. ^[3]
[3] 42% of independent retailers rate email marketing as a “very effective” marketing tactic. ^[3]
[8] Small retailers’ average marketing budget is 4 5% of gross revenue. ^[3]
In comparison to Baby Boomers, Millennials and Gen Zers are also 48 percent more likely to say that they started a business because they had an idea that they were passionate to bring to the marketplace. ^[4]
In fact, 64 percent of surveyed small businesses use social media in their marketing strategy. ^[4]
After social media marketing, the next most popular method of advertising is online marketing , followed by print marketing and TV. ^[4]
Social media statistics show us that social media marketing can be an effective tool for businesses, as 73 percent of marketers believe that their efforts through social media marketing have been “somewhat effective” or “very effective” for their business. ^[4]
42 percent of small businesses fail because of a lack of market demand. ^[4]
64 percent of surveyed small businesses use social media in their marketing strategy. ^[4]
73% of small businesses invest in social media marketing. ^[5]
In 2019, the globalERP software market grew by 9%, resulting in a worldwide value of approximately $39 billion in total software revenue. ^[6]
Asia Pacific is an emerging ERP market expected to achieve acompound annual growth rate of 9.8% through 2027. ^[6]
Asia Pacific is an emerging ERP market expected to achieve a Global market growth is expected to increase at aCAGR of over 8% in the next five years. ^[6]
Consumers spent more than $861 billion onlinewith U.S. retailers in 2020, according to Digital Commerce 360, a market research firm. ^[7]
Theglobal B2B ecommerce market reached $5.7 trillion in 2019and is expected to expand by 17.5% annually from 2020 to 2027. ^[7]
According to one survey from the Data & Marketing Association ,more marketers use email (72%)than social media (55%) or online ads (35%). ^[7]
Marketers estimate that email marketing generates a big return in the UK — around 35 pounds for every 1 pound spent, per the DMA report — and they spend 18.9% of their budgets on email marketing. ^[7]
Recipientsopened about 18% of marketing emails in 2020, on average, resulting in an average click through rate of 2.6%, per Campaign Monitor. ^[7]
Many businesses buy and sell on marketplaces such as Amazon, eBay or Alibaba, accounting for 62% of global online retail sales. ^[7]
U.S. marketplaces accounted for $773 billion in sales in 2020, charging an average 11% sales commission, Digital Commerce 360 says. ^[7]
Google continues to dominate the search engine market with a 92% market share as of January 2021. ^[7]
As people explored new ways to eat at home, market research firm eMarketerincreased its 2020 forecast by 41.3% for online food and beverage sales, to a total of $45.5 billion. ^[7]
According to forecasts, Etsy’s revenue is projected to grow at a 67 percent CAGR between 2019 and 2021, making it one of the fastest growing online marketplaces worldwide. ^[8]

Retail Business Management Software Statistics

[20] 29% of sellers aren’t satisfied with their channel management software. ^[3]
In 2019, the globalERP software market grew by 9%, resulting in a worldwide value of approximately $39 billion in total software revenue. ^[6]
When asked what went wrong during implementation, only12% of respondents noted poor quality of software. ^[6]
Manufacturing companies are the Manufacturers represented the largest portion at47% of companies looking to purchase ERP software. ^[6]
Following manufacturers, distributors (18%), services (12%) and construction (4%). ^[6]
In a survey ofcompanies looking to purchase ERP software, 89% identified accounting as the most critical ERP function. ^[6]
The biggest influencers in purchasing ERP softwarewere finance and accounting (23%) and IT department employees (23%). ^[6]
On average,26% of workersuse their company’s ERP software. ^[6]
More than half(53%). ^[6]

