Are you looking to add Retail Intelligence 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 Intelligence statistics of 2024.
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On this page, you’ll learn about the following:
Best Retail Intelligence Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 129 Retail Intelligence Statistics on this page 🙂Retail Intelligence Benefits Statistics
- The major benefits of chatbots are 24 hour service (64%), instant responses to inquires (55%), and answers to simple questions (55%). [0]
Retail Intelligence Market Statistics
- The market appeared even more profitable, with 4% less items discounted than in 2019, meaning fewer markdowns were taken to generate sell outs, helping to keep margins intact. [1]
- An early market read of 2024 revealed majority SKU sell outs in this sector are already up an impressive 76% vs. 2021. [1]
- , the trend continued to explode in the fast fashion market, with sell outs increasing 72% YoY. [1]
- The global artificial intelligence in retail market is expected to register a CAGR of 35% in the forecast period. [2]
- The global AI market is predicted to snowball in the next few years, reaching a $190.61 billion market value in 2025. [0]
- The wearable AI market size is predicted to reach $180 billion by 2025. [0]
- By 2030, China will be the world leader in AI technology, with 26.1% of the global market share. [0]
- 71% of marketers find AI could be useful for personalization. [0]
- 80% of marketers in 2020 already had chatbots as part of their customer experience strategy. [0]
- 48% of marketing leaders agree that digital andmobiletechnologies have caused the most significant difference in how their customers and prospects interact with them. [0]
- 48% of marketing leaders agree that digital and 51% of eCommerce players have implemented automation technologies across sales, marketing, and customer service teams to ensure a seamless user experience for customers. [0]
- When asked which technologies most improve customer experience, 34% of sales and marketing leaders believe AI is the biggest game. [0]
Retail Intelligence Software Statistics
- Researchers who used AI software could detect a plagiarized source code with 87% accuracy. [0]
Retail Intelligence Adoption Statistics
- According to a study by IBM Corporation, the adoption of AI in retail and consumer products industries is expected to leap from 40% of companies currently to more than 80% in three years. [2]
Retail Intelligence Latest Statistics
- Despite retail’s constant challenges, activewear sell outs have eclipsed pre pandemic levels by 42%. [1]
- Yoga products increased 55% YoY with seamless activewear cementing itself as the new loungewear. [1]
- Categories such as outerwear, hoodies, sweatpants and shorts are noted to be more expensive than a year ago, with further price hikes predicted throughout 2024. [1]
- Nike reported digital sales increased 12%, while Lululemon ‘s revenue grew 30% YoY. [1]
- Using realtime analytics, EDITED found new arrivals available online for active brands in 2021 fell only 0.3% YoY, while majority SKU sell outs surpassed pre pandemic levels, clocking a 42% increase. [1]
- Meanwhile, 2024 is off to a stellar start with majority SKU sell outs already up 26%. [1]
- 2021 reached a new pinnacle, with the number of newness up 21% YoY and 37% vs. 2019. [1]
- Meanwhile, new products selling out of majority SKU’s for 2021 increased 51%. [1]
- Even with restrictions easing in 2021, an estimated 50.16% of Americans surveyed by RunRepeat stated they wouldn’t return to the gym. [1]
- Investment in waterrepelling outerwear like anoraks and technical zip ups increased 18% YoY, while trekking boots, sneakers designed for trail running and the like grew 8%. [1]
- Making up a smaller range and more commonly found within casualwear assortments, gilets available at active brands increased 30% YoY, while cargo trousers and shorts rose 54%. [1]
- The hero category of 2020, loungewear, continued to land at pure players in 2021, with sweatpants, sweatshirts and hoodies up a combined total of 20%. [1]
- Unable to compete with fleece’s pandemic heyday, leggings eclipsed sweatpants sell outs by 43%, while hoodies dropped 7%YoY, with men’s styles experiencing some of the deepest discounts in Q4. [1]
- Sell outs of sweatshirts climbed 34% YoY, sweatpants, 36% and hoodies, 28%. [1]
- Offering mobility and flexibility, seamless activewear sell outs rose 8% YoY at pure play retailers in 2021. [1]
- With leggings and sports bras driving seamless sell outs, the trend bolsters the growth of yoga wear, climbing 55% YoY across both active and fashion brands. [1]
- Pure play products described with sustainable keywords have grown from 13% of online products in 2019 to currently 37% and items described as “recycled” are generating the greatest investment. [1]