Retail Business Management Latest Statistics

The projected percent change in employment from 2020 to 2030. ^[9]
The average growth rate for all occupations is 8 percent. ^[9]
The percent change of employment for each occupation from 2020 to 2030. ^[9]
Management Occupations PRINTER FRIENDLY Employment in management occupations is projected to grow 9 percent from 2020 to 2030, about as fast as the average for all occupations, and will result in about 906,800 new jobs. ^[10]
According to a report from the National Retail Federation, the US retail sales in 2020 grew 6.7% over 2019 in spite of ubiquitous public health emergencies in the country. ^[0]
According to the US Census Bureau report, retail sales reached $1.58 trillion in the first quarter of 2021. ^[0]
The retail industry in the US accounts for 18.7 % of total gross domestic product. ^[0]
According to a report from Statista, global retail sales are expected to touch 26.69 trillion in 2024. ^[0]
Small retailers account for 98.6% of all retailer firms in the US Small and medium sized retailers hire almost 40% of all retail employees. ^[0]
The average monthly revenue reported by small retailers is $22,341 Small and medium sized retailers have an average gross margin of 51%. ^[0]
The number of small specialty stores has declined 0.8% per year on average between 2016. ^[0]
Small specialty stores have annualized growth of 0.8% between 2016. ^[0]
Non e commerce sales were 86% of total retail sales in the US during Q2021. ^[0]
A survey from Retail Dive states 62% of customers prefer in store shopping because they can see, touch, feel, and try the items. ^[0]
The same Retail Dive survey also notes that 49% of customers like to buy from physical stores because they want to buy now and fast. ^[0]
73% of customers say that beacon triggered content and offers boost their likelihood to buy items during a physical store visit Organizing a retail event in a physical store can be a good way to pull consumers. ^[0]
58% of consumers are interested in attending a retail event in the future. ^[0]
These occupations account for 6.3% of the total US labor force. ^[0]
The National Retail Federation reported that retail sales in 2020 grew 6.7% over 2019. ^[0]
66% of female consumers say that tryingitout is a lead factor to do in. ^[0]
54% of male consumers prefer in store shopping because they can take items home immediately. ^[0]
According to the State of Consumer Spending from First Insight, 62% of Gen Z consumers prefer to buy from sustainable brands. ^[0]
But only 39% of baby boomers want to do the same. ^[0]
55% of baby boomers and 68% of Gen Z customers say that sustainable packaging is important for them, reports the State of Consumer Spending. ^[0]
Following are valuable data from Salesforce Connected Shoppers Report that you should also consider 81% of customers discover and evaluate new products instore 62% of customers buy more than what initially intended during in. ^[0]
67% of customers admit that they bought something else while returning a product. ^[0]
The same Connected Shoppers Report from Salesforce finds that 25% of consumers have recently taken their business elsewhere just because of poor in. ^[0]
65% of the shopping budget is spent in. ^[0]
47% of customers are willing to pay more for the customer experience that exceeds their expectations. ^[0]
53% of consumers are more likely to buy from a local store that supports the community. ^[0]
56% of consumers are more likely to make a purchase in a store that recognizes them by a name. ^[0]
85% of shoppers are more likely to buy a brand’s products after participating in the brand’s events and experiences. ^[0]
First Insight, 71% of consumers spend more than $50, and 34% of consumers spend more than $100 when shopping in. ^[0]
In fact, 78% of men and 89% of women buy additional items during in store shopping, notes First Insight report. ^[0]
Look at the following stats to understand how online search is impacting the in store shopping experience 65% of consumers conduct online product research before entering a store. ^[0]
Here are some additional stats from Retail Dive to help you understand the importance of digital experience 58% of consumers use their smartphones in store to research products or look up product information. ^[0]
54% of customers do price checks and comparisons in store using their mobile phones Online shopping can be top of mind for many consumers, but retail companies shouldn’t ignore the importance of having physical stores. ^[0]
61% of consumers would rather buy from brands that have physical locations than the ones that have only web stores, reports image. ^[0]
52% of US businesses use gift cards 68% of American businesses employ open loop cards that can be used virtually everywhere. ^[0]
54% of US businesses use closed loop cards, which are used by one vendor only If you’re being skeptical about the success of gift cards, you should rest your worries. ^[0]
According to Small Business Gift Card study, 90% of consumers who get gift cards visit stores to redeem their gift cards. ^[0]
According to a report from eTail and Stackla, 89% of retailers surveyed are either currently using social commerce, implementing it, or planning to do so within 24 months at the latest. ^[0]
62% of businesses believe that social commerce has helped them improve customer communication The most popular platforms for social commerce are – Instagram (92%), Facebook (77%), Twitter (57%), and Pinterest (47%). ^[0]
74% of people use social media to guide their purchase decisions. ^[0]
71% of customers who have good SM experience with brands are likely to recommend those brands to others image. ^[0]
According to research, 85% of retail business owners said SEO and paid ads were the most effective strategy to find/acquire customers. ^[0]
According to Bright Local research, 5% of GMB listing views result in direction requests, calls, or website visits. ^[0]
However, 56% of local retailers have yet to claim their Google My Business Profile, reports the Local Marketing Institute. ^[0]
The answer is 1% of your revenue. ^[0]
According to Sageworks’ data, small businesses spend 1% of their revenue on advertising. ^[0]
94% of shoppers say that positive reviews encourage them to use a business. ^[0]
92% of buyers have accepted that negative reviews make them less likely to buy from a brand. ^[0]
79 % of consumers trust online reviews as much as personal recommendations from family and friends. ^[0]
Here are some additional review data from Womply to consider 75% of businesses don’t respond to reviews. ^[0]
Businesses that claim their free listings on at least 4 review sites earn 58% more revenue Businesses that don’t reply to any reviews earn 9% less revenue than average Brands with less than 82 total reviews earn 15% less revenue than average. ^[0]
74% of shoppers currently belong to a free loyalty program, while 58% of shoppers belong to a paid loyalty program. ^[0]
60% of retailers use a loyalty program as a tool to track consumer activities across omnichannel purchase journey. ^[0]
70% of loyalty program members are more likely to recommend brands having good loyalty programs. ^[0]
What’s more, around 60% of customers agree that earning reward/loyalty points is one the most valued aspects of shopping, reports eMarketer. ^[0]
Top Retail Statistics to Look out for in 2024, Editor’s Choice Digitally native brands are predicted to open 850 brickand mortar stores in the next 5 years. ^[1]
E commerce retail sales are expected to account for 13.7% of retail sales worldwide in 2019. ^[1]
62% of customers expect personalized discounts or offers based on past purchases. ^[1]
81% of shoppers do online research before committing to a purchase. ^[1]
31% of consumers say they do their shopping while flipping through their social media accounts. ^[1]
82% of consumers say they are more likely or much more likely to purchase from a brand with multiple delivery options. ^[1]
When shopping for new products, 49% of US consumers start by looking at Amazon. ^[1]
In store shopping is still the preferred retail channel for 82% of Millennials, even the ones who also engage in online shopping. ^[1]
The Trump administration’s tariffs on $200 billion of Chinese exports increased from 10% to a hefty 25% in May 2019. ^[1]
According to Vend’s analysis of the US retail sales statistics, that’s with a gross margin of 50.96%. ^[1]
Some of the most profitable retail industries by net margin are building supplies and distribution centers, which frequently see a 5% net margin. ^[1]
46% of retail participants reported closing establishments in 2018. ^[1]
Nevertheless, 68% still planned to open more establishments in 2019. ^[1]
37% retail professionals claim they had to close their establishments due to poor location choice. ^[1]
In the same 2019 Geoblink report on retailing today, 87% of retail professionals stated that a store’s location was a priority to their business. ^[1]
75% of consumers don’t necessarily identify quality with high prices. ^[1]
Over 78% of consumers would choose to spend money on an experience or an event. ^[1]
69% of consumers believe attending live experiences helps them connect better with the brand, their friends, and their community. ^[1]
77% of consumers, including 60% of Millennials, have fostered relationships with specific brands for over 10 years. ^[1]
52% of people regularly take pictures of their meals. ^[1]
As the 2019 KPMG report shows, as many as 11% of respondents take at least one picture of their food per week, while 9% are unable to go a day without capturing what they’re consuming. ^[1]
In 2018, food retail industry sales were up by 4%, with the expected surge near the end of the year, on the eve of the holiday season. ^[1]
The most useful kind of data retailers used to evaluate point of sale performance was internal sales data (79%). ^[1]
The next most helpful items on the Geoblink’s list were In store shopper behavioral data (65%) and customer data such as addresses and loyalty card information (55%). ^[1]
73% of consumers use multiple channels to shop. ^[1]
As many as 60% of consumers start their product search on the search engine. ^[1]
And according to Adweek’s article on retailing statistics, 61% will read product reviews before making any purchase. ^[1]
In 2018, retail ecommerce sales grew 23.3% over 2017. ^[1]
Ecommerce growth for 2020, and 2021 is expected to hit 19.8%, and 18%, respectively. ^[1]
67% of Millennials and 56% of Gen X consumers prefer to shop online. ^[1]
According to Survata’s Amazon study data, 36% of consumers start their search on a search engine. ^[1]
Only 15% go directly to brands or retailers. ^[1]
Also, 84% of US consumers plan on buying a gift on Amazon this year. ^[1]
Other online sales statistics indicate that half of them expect to spend at least 50% of their holiday budgets on Amazon. ^[1]
84% of retailers say VoC analytics are important, and 59% were investing in it by the end of 2019. ^[1]
The number of people with smartspeakersenabled and voice activated virtual assistants almost doubled from 14% in 2017 to 27% in 2018. ^[1]
The increased use of smart speakers at consumers’ homes is expected to drive the massive growth (1900%). ^[1]
OC&C expects smart speakers to penetrate 55% of US households by 2024 compared to 13% now. ^[1]
As 31% of shoppers are completely bored, they rely on virtual reality to take their minds off shopping. ^[1]
According to Alliance Data’s 2019 Now, New, Next trends report, we’re on the brink of a revolution in social shopping. ^[1]
Ecommerce retail sales were expected to account for 13.7% of retail sales worldwide in 2019. ^[1]
While ecommerce accounted for only 7.4% of global retail sales in 2015, the figure went up to 11.9% in 2018. ^[1]
By 2021, the share is expected to rise even more, up to 17.5% so start working on that eCommerce store ASAP. ^[1]
When shopping in store, consumers value “prompt service” most of all (54%). ^[1]
When consumers decide to purchase a particular product they then expect a personalized experience (30%) and smart recommendations (30%). ^[1]
53% of Millennials don’t think store associates have the tools they need to provide great customer service. ^[1]
Nearly 70% of shoppers live within the area of a retailer’s brickand. ^[1]
The number one reason (56%). ^[1]
Other reasons why top online retail sites can’t beat an in store shopping experience include products look different (41%), long delivery time (34%), high shipping costs (25%), complicated return process (16%). ^[1]
60% of men and 52% of women say they at least occasionally, if not more often, visit a store to see or try out items before buying them online. ^[1]
What’s more, 28% of these young men say they always or frequently do so, compared with 20% of young women. ^[1]
52.8% of Americans visit Walmart in one month. ^[1]
Shopping mall statistics from the 2019 retail report indicate that the strong digital growth, at 43% last quarter, has now propelled Walmart to within spitting distance of the No. 3 post position, displacing Apple, at roughly 4% of retail sales. ^[1]
Up to 20% of consumers who return an online purchase in store make an additional purchase. ^[1]
Gen Z shoppers were 8% more likely than other respondents to be influenced by the availability of financing, given that they likely have lower incomes to support their spending. ^[1]
A study from the Pew Research Center reveals that 79% of US adults have made an online purchase. ^[1]
What’s interesting is that 51% of Americans have used a mobile device for online shopping. ^[1]
67% of consumers have downloaded a retailer app. ^[1]
According to the 2018 Synchrony Retailer Mobile App tudy, over half of thoe who downloaded retailer appdid o in order to make ue of an app only coupon or dicount. ^[1]
Still, almost 50% actually used the app to make one or more purchases, adding up to a satisfactory result. ^[1]
Shopping sessions are 32% shorter when customers use mobile rather than desktop. ^[1]
In 2018, mobile sales accounted for nearly 40% of all retail ecommerce sales in the US. ^[1]
As eMarketer, the leading research firm forecasts, mobile commerce will account for 53.3% of all retail ecommerce sales in the US by 2021. ^[1]
In 2018, 39.6% of retail commerce was mobile. ^[1]
According to eMarketer, in 2020 mobile commerce will be only 1% below half of US retail ecommerce sales, and is expected to surpass them the following year. ^[1]
Digitally native brands are predicted to open 850 brickand mortar stores in the next five years. ^[1]
When asked what will they invest in this year, most retailers identified new products (65%) and store associates (61%). ^[1]
Despite anticipated bumps in the road, retail’s future looks bright, with a 4.7% growth expected in 2019. ^[1]
Amazon accounts for 49% of online spending in the US, which is about 5% of all US retail sales. ^[1]
With a 6.6% share of eCommerce sales, eBay holds a very distant second place. ^[1]
Apple comes in third at 3.9%, while Walmart occupies fourth place. ^[1]
Rounding up the top five, The Home Depot comes in with a share of 1.5%. ^[1]
Ecommerce dollars now comprise 10% of all retail revenue. ^[1]
The percentage of ecommerce sales varies markedly by product segment, from around 2% for groceries to more than 20% for apparel to the overwhelming majority of sales in categories where products can be digitally delivered, like music, books, and games. ^[1]
US autos are still subject to China’s standard tariff rate of 15%. ^[1]
Despite the rumors that the tariffs on Chinese goods would increase to 25%, China and the U.S. decided to restart trade talks and put the new rounds of tariffs on hold. ^[1]
25% of customer service operations will use virtual customer assistants by 2020, a jump from less than 2% in 2017. ^[1]
According to the findings of a 2018 Gartner report, more and more VCAs are implemented on mobile apps, websites, and social networks, to help businesses handle customer requests. ^[1]
Brand leaders plan to hire 50% more data scientists in the next three years. ^[1]
Data scientist job postings increased 31% year over year in 2019, a 256% jump from 2013.Because data scientists, like AI researchers, are so in demand, they often command extremely high salaries. ^[1]
An entry level data scientist or one with little experience makes over $100,000 a year, according to Glassdoor. ^[1]
Retail statistics predict that, within the next two years, 65% of retailers will offer same. ^[1]
Research from Boston Retail Partners shows 51% of retailers now offer some form of same. ^[1]
Ultimately, the year 2020 ended with a 3% decline in total worldwide retail sales at $23.389 trillion. ^[2]
Fortunately, the latest forecasts bring hope that the overall global retail will rebound to 5.1% CAGR in 2021. ^[2]
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. ^[2]
China is projected to produce as much as $2.779 trillion in ecommerce sales, which is 56.8% of the worldwide total. ^[2]
95% of all purchases are projected to be done via ecommerce. ^[2]
Building supplies and distribution centers are the most profitable industries by a 5% net margin. ^[2]
However, yearover year growth was rated at 2.9%. ^[2]
In all, the total US retail sales for the entire 2020 showed a 0.6% growth compared to 2019. ^[2]
Meanwhile, the US online retail sales grew from $343.150 million in 2019 to $374.38 million in 2020, showing a 9.1% growth. ^[2]
unemployment in the retail sector remained high at 6.7% in November 2020 compared with 2019. ^[2]
Amazon accounted for around 39% of online commerce spending in the US in 2020. ^[2]
The average gross margin in retail as of 2018 was 50.96%. ^[2]
52.8% of American consumers visit Walmart in any given month. ^[2]
Small retailers with 50 employees or less represent 98.6% of all retail firms. ^[2]
Small retailers hire 39.8% of all retail employees. ^[2]
Small retailers have an average gross margin of 51%. ^[2]
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%). ^[2]
Customers spend 69% of their discretionary income each month in. ^[2]
40% of US consumers reduced retail spending in general after the pandemic hit. ^[2]
Additionally, 87% of customers said they would attend exclusive access to items or sale in physical stores. ^[2]
81% of customers also said they would attend parties organized by physical stores. ^[2]