- Retailers have spotted the growing opportunity in men’s yoga apparel and increased product available by 57%. [1]
- In pure play sports, activewear with plus size in their product name stocked online increased 71% YoY. [1]
- Though a minor category, maternity and nursing activewear is up 105% YoY. [1]
- that’s a 14% increase in a year. [1]
- Global container freight rates for the first week of 2024 were reportedly 140% higher than last year. [1]
- As brands dive into the metaverse, demand for gaminginspired trends boosts, with micro mini skirts up 56%. [1]
- Following a dip in 2020, we forecast that total retail sales growth will begin to recover in 2021, rising 2.3% to $5.630 trillion. [3]
- On the heels of outsized 32.4% growth in 2020, ecommerce sales growth will moderate to 6.1%. [3]
- Brickand mortar retail sales will rebound from a 3.2% decline in 2020 to a 1.6% gain in 2021. [3]
- Total US retail sales are expected to grow 2.3% to $5.630 trillion in 2021. [3]
- (billions and % change, 20202024) Nike DirecttoConsumer Sales Worldwide, 2010 2020 (% of total revenues). [3]
- Who Purchase Products Directly on Social Media, Q4 2018 Q3 2020 (% of respondents). [3]
- According to US Agency/Marketing Professionals, 2018 2020 (% of respondents). [3]
- Retailers in North America Offering Curbside Pickup, Dec 2019 & Aug 2020 (% of total*) Reasons that US Adults Are Using Click and Collect, April 9 & Sep 17, 2020 (% of respondents). [3]
- US Adults Plan to Use More of After the Coronavirus Pandemic, July 2020 (% of respondents). [3]
- (billions and % change, 20202024) US Digital Grocery Buyers, 2018. [3]
- US Digital Grocery Buyer Growth and Orders per Buyer, Oct 2019 Oct 2020 (orders per buyer and % change in buyers vs. same period of previous year). [3]
- US Retailers’ Spending Plans for Digital Ad Platforms, April 2020 (% of respondents in each group). [3]
- US Ecommerce Channel Ad Spending, 2019 2024 (billions and % change). [3]
- US Amazon Prime Members Who Would Sign Up for a Walmart Loyalty Program with Perks, Aug 2020 (% of respondents). [3]
- Paid Subscribers, Oct 2020 (% of respondents). [3]
- Member Segments, Oct 2020 (% of respondents in each group). [3]
- App Users, 2018 2024 (millions and % change). [3]
- After the Coronavirus Pandemic Ends, by Type , April 2020 (% of respondents in each group). [3]
- US Top 10 Retailers, Ranked by Retail Ecommerce Sales, 2020 (billions, % change, and % of total retail ecommerce sales). [3]
- Among US Consumers, March 2020 & June 2020 (% of respondents). [3]
- Later Services, July 2020 (% of respondents). [3]
- Asia Pacific Largest Market North America CAGR 35 % Market Overview. [2]
- According to the United States Department of Commerce, retail sales in the United States are expected to reach USD 5.99 trillion in 2024. [2]
- In addition, a study by Juniper, global retail spending on AI would reach USD 7.3 billion annually by 2024, up from a predicted USD 2 billion in 2018. [2]
- The AI in Retail Market is growing at a CAGR of 35% over the next 5 years. [2]
- According to US Consumer Goods Advertisers, Nov 2021 Importance of Select Retail Media Network Attributes. [4]
- According to US Consumer Goods Advertisers, Nov 2021 (% of respondents). [4]
- Ad Formats that US Consumer Goods Advertisers Have Bought via Retail Media Networks, Nov 2021 (% of respondents). [4]
- US retail ecommerce sales will grow 16.1%, reaching $1.06 trillion in 2024. [5]
- We forecast US retail ecommerce sales will grow 16.1%, reaching $1.06 trillion in 2024. [5]
- As online business trends continue to play a role in everyday B2B operations, we forecast B2B ecommerce site sales will reach nearly $1.77 trillion in 2024, a 12% increase from a year prior. [5]
- The etailer boasts nearly 40% of all US ecommerce sales. [5]
- Its US ecommerce sales will grow by 15.3% this year, reaching more than $3.6 billion. [5]
- We expect Amazon’s fastestgrowing category this year will be food and beverage, with a nearly 25% increase in ecommerce sales yearover. [5]
- Two majority categories that will continue to see demand include books, music, and video (where ecommerce sales will amount to 69.1% of total retail sales) and computer and consumer electronics (53.2% of total retail sales). [5]
- Ecommerce growth in China will decline to 13.0% in 2024 due to a slowing economy , and a renewed focus on brickand. [5]
- Retail mcommerce sales hit $359.32 billion in 2021, an increase of 15.2% over 2020. [6]
- By 2025, retail mcommerce sales should more than double to reach $728.28 billion and account for 44.2% of retail ecommerce sales in the US. [6]
- Insider Intelligence predicts mcommerce volume to hit $620.97 billion, or 42.9% of ecommerce, in 2024. [6]
- Between 2013 and 2018, Artificial Intelligence startups raised $1.8 billion in 374 deals, according to CB Insights. [7]