Meanwhile, 80% of customers said they would attend a product demonstration or tutorial by physical stores. ^[2]
71% of customers said they would attend a game or competition organized by physical stores. ^[2]
82% of shoppers attended a retail event in 2018. ^[2]
In the US, Clickand Collect sales grew by 60.4% in 2020 compared to 2019. ^[2]
89% of US consumers are more likely to support retail brands that have a positive impact on the world. ^[2]
36% more consumers tried a new product brand during the pandemic. ^[2]
79% of consumers now prefer selfcheckout and would like to continue doing it after COVID. ^[2]
Curbside orders also increased by 208% during the pandemic. ^[2]
59% of customers say they would like to continue curbside pickup after the pandemic. ^[2]
According to a pre Thanksgiving survey conducted in 2020, 56% of consumers are anxious about shopping in stores. ^[2]
As of 2019, ecommerce only comprised approximately 9.46% of retail sales. ^[2]
However, ecommerce took 14.3% of the pie in the third quarter of 2020. ^[2]
The number of unique online shoppers rose 40% yearon year during the pandemic. ^[2]
Around 69% of Americans have shopped online. ^[2]
25% of American adults shop online at least once a month. ^[2]
Around 20% of buyers who return an online purchase in store make an additional purchase. ^[2]
85% of orders from social media channels originate from Facebook. ^[2]
84% of US online buyers review at least one social media platform before buying. ^[2]
39% of Americans share their experiences from vendors on social media platforms. ^[2]
30% of online customers have posted feedback online. ^[2]
A 2019 survey revealed that 25% of ecommerce companies planned to sell directly on social media in 2020. ^[2]
Meanwhile, 15% of ecommerce companies were already selling on social media in 2019. ^[2]
Branded Online Store 45% Branded Online Store. ^[2]
65% of all ecommerce traffic comes from mobile. ^[2]
53% of ecommerce sales come from mobile sessions. ^[2]
Fashion retailers convert 89.3% of mobile traffic into sales. ^[2]
79% of smartphone users have made an online purchase using a mobile device in the last six months. ^[2]
Around 37% of smartphone users make an in store mobile payment at least once every six months. ^[2]
Additionally, mobile payment apps are predicted to handle an estimated $14 trillion worth of transactions every year come 2024. ^[2]
US ecommerce growth jumps to more than 30%, accelerating online shopping shift by nearly 2 years. ^[2]
According to the 2020 Annual Survey of Manufactures, fluid milk manufacturing shipments were valued at $38.2 billion and involved 56,122 employees. ^[11]
[1] 93% of retailers that seek a POS want inventory management capabilities built in. ^[3]
[11] 60% of adult Americans are happy to know they won’t have to shop in a crowded mall or store. ^[3]
[11] 71% of shoppers believe they will get a better deal online than in stores. ^[3]
[13] Generation X spends $561 on average online, 15% more online than Generation Y who spends $489. ^[3]
[13] Only 28% of U.S. small businesses are selling their products online. ^[3]
[13] U.S. average conversion rate is 3.06% in Q4 2013. ^[3]
Despite having ultra low incomes, Generation Z spends the highest percentage (9%). ^[3]
[16] 40% of men and 33% of women aged 18 34 say they would ideally “buy everything online.”. ^[3]
[1] 65% of retailers have a shopping cart abandonment rate that is higher than 50%. ^[3]
[3] 66% of online consumers abandon their cart because of problems with the payment process. ^[3]
[8] 23% of shoppers will abandon their shopping cart if they are forced to register an account. ^[3]
[12] 54% of shoppers will purchase products left in shopping carts, if those products are offered at a lower price. ^[3]
[12] 28% of shoppers will abandon their shopping cart if presented with unexpected shipping costs. ^[3]
By 2016, 89% of companies plan to compete on the basis of customer experience. ^[3]
[7] 89% of consumers began doing business with a competitor following a poor customer experience. ^[3]
[17] 65% of consumers have cut ties with a brand over a single poor customer service experience. ^[3]
[17] 63% of online consumers said they were more likely to return to a website that offers live chat. ^[3]
[17] 40% of global consumers said they prefer self service over human contact for their future interactions with companies. ^[3]
[17] 64% of people think that customer experience is more important than price in their choice of a brand. ^[3]
The probability of selling to a new customer is between 5 and 20%. ^[3]
The probability of selling to an existing customer is between 60 and 70%. ^[3]
[19] 62% of consumers feel that the brands that they’re most loyal to have not done enough to reward them. ^[3]
[19] If you resolve a complaint in your customer’s favor, he or she will do business with you again 70% of the time. ^[3]
[19] 75% of shoppers belong to up to 10 loyalty programs. ^[3]
[19] 62% of Millennials feel that online content drives brand loyalty. ^[3]
[1] 94% of total retail sales are still generated in brick & mortar stores. ^[3]
[1] 72% of young shoppers research online before purchasing in a store. ^[3]
[2] 98.6% of retail businesses employ fewer than 50 people. ^[3]
[2] Less than 25% of major retailers track store traffic. ^[3]
[8] Three out of four customers are more likely to visit your store if your online info is useful. ^[3]
[1] 22% spend more at the store if digitally influenced. ^[3]
[1] 55% of online shoppers would prefer to buy from a merchant with a physical store presence over an online. ^[3]
[1] 84% believe that retailers should be doing more to integrate their online and offline channels. ^[3]
[1] Only 8% of companies said they currently provide a ‘very integrated’ customer experience. ^[3]
[17] 57% will not recommend a retailer with a poorly designed mobile site. ^[3]
[3] 66% of time spent with online retailers is on mobile. ^[3]
[6] 174 million U.S. consumers (72%) now own smartphones and 93 million (38%). ^[3]
[6] 53% of consumers are willing to share their current location to receive more relevant advertising. ^[3]
[7] 57% of consumers are more likely to engage with location. ^[3]
[7] 70% of online transactions occur on a mobile device. ^[3]
[8] 43% of consumers will visit a competitor’s site next after a negative mobile shopping experience. ^[3]
[13] More than 80% of U.S. shoppers want the ability to check for nearby product availability. ^[3]
[14] 94% of smartphone users look for local information on their device. ^[3]
90% take action after the search. ^[3]
[18] 25% of U.S. consumers will consult social media before buying gift. ^[3]
18to 34year olds are likely to use social networks for gift ideas. ^[3]
[4] 62% of consumers share local deals with friends. ^[3]
[7] 78% of small businesses attract new customers and engage current ones using social media. ^[3]
[8] 71% of consumers who experience positive social media care are likely to recommend that brand to others. ^[3]
[17] 85% of orders from social media sites come from Facebook. ^[3]
[22] Social commerce is predicted to be 5% of online retail revenue in 2015. ^[3]
[22] 33% of consumers have reacted to a promotion on a brand’s social media page. ^[3]
[11] Shoppers spend 50% more after talking with a brand ambassador. ^[3]
[8] 55% of shoppers say that online reviews influence their buying decision. ^[3]
[12] 36% of consumers spend 30+ minutes comparison shopping before making a decision on purchasing a commodity product; 65% spend 16+ minutes doing so. ^[3]
[13] 73% of consumers prefer to do business with brands that personalize shopping experiences. ^[3]
[15] 54% would consider ending their relationship with a retailer if they are not given tailor made, relevant content and offers. ^[3]
[11] 44% of online shoppers begin by using a search engine. ^[3]
[13] 13% of consumers said that a blog post had inspired a purchase. ^[3]
[13] 91% of eCommerce retailers saw a lift in their SEO rank thanks to social referrals. ^[3]
[15] 64% of retail shoppers think delivery speed is important when purchasing online. ^[3]
[9] 44% of shoppers are more likely to purchase online if they can pick up in the store. ^[3]
[11] 62% of shoppers are more likely to purchase online if they can return the item in the store. ^[3]
[11] 83% of shoppers would shop online more, knowing they could have free shipping. ^[3]
[11] 27% would purchase an item that costs more than $1,000 if offered free returns. ^[3]
[11] 47% of all online orders include free shipping. ^[3]
[14] Almost 20% of U.S. retail sales come during the Christmas shopping season. ^[3]
[5] 27% of customers make an impulse purchase at the register. ^[3]
Next to the register merchandise is only 1% of total retail space, but can account for 7% of revenue. ^[3]
[8] Consumers spend 12 18% more when using a credit card versus cash. ^[3]
[16] 87% of global consumers factor in Corporate Social Responsibility into their purchase decisions. ^[3]
Hold the Phone 66% of Time. ^[3]
New Generations Are More Likely to Create a Side Business 7. ^[4]
Start selling online now with Shopify Start your free trial The latest statistics show that there are 32.5 million small businesses in the US, which account for 99.9 percent of all US businesses. ^[4]
According to the Small Business Administration, small companies create 1.5 million jobs annually and account for 64 percent of new jobs created in the US. ^[4]
Over 90 percent of the business population represents smalland medium sized businesses, also known as SMEs. ^[4]
Among the most common motivations, 29 percent of respondents said that they were opening their own business because they wanted to be their own boss. ^[4]
17 percent of respondents chose this as their primary motivation. ^[4]
According to the latest small business statistics, nearly one third of small businesses in the US are currently not operational. ^[4]
Over 70 percent of US small businesses shut down in March 2020 when the US became the new epicenter of the virus. ^[4]
More than 60 percent of these small businesses that closed were due to government or health authority orders, as large parts of the country went into lockdown in a bid to curb the spread of the virus. ^[4]
In fact, more than half say that they have increased the interactions they have with their clients over the internet. ^[4]
Additionally, 36 percent of personal businesses who use online tools are now also doing all their sales online. ^[4]
Looking forward, 28 percent of these small businesses owners say cash flow will be their biggest challenge in the near future, followed by a lack of consumer demand. ^[4]
In fact, Millennials and Gen Zers are 188 percent more likely to have the aim of creating a side business, compared to Baby Boomers or traditionalists. ^[4]
As a matter of fact, the latest statistics show that more than 20 percent of small enterprises fail in the very first year, and nearly 50 percent of small startups fail within the first five years. ^[4]
In fact, 42 percent of small businesses fail because of this reason. ^[4]
Statistics show that 29 percent of new businesses reportedly failed because of a lack of finance. ^[4]
In fact, 52 percent of the respondents stated that the most important problem for small businesses was labor quality. ^[4]
For businesses that have more than 50 employees, percent of owners believe it’s harder to find qualified hires. ^[4]
Small companies create 1.5 million jobs annually and account for 64 percent of new jobs created in the US. ^[4]
Over 90 percent of the business population represents small and medium. ^[4]
29 percent of respondents said that the biggest motivation for opening their own business is being their own boss. ^[4]
COVID19 has rendered 31 percent of small businesses in the US non. ^[4]
Millennials and Gen Zers are 188 percent more likely to have the aim of creating a side business, compared to baby boomers. ^[4]
More than 20 percent of small businesses fail in the very first year, and nearly half of small businesses fail within the first five years. ^[4]
52 percent of the respondents stated that the most important problem for small businesses was labor quality. ^[4]
Approximately 20% of new businesses fail within the first two years. ^[5]
As of 2020, there were 31.7 million SMBs in the U.S (99.9% of all businesses). ^[5]
Annually, small businesses create 1.5 million jobs and account for 64% of all new jobs in the U.S. ^[5]
Small businesses in America occupy between 30% and 50% of all commercial space, an estimated 20 billion to 34 billion square feet. ^[5]
86% of small businesses use Facebook for advertising as their leading social media platform. ^[5]
Small businesses with fewer than 10,000 Facebook followers that publish 60 plus times per month get 60% fewer clicks per post than businesses that post five times or less per month. ^[5]
In 2019, 63% of small businesses increased investments in social media. ^[5]
60% of people discover new products on Instagram. ^[5]
In 2020, 46% of consumers said they were more likely to shop at a small business. ^[5]
53% of people say shopping at small businesses gives back to their communities and gives them more purpose in their shopping habits. ^[5]
48% of people shop SMEs for higher quality items and 45% for personalized service. ^[5]
91% of the time, consumers will choose small businesses when convenient, and 74% look for ways to support small businesses even if it’s not convenient. ^[5]
Consumers (77%). ^[5]
66% of small businesses face financial challenges, with 43% claiming the most prominent challenge is paying operating expenses. ^[5]
If revenue was lost for two months, 86% of small businesses would need to supplement funding or cut costs. ^[5]
40% of small enterprises have debts of $100,000 or more. ^[5]
43% of businesses asked for new financing in 2019. ^[5]
In 2020, there was a 14% credit growth rate. ^[5]
The approval rate of institutional loans for SMEs was 65% in 2019. ^[5]
In 2020, small businesses experienced a 14% credit growth. ^[5]
39% of small business owners use cash to start their business. ^[5]
20% of small business owners opted for a 401business financing to start their business. ^[5]
Businesses with founders aged 55 years or older are more likely to survive but less likely to have employees. ^[5]
81% of business owners work nights, and 89% work weekends. ^[5]
32% of business owners have a completed bachelor’s degree, while 12% only finished high. ^[5]
Millennials and Gen Z are 48% more likely to say they started their business because they were passionate about an idea. ^[5]
29% say their motivation for starting a business was to be their own boss. ^[5]
Compared to baby boomers, millennials and Gen Z are 188% small business owners are more likely to have a side hustle. ^[5]
38% of Small business owners say discipline is needed to have an entrepreneurial mindset. ^[5]
Women entrepreneurs are most likely to start a business in retail and wholesale (26%), government, health education, and social services (21%), and professional administrative services (18%). ^[5]
84% of small enterprises are using at least one digital platform to share their products. ^[5]
79% are using digital tools to communicate with suppliers and customers. ^[5]
55% of small business owners say that technology manages customer interactions. ^[5]
The most important factors when looking for new technology are ease of use (69%), trustworthy vendor (63%), and price (61%). ^[5]
Close to 85% of small enterprises have already invested in SaaS options in 2021. ^[5]
80% of small businesses are not taking full advantage of available technology. ^[5]
28% of data breaches in 2020 involved small businesses. ^[5]
In 2020, 29% of small business owners mentioned that the impact from coronavirus, loss of business, and even their business closing was their worst fear. ^[5]
70% of small enterprises anticipated taking financial aid. ^[5]
An entire 22% of SMBs went out of business between February and April 2020. ^[5]
African American businesses were hit the hardest, with a 41% drop in business activity. ^[5]
32% of small businesses that have received financial aid still had to cut wages and lay off employees. ^[5]
62% of small business owners still feel the worst impact from COVID 19 is still yet to come in 2021. ^[5]
55% of businesses needed to modify the layout of workspaces to create room for social distancing. ^[5]
With the pandemic mostly contained in China, household spending rapidly increased by 3.3% and 7.9% on goods and services. ^[5]
Compared to April 2020, people were 11% less likely to say COVID 19 is causing their business problems. ^[5]
75% of small business owners agree that if a crisis like COVID 19 were to happen again, they’d be better prepared for it. ^[5]
65% of small businesses are more likely to invest in technology like artificial intelligence for automation. ^[5]
By 2025, 80% of business owners who invested in personalization will stop funding projects due to a lack of ROI. ^[5]
Remote work is here to stay and will increase 13.5% even after the pandemic. ^[5]
In a survey of IT decision makers,53% said ERP was an investment priority, in addition to CRM. ^[6]
In a survey of IT decision makers, 50% of companiesare soon acquiring, upgrading or planning to update ERP systems soon. ^[6]
In a 2019 survey,67% of distributors and manufacturersdescribed their implementations as successful or very successful. ^[6]
When asked what went wrong during implementation, only After ERP implementation,49% of companies said they improved all business processes. ^[6]
Only 5% of business said they didn’t see any improvement. ^[6]
After ERP implementation, A 2020 report found that93% of organizationsreport their ERP projects as successful. ^[6]
Regarding implementation,minor customization was needed by 10% of respondents, some customization was needed by 33% and significant customization was needed by 37%. ^[6]
Regarding implementation, For a group of companies that underwent ERP implementation, nearly half(49%). ^[6]
Expansion of the initial project scope was the Nearlyone third of companies communicate about ERP implementationbefore selecting the product, 56% do it during the selection process and 13% share information right before going live. ^[6]