- At the moment over 28% of retailers are already deploying Artificial Intelligence/Machine Learning solutions, which is a sevenfold increase from 2016 when the number was only 4%. [7]
- It resulted in an up to 30% reduction of in. [7]
- Image recognition technology from Cortexica promises close to 95% accuracy. [7]
- Customers approved The Find Similar feature with 90% positive feedback. [7]
- In fact, 27% of people worldwide use voice search on mobile, and 52% of them prefer it to mobile apps and websites for their convenience. [7]
- One of the top Artificial Intelligence vendors claims that the implementation of AI in inventory management resulted in a 32% cost reduction across all operations. [7]
- According to Stasista1 49% of respondents expect that Artificial Intelligence will cut costs in the supply chain. [7]
- 44% expect that AI will boost productivity. [7]
- 43% are sure that AI will be a major factor in boosting revenue. [7]
- 40% recognize the use of AI in retail decision making as the main benefit of the technology. [7]
- MarketsandMarkets predicts that global spending on AI in the retail supply chain will hit $10 billion by 2025, growing annually by over 45%. [7]
- According to a retail executives survey by Capgemini at the AI in Retail Conference, the application of the technology in retail could save up to $340 billion each year for the industry by 2020. [7]
- An estimated 80% of these savings will come from AI’s improvement of supply chain management and returns. [7]
- Global spending on AI is expected to reach $35.8 billion by the end of 2021, a 44% increase compared to 2018, according to International Data Corporation. [7]
- In 2018, 28% of retailers had implemented AI or ML in some way. [7]
- This is an astonishing 600% boost compared to 2016. [7]
- Only 26% of AI/ML technology solutions in retail directly interact with customers; the remaining 74% work behind the scenes. [7]
- According to a recent survey, 73% of customers are encouraging brands to use their information to improve their personalized experiences during shopping. [7]
- According to a retail executives survey by Capgemini at the AI in Retail Conference, the application of AI technology in retail could save up to $340 billion each year for the industry by 2020. [7]
- The estimates are that 80% of savings will come from AI’s improvement in supply chain management and returns. [7]
- Over two months, our partnership with Sensor Tower has helped Breathwrk grow 15%!”. [8]
- The forecasted AI annual growth rate between 2020 and 2027 is 33.2%. [0]
- By 2030, AI will lead to an estimated $15.7 trillion, or 26% increase in global GDP. [0]
- The $15.7 trillion GDP estimated by 2030 will likely come from increased profitability (40%) and consumption (60%). [0]
- A whopping 93% of automation technologists feel little prepared for upcoming challenges regarding smart machine technologies. [0]
- The top three most significant challenges companies face when considering the implementation of AI are staff skills (56%), the fear of the unknown (42%), and finding a starting point (26%). [0]
- 20% of businesses say automating tasks such as invoicing and contract validation is the second most crucial use of AI. [0]
- 80% of retail executives expect their retail companies to adopt AI powered intelligent automation by 2027. [0]
- Only 7% of companies don’t use AI but are looking into it. [0]
- 86% of CEOs say AI is mainstream technology in their office in 2021. [0]
- 48% of companies use data analysis, machine learning, or AI tools to address data quality issues. [0]
- In 2020, 39% of large organizations planned to invest in AI technology. [0]
- 75% of executives fear going out of business within five years if they don’t scale AI. [0]
- Marketing and sales departments prioritize AI technology and machine learning for their success more than any other department (40%). [0]
- 54% of executives say that implementing AI in their workplace has increased productivity. [0]
- 79% of executives think AI will make their jobs simple and more efficient. [0]
- The supply chain management industry saw the most considerable cost decrease (44%). [0]
- In 2019, nearly 40% of the U.S. population used voice search. [0]
- Also, in 2019, 45% of households in the U.S. owned a smart speaker, and 26% were planning to purchase one soon. [0]
- 52% of people are confident that cyber security is not a threat when sharing personal information online because of robust AI technologies. [0]
- 38% of people expect technology to eliminate jobs at their workplace over the next three years, while 13% expect automation to eliminate a significant number of positions. [0]
- It’s forecasted that there will be a total workforce reduction of 16% in the U.S. by 2030 due to arising AI technology. [0]