ERP implementation led tobusiness process improvement for 95% of businesses. ^[6]
In a study of companies implementing ERP, 85% had a projected timeline for ROI. ^[6]
Of that group,82% achieved ROI in their expected time. ^[6]
Thetop three business goalscited for implementation are achieving cost savings (46%), better performance metrics (46%) and improved efficiencies in business transactions (40%). ^[6]
When asked to selectareas where ERP produced ROI, the top three answers were reduced IT costs (40%), reduced inventory levels (38%) and reduced cycle time (35%). ^[6]
the cost of owning an ERP system is approximately3 5% of annual revenue. ^[6]
For large companies — revenue over $1 billion — the cost of owning an ERP system is2 3% of annual revenue. ^[6]
Other responses included inventory and distribution (67%), CRM and sales (33%) and technology (21%). ^[6]
In a survey of 84% of ERP users had an expected ERP spend of less than2% of annual income. ^[6]
84% of ERP users had an expected ERP spend of less than 40% of companiesidentified better functionality as their primary reason for implementing an ERP system. ^[6]
In an IDC survey of small businesses with 50–99 employees, 58% supported investing in cloud and hosted solutions. ^[6]
ERP systems are an important investment and should be a top priority, according to53% of IT decision makersin a recent survey. ^[6]
Forrester Research estimates that 2020 cloud subscriptions for business applications accounted for The same study found that cloud based ERP systems had a 21% enterprise application growth rate in the public cloud in 2018. ^[6]
By 2024, An international survey of ERP users indicated64% of companies use SaaS, 21% use cloud ERP and only 15% using on. ^[6]
An international survey of ERP users indicated Cloud deployments account for 44%of all implementations for survey respondents in manufacturing and distribution. ^[6]
According to a Gartner report, by 2024,65% of CIOspredict that artificial intelligence will be integrated into ERP systems. ^[6]
According to a Gartner report, by 2024, 53% of UK CIO’sare looking for more intelligent ERP systems that include technology like machine learning, AI and automation. ^[6]
CIO’s listed 15% percent of organizationsplan to increase their Internet of Things budget. ^[6]
A broader move to more personalization across ERP systems leads82% of UK CIO’sto choose ERP systems with some customization or use UI overlays. ^[6]
A broader move to more personalization across ERP systems leads About80% of IT developerssay AI and machine learning will replace a considerable amount of ERP processes soon. ^[6]
Yet only10 percent of CIOsreported that AI and machine learning are a core part of their ERP. ^[6]
Yet only A 2018 survey in the UK found that53% of IT. ^[6]
A 2018 survey in the UK found that 75% of CIOssay they are leveraging their ERP to engage customers in real time. ^[6]
found that50% fail the first time around. ^[6]
Implementation can take30% longer than anticipated. ^[6]
51% of companies experience operational disruptionwhen. ^[6]
ERP Implementation 93% of organizations report their ERP projects as successful Return on Investment 95% of companies saw process improvement from ERPs. ^[6]
1 Manufacturing companies are the most likely adopters of ERP Cloud Technology. ^[6]
53% of enterprises with ERP use cloud. ^[6]
85% of IT developers say AI and machine learning will replace business processes. ^[6]
More than 75% of our Walmart U.S. store operations management team members started as hourly employees, and in FY2021, we promoted more than 300,000 U.S. associates to jobs of greater responsibility and higher pay. ^[12]
Walmart has stores in 50 states and Puerto Rico offering low prices on the broadest assortment of products through a variety of formats including the Supercenter, Discount Store and Neighborhood Market. ^[12]
Walmart SupercenterWalmart began building Supercenters in 1988 and are around 182,000 square feet employing about 300 associates. ^[12]
Most Supercenters are open 24 hours, and may also include specialty shops such as banks, hair and nail salons, restaurants, or vision centers. ^[12]
Smaller than a Supercenter, discount stores employ about 200 associates and offer electronics, apparel, toys, home furnishings, health and beauty aids, hardware and more in about 106,000 square feet of open, brightly lit space. ^[12]
With 90% of the U.S. population living within 10 miles of our stores, we’re primed to combine our physical locations with our e commerce business to offer a level of convenience never before seen. ^[12]
Our largest website, Walmart.com, sees up to 100 million unique visitors a month, according to comScore, and is growing every year. ^[12]
The cash and stock deal, which values Grupo BIG at USD $1.2 billion, will see Walmart and Advent share a 5.6% stake in Carrefour Brazil. ^[12]
In 2018, Advent International acquired an 80% stake in Walmart Brazil with Walmart retaining a 20% stake. ^[12]
Seiyu is now jointly owned by KKR (65%), Rakuten (20%) and Walmart (15%). ^[12]
An estimated 1.92 billion people worldwidepurchased goods or services online in 2019— about a quarter of the world’s total population. ^[7]
An estimated 1.92 billion people worldwide Global retail ecommercesales surged 27.6% during 2020, eMarketer estimates, due largely to the COVID 19 pandemic, reaching an estimated worldwide total of $4.28 trillion. ^[7]
By 2024, ecommerce will account for more than$6.5 trillion in sales, representing 22% of all global retail sales. ^[7]
That was a remarkable 44% spike from 2019, and almost triple the 15.1% increase the previous year. ^[7]
Ecommerce as a percentage of total U.S. retail sales retail rose from about4.5% in 2011 to 14% in the third quarter of 2020, according to U.S. Department of Commerce figures. ^[7]
Digital Commerce 360 estimates that ecommerce accounted for an even higher 21.3% share of U.S. retail sales in 2020. ^[7]
China will have an estimated 792.5 million digital buyers in 2021, a third of the global total. ^[7]
Latin America rose 36.7%, including a remarkable 79% increase in Argentina. ^[7]
Singapore also saw exceptional growth of 71%. ^[7]
In the U.S., retail sales grew 6.9% in 2020 to just over $4 trillion, according to Digital Commerce 360, but ecommerce accounted for all of that growth for the first time in history. ^[7]
Worldwide, ecommerce growth is expected to slow to a still substantial 14.3% in 2021, eMarketer predicts, partly because more sales will once again happen in brickand. ^[7]
Among consumers ages 18 to 25, 59% say they prefer to visit a store for clothing and apparel. ^[7]
In 2019,nearly 70% of U.S. consumers said they had made multiple BOPIS purchases. ^[7]
An analysis of 44 studies conducted between 2006 and 2020 by the Baymard Institute found anaverage shopping cart abandonment rate of 69.8%, with consistently high abandonment rates every year. ^[7]
The same study by Baymard revealed 58.6% of shoppers abandoned a cart within the last three months because they were just browsing or not ready to buy. ^[7]
Among those users, 49% abandoned because of high shipping costs, taxes or fees; 24% because the site wanted them to create an account; 19% because delivery was too slow; and 18% because of a lengthy or complicated checkout process. ^[7]
In fact, 39% said same day shipping would make them more likely to shop online. ^[7]
That percentage only climbs for those ages 18 to 25 (51%) and 26 to 35 (56%). ^[7]
That’s especially true for younger buyers 58.3% of millennials , 49.2% of Gen X consumers and 36.8% of baby boomers are likely to. ^[7]
Among the world’s most popular ecommerce and shopping websites, the U.S. shoppersspent an estimated $201.3 billion onlineduring the 2020 holiday season, a 45.2% increase over 2019. ^[7]
Fifty six percent said they shopped online on Cyber Monday, 57% on Black Friday, 54% on Thanksgiving weekend, 31% the day before Thanksgiving, and 24% on Thanksgiving Day. ^[7]
During the 2020 holiday season, less than a third of consumers saidevery online shopping experience went well, while 44% said they suffered a slow website experience and 23% experienced a website that was broken, at least temporarily. ^[7]
The Walker Sands survey reported that 13% of consumers were willing to spend more with a new brand or retailer if it has been promoted by a celebrity or social media influencer they follow. ^[7]
For consumers ages 26 to 35, that number was 22%. ^[7]
Only 18.7% of buyers said they went through a social app’s checkout processto pay for their most recent purchase, while 57.8% completed their transaction on the retailer’s site, according to eMarketer. ^[7]
Consumers also preferred to be contacted by email, although to a lesser extent (46%). ^[7]
According to one survey from the Data & Marketing Association , Over half of U.S. consumers said they wanted brands touse email as the primary way to reach them, compared to only 25% who said they would rather brands contact them via social media. ^[7]
Only about 0.1% of recipients unsubscribed. ^[7]
In 2020, Fridays had the highest email open rates (18.9%) and the best click through rates (2.7%). ^[7]
Saturdays had the lowest open (17.3%). ^[7]
is forecast to have a compound annual growth rate of 16.3% through 2027. ^[7]
In 2021, mobile ecommerce is expected toaccount for 72.9% of all retail ecommerce, up from 58.9% in 2017. ^[7]
In one survey, 24% of consumers saidused a mobile phone to shop at least weekly, more than the 23% who used a PC and 16% on tablets. ^[7]
The four most effective approaches to increasing conversion rates are digital analytics, A/B testing , user experience design and focusing on copywriting, according to one 2020 survey. ^[7]
Nearly100% of CRO teams use A/B tests, and 38% compare the performance of more than two variants of a webpage. ^[7]
The analysis suggested that the average site canincrease its conversion rate by 35% simply by improving checkout design, which could translate into recovering $260 billion worth of orders that might otherwise be lost. ^[7]
Online customer service interactions arepredicted to jump by 40% in 2021, partly due to the growth in online shopping and digital financial services. ^[7]
processes,75 percent of consumers will choose to interact with a human over automated options. ^[7]
In the U.S., 31% of respondents said theyexpect a response within 24 hours, and 24% expected a response within one hour. ^[7]
Globally the figures are even higher, at 37% and 28%, respectively. ^[7]
In the U.S., 31% of respondents said they Most consumers use online search to start their hunt for the products they’ll eventually buy. ^[7]
anaverage click through rate of 31.7%and is 10 times more likely to receive a click than a page in the 10th spot. ^[7]
Moving up just one spot in the search results increases CTR by nearly 31%, and just 0.78% of Google searchers visited a link on the second page of results. ^[7]
As of early 2021, The median CTR for paid Google search adsdecreased to 1.55% in the first quarter of 2020, down 44% from the first quarter of 2019. ^[7]
Nearly 86% of millennials are digital buyers,compared with 78% of Generation X and about 61% of baby boomers. ^[7]
Among millennials and Generation Z ,68% say customer reviews are very importantwhen making an online purchase, compared with 58% for consumers overall, according to Yotpo. ^[7]
In a July 2020 Yotpo survey, more people said they purchased clothes and accessories online (85%). ^[7]
The next most popular categories were food and beverage (63%), cosmetics and skincare (52%) and home and garden (44%). ^[7]
Shoppers said fit issues (65%). ^[7]
Companies were hit with anestimated $550 billion in return costs in 2020. ^[7]
An estimated30.7 million people in the U.S. used smart speakers for shopping in 2020, but only 22.7 million actually followed through with at least one purchase via voice during the year. ^[7]
That represents 11.1% of total ecommerce buyers. ^[7]
And most of those people are only dabbling — just 2% of shoppers regularly used voice shopping. ^[7]
for41.8% of online transaction volume in 2019. ^[7]
Online wallets were most popular in the Asia Pacific region, as they were used in more than 58% of ecommerce transactions. ^[7]
In the U.S.,debit and credit cards were used for 82% of online purchasesin 2019. ^[7]
Debit cards accounted for 42% of ecommerce purchases. ^[7]
The COVID19 related boost in online shopping resulted in an additional $174.9 billion in U.S. ecommerce revenue in 2020, Digital Commerce 360 says, accelerating the growth of ecommerce by an estimated two years. ^[7]
Adjusted for seasonal variation, ecommerce sales rose 31.9% during the second quarter of 2020 compared to the first quarter, according to the Department of Commerce. ^[7]
Online sales were also up 44.5% yearover year in the second quarter. ^[7]
In China and the Middle East, 60% and 58% of respondents, respectively, are doing more shopping with their phones according to a PwC survey. ^[7]
Globally, 63% of respondents to the PwC survey said they were buying more groceries online or by phone than before social distancing measures were introduced, and 86% said they would probably continue doing so after those measures are lifted. ^[7]
U.S. consumer electronics ecommerce sales soared, reaching an estimated $179.4 billion — about 20% higher than previously expected — as people spent more time at home and relied on online services for work, school or recreation, eMarketer notes. ^[7]
U.S. travel spending fell by an unprecedented 42% in 2020. ^[7]
Consumers spent more than $860 billion online with U.S. retailers in 2020, 44% more than in 2019. ^[7]
In the U.S., ecommerce accounted for 14% of all retail sales in the fourth quarter of 2020. ^[7]
That’s up from 11.3% in the fourth quarter of 2019. ^[7]
Ecommerce is forecast to account for more than $6.5 trillion in worldwide sales by 2024, representing 22% of all global retail sales. ^[7]
Global retail ecommerce sales rose 27.6% during 2020, largely because of the COVID 19 pandemic, reaching an estimated worldwide total of more than $4.2 trillion. ^[7]
They predict a 7.2% increase in sales from 2020, hitting a new sales record at $25.04 trillion. ^[13]
The pattern is supposed to continue into 2024 with another 6.6% increase in sales over 2021. ^[13]
While last year at this time, business owners were facing the pandemic and only 34% of them expected their revenues to grow, this year, the majority of small businesses (some 60%). ^[13]
Small businesses in general have seen a 53.05% increase in revenue from 2016 to 2021, with retailers specifically not far behind at 51.33%. ^[13]
In a study from Mood Media looking at consumer sentiment, it found that US consumers are spending 11% more time and money in brickand mortar stores than they were in 2020. ^[13]
While health and safety hesitations still linger about returning to in store shopping, the Mood Media survey found that only 6% of global shoppers have not returned. ^[13]
About a third (32%). ^[13]
This, paired with Mood Media’s finding that 29% of consumers report spending more per instore shopping visit, is a hopeful sign for the future for brickand. ^[13]
An NRF study found that 40% of shoppers think convenience at checkout is the most important. ^[13]
When asked what factor drives them to choose to shop in stores vs online, 59% of consumers said that the ability to experience the product in person was important. ^[13]
Just over 50% of respondents cited convenience, and 45% said the ability to browse. ^[13]
A substantial 46% of respondents to the Mood Media. ^[13]
Only about a quarter of consumers plan to shop in stores more in 2021 than they did in 2020, while 43.8% say their pandemic shopping habits won’t change and 16.1% say they will shop in stores less. ^[13]
In a report on the role of AI in retail’s present and future, the NRF partnered with IBM found that 33% of stores plan to adopt intelligent automation into their store operations in the next four years. ^[13]
Not only that, but 41% of retail businesses are already using AI for their store operations, and 70% of retailers are using or planning to use AI to enhance the in. ^[13]
In a November 2020 survey, 74% of Americans said that they “feel an increased sense of community responsibility to help local businesses during this time.”. ^[13]
Not only that, but 69% of people are willing to pay more to shop at small businesses. ^[13]
Other things that shoppers are going to prioritize this season include visiting fewer stores than normal (55%) and shopping stores with loyalty programs (53%). ^[13]
In its 2019 survey, the NRF found that 90% of parents said that their Gen Z children play a role in all their household and general purchases. ^[13]
In fact, 83% of consumers say that convenience is a greater factor than it was five years ago. ^[13]
The majority of consumers (52%). ^[13]
The 2020 NRF report found that nearly every consumer (97%). ^[13]
Of their respondents, 32% reported that quality mattered most while shopping, and 30% said price. ^[13]
Either they are purposedriven (40%). ^[13]
However, with over 50% of consumers willing to change their shopping habits for environmental reasons, there is good reason to adopt environmentally conscious practices. ^[13]
A consumer sentiment report for Mood Media found that eight of 10 people report having changed their shopping habits since the start of the pandemic, and 27% of them have changed their habits “a lot.”. ^[13]
The day after the announcement, the company’s stock price plunged by over 35 percent, marking the largest single day drop ever in percentage terms. ^[8]
In April 2024, an online survey in the United States found that 17 percent of respondents said they had a very favorable impression of tech billionaire Elon Musk, whilst a quarter of respondents reported having a somewhat favorable impression of him. ^[8]
Overall, 11 percent had a very unfavorable view of Musk, and 14 percent had never heard of him. ^[8]
According to the source, approximately 614 thousand Ukrainians left for Russia. ^[8]
In 2021, Etsy, an e commerce website company specialized in craft and vintage items, generated revenues worth 2.3 billion U.S. dollars, up by roughly 35 percent from the previous year. ^[8]
New light vehicles were about 8.8 percent more expensive in 2021 than in 2020. ^[8]