- 63% of CEOs predict that AI will positively impact job openings as the internet did when it first became available. [0]
- In 2020, it was predicted that AI would eliminate 1.8 million jobs and create 2.3 million new jobs. [0]
- 43% of manufacturers have added data scientists/data quality analysts in their workforces, and 35% want to do the same within five years. [0]
- 40% of businesses say that customer experience is their top motivator for using artificial intelligence. [0]
- In 2020,chatbotsresponded to 85% of customer service interactions. [0]
- In 2020, Only 27% of consumers think that AI can deliver equal or better customer service than humans. [0]
- On the other hand, 43% of people think AI will harm customer satisfaction and cause more complaints. [0]
- 16% of European countries think automation through AI, and other technologies can help reduce the impact of COVID. [0]
- Out of the 147 predictions Kurzweil made, 87% were correct to the year. [0]
I know you want to use Retail Intelligence Software, thus we made this list of best Retail Intelligence Software. We also wrote about how to learn Retail Intelligence Software and how to install Retail Intelligence Software. Recently we wrote how to uninstall Retail Intelligence Software for newbie users. Don’t forgot to check latest Retail Intelligence statistics of 2024.
Reference
- semrush – https://www.semrush.com/blog/artificial-intelligence-stats/.
- edited – https://blog.edited.com/blog/resources/activewear-market-analysis.
- mordorintelligence – https://www.mordorintelligence.com/industry-reports/artificial-intelligence-in-retail-market.
- emarketer – https://www.emarketer.com/content/future-of-retail-2021.
- emarketer – https://www.emarketer.com/content/retail-media-networks-perception-benchmark-2024.
- insiderintelligence – https://www.insiderintelligence.com/insights/ecommerce-industry-statistics/.
- insiderintelligence – https://www.insiderintelligence.com/insights/mobile-commerce-shopping-trends-stats/.
- spd – https://spd.group/artificial-intelligence/ai-for-retail/.
- sensortower – https://sensortower.com/product/store-intelligence.
How Useful is Retail Intelligence
Retail intelligence essentially refers to the process of gathering and analyzing data related to consumer behavior, market trends, and industry dynamics to inform business strategies and actions. This information can range from sales figures and inventory levels to customer preferences and competitor analysis, providing retailers with a comprehensive understanding of the market they operate in.
One of the key benefits of retail intelligence is its ability to help retailers anticipate changes in consumer demand and market trends. By closely monitoring data and identifying patterns, businesses can proactively adjust their strategies to meet the evolving needs and expectations of their customers. This can result in improved inventory management, more targeted marketing campaigns, and ultimately, increased sales and customer satisfaction.
Moreover, retail intelligence can also empower retailers to make smarter decisions when it comes to pricing and promotions. By analyzing competitor pricing strategies and monitoring consumer responses to discounts and offers, businesses can optimize their pricing strategies to drive sales and maximize profitability. This level of insight allows retailers to stay competitive in a crowded market and ensure they are offering the best value to their customers.
Additionally, retail intelligence can also be instrumental in enhancing the overall customer experience. By understanding consumer preferences and shopping behaviors, businesses can tailor their product assortments, marketing messages, and store layouts to better cater to their target audience. This personalized approach can result in increased customer loyalty and repeat business, as shoppers feel understood and valued by the retailer.
Furthermore, retail intelligence can also be a valuable tool for streamlining operations and improving efficiency. By analyzing data on store performance, foot traffic, and sales trends, businesses can identify areas for improvement and implement strategies to optimize their operations. This could involve adjusting staffing levels, updating store layouts, or reevaluating inventory management practices to reduce costs and increase productivity.
Overall, the value of retail intelligence cannot be understated in today’s highly competitive retail landscape. By leveraging data and insights to inform business decisions and strategies, retailers can stay ahead of the curve, drive growth, and deliver superior shopping experiences to their customers. In an era where data is king, harnessing the power of retail intelligence can be the key to success for retailers looking to thrive in the digital age.
In Conclusion
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