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

Reference

smallbiztrends – https://smallbiztrends.com/2021/07/retail-statistics.html.
smallbizgenius – https://www.smallbizgenius.net/by-the-numbers/retail-statistics/.
financesonline – https://financesonline.com/retail-statistics/.
nchannel – https://www.nchannel.com/blog/retail-data-ecommerce-statistics/.
oberlo – https://www.oberlo.com/blog/small-business-statistics.
semrush – https://www.semrush.com/blog/small-business-stats/.
netsuite – https://www.netsuite.com/portal/resource/articles/erp/erp-statistics.shtml.
netsuite – https://www.netsuite.com/portal/resource/articles/ecommerce/ecommerce-statistics.shtml.
statista – https://www.statista.com/.
bls – https://www.bls.gov/ooh/management/sales-managers.htm.
bls – https://www.bls.gov/ooh/management/home.htm.
census – https://www.census.gov/programs-surveys/susb.html.
walmart – https://corporate.walmart.com/about.
fitsmallbusiness – https://fitsmallbusiness.com/retail-statistics/.

How Useful is Retail Business Management

One of the key aspects of retail business management is inventory management. Keeping track of stock levels, ordering new products, and ensuring that products are displayed in an attractive and accessible manner are all part of effective inventory management. Without proper inventory management, a retail business runs the risk of facing stockouts or overstocking, both of which can lead to lost sales and wasted resources. By carefully monitoring inventory levels and accurately forecasting demand, retail business managers can help their businesses optimize their stock levels and create a positive shopping experience for customers.

In addition to inventory management, retail business management also involves overseeing the overall operations of a retail store or chain. This includes managing employees, ensuring that store policies and procedures are being followed, and evaluating sales performance. Effective retail business managers are skilled at motivating and managing their teams, resolving conflicts, and creating a positive work environment. By fostering a strong team and providing ongoing training and support, retail business managers can help their employees excel in their roles and deliver exceptional customer service.

Financial planning is another critical aspect of retail business management. By carefully monitoring expenses, tracking sales performance, and forecasting financial projections, retail business managers can make informed decisions that drive profitability and growth. Financial planning also involves setting budgets, analyzing sales trends, and identifying opportunities for cost savings and revenue generation. By developing and implementing sound financial strategies, retail business managers can ensure that their businesses remain financially healthy and competitive in the marketplace.

Marketing strategies are also integral to retail business management. By developing and implementing targeted advertising campaigns, promotions, and branding initiatives, retail business managers can attract new customers, increase sales, and build brand loyalty. Effective marketing strategies involve understanding the needs and preferences of target customers, identifying competitive advantages, and crafting messages that resonate with consumers. By leveraging various marketing channels, such as social media, email marketing, and in-store promotions, retail business managers can create demand for their products and services and drive traffic to their stores.

In conclusion, retail business management is a multifaceted and essential discipline that encompasses a wide range of tasks and responsibilities. From inventory management to financial planning, employee management to marketing strategies, retail business managers play a crucial role in driving the success of retail businesses. By implementing best practices, staying informed of industry trends, and fostering a culture of excellence, retail business managers can help their businesses thrive in an increasingly competitive marketplace. With the right skills, tools, and strategies, retail business management can be a highly rewarding and impactful career path for individuals passionate about driving business success.

In Conclusion

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Retail Business Management Statistics 2024 – Everything You Need to Know