Retail statistics and insights are valuable in helping us predict the retail trends to keep an eye on in 2022 and beyond. Whether it’s changes in the channels consumers prefer to shop through, delivery and order fulfillment developments, or employee and customer expectations, if you don’t know what people want, you’ll have a hard time succeeding.
The following statistics are pulled from a commissioned Forrester Consulting study conducted on behalf of Shopify. We’ve segmented the data into five categories so you can jump around to what’s relevant to your business or read straight through.
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Table of Contents
- In-store experiences retail statistics
- Omnichannel retail statistics
- Sustainability, ethics, and values retail statistics
- Employee and customer acquisition and retention retail statistics
- Shipping and logistics retail statistics
In-store experiences retail statistics
As vaccination rates increase and parts of the world open up, more consumers are looking for in-store shopping experiences. Higher retail vacancy rates are driving more flexible commercial lease terms (i.e., lower rents and shorter leases) and convincing more digitally native brands to venture into physical retail—even if it’s just to test the sales channel through pop-up shops.
This means brands need to find a way to stand out, and experiential retail is one way to do it.
But these changes come with their own set of challenges, including making sure your retail store follows COVID-19 safety protocol, driving foot traffic in a competitive retail landscape, and finding the right temporary or permanent retail space.
Let’s look at the top in-store retail statistics
Brand statistics
- 31% of brands say they plan on establishing or expanding their physical retail footprint in the next year, but 47% are concerned that securing affordable commercial leases will be one of their biggest challenges.
- 55% of brands also say winning foot traffic will be a top challenge.
- 32% of brands say they’ll be establishing or expanding their use of pop-up and in-person experiences in the next year.
- 40% of brands say offering experiential retail would be a top priority for them in the next year, but 57% of them say coordinating it will be a top challenge.
- 46% of brands are investing in showrooming over the next year to improve the in-store experience.
Consumer statistics
- 32% of consumers say they’re likely to engage with in-store experiential moments.
- 95% of consumers expect retailers to have COVID safety protocols in place for in-store shopping.
- In the last year, 47% of consumers were more likely to purchase from a brand due to its local presence.
- In the US, 81% of Gen Z consumers prefer to shop in stores to discover new products and more than 50% say in-store browsing is a way to disconnect from the digital world.
- More than one-third of consumers in the UK, Australia, and New Zealand say a sense of community is a top motivator to visit local shops.
- 34% of consumers are likely to engage with appointment shopping in 2022.
Omnichannel retail statistics
Shoppers have grown to expect a completely connected experience no matter the channel they’re shopping from.
Whether it’s checking out online and picking up their order in-store, buying through social media, or appointment shopping in-store and finalizing their order online from the comfort of their home, consumer expectations are fueling the next generation of omnichannel retail.
Here are the key omnichannel retail statistics to be aware of
Brand statistics
- Nearly 50% of brands say unifying online and in-store operations and data will be their biggest challenge over the next year.
- That’s why 53% of brands are investing in tools that allow them to sell anywhere.
- 33% of brands are prioritizing omnichannel order fulfillment over the next year.
- On average, 46% of retailers are planning to increase their investment in digital channels like their company-owned online store, social commerce, custom mobile apps, and livestream selling to drive sales over the next 12 months.
- 43% of brands will focus on showing available inventory in nearby stores.
- CPG retail companies say sales from their physical retail stores and sales from their ecommerce website are nearly equal, with physical retail generating 18% of revenue and ecommerce generating 19%.
- 81% of brands plan to either increase or maintain investment in livestream selling to drive sales over the next 12 months.
- 49% of brands plan to increase their investment in social commerce in 2022.
Consumer statistics
- 54% of consumers say that over the next year they’re likely to look at a product online and buy it in-store.
- 53% of shoppers are likely to look at a product in-store and buy it online.
- 55% of consumers want to browse products online and check what’s available in local stores.
- 47% of consumers want the option to check out online and return in-store.
- 58% of consumers say flexible blended shipping options like BOPIS are important to them.
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Sustainability, ethics, and values retail statistics
Consumers want to shop from businesses that are transparent and sustainable, and that share their values and ethics.
In fact, 83% of millennials expect brands to align with their values, and 68% of US consumers say a brand’s social responsibility reputation has at least some influence on their decision to buy.
That’s why more brands are developing products that align with their business values, prioritizing sustainability, and being transparent about their impact, goals, and how they use customer information.
Here are the statistics to back up this retail trend
Brand statistics
- 43% of brands are creating products in 2022 that align with their values.
- 41% of brands are investing in being transparent about their social impact, vision, goals, and progress to boost customer trust.
- 44% of brands plan to be more transparent around how they use customer information.
- 53% of companies are making sustainability one of their top priorities for 2022, including improving the manufacturing process and using more sustainable packaging.
Consumer statistics
- In the last year, 41% of consumers said brands that made it easy to understand the actions they’re taking to achieve their environmental and/or social impact goals had a significant influence on their purchasing decisions.
- In 2021, 44% of customers chose to buy from brands that have a clear commitment to sustainability.
- In the last year, 41% of consumers chose to buy from brands that have a clear commitment to social causes.
- 42% of consumers said that knowing a brand is actively working on reducing their carbon footprint is important when deciding whether to purchase a product online.
- 46% of customers are more likely to purchase a product online if they’re able to recycle the product packaging.
Employee and customer acquisition and retention retail statistics
Forty-nine percent of retailers say hiring and retaining employees will be a top challenge over the next year, something 40% of brands are striving to improve. This comes as no surprise considering staff at major retailers have been expressing their frustration with the industry through striking and quitting.
Job openings in the US have hit an all-time high, and UK employers are experiencing the biggest shortage of job candidates ever.
This and the fact that shoppers expect top notch customer service means retailers need to reevaluate the store staff's role and provide opportunities and compensation to retain employees, especially because the happiness of your employees trickles down to the experience your customers have with your business.
Technology also plays a vital role in delivering a smooth experience across all sales channels—consumers want to be able to reach customer service on the channel of their choice (like live chat), watch product videos, and receive personalized recommendations. That’s why retailers are investing in employee training and technology to help staff succeed (and boost customer satisfaction) in 2022 and beyond.
Here’s what retailers are doing to improve the employee and customer experience and boost loyalty
Brand statistics
- 39% of retailers say they’re investing in improving the tools and technologies employees use to do their day-to-day work.
- 40% of retailers plan to invest in training store staff to interact with customers using technology to improve the in-store experience.
- 46% of brands are investing in improving the employee experience so they can better serve customers and ultimately boost retention.
- 44% of brands plan to increase their employees’ interaction time with customers over the next year.
- 47% of brands plan to use customer feedback to improve products or customer experience within the next year.
Consumer statistics
- 58% of consumers say excellent past customer service influenced their decision to buy.
- In the last year, 58% of consumers say the ability to easily reach customer service on the channel of their choice influenced their decision to purchase.
- 43% of consumers say they’re likely to use live chat in the next year.
- 50% of consumers want to watch product videos before they buy.
- 50% of consumers say personalization based on their interests and past purchases have influenced their decision to purchase from a brand over the last year.
Shipping and logistics retail statistics
In the second half of 2021, supply chain challenges were one of the most talked about parts of commerce. Thirty-nine percent of brands say shipping and manufacturing delays and shipping costs will continue to be a top supply-chain-related challenge in the next 12 months, while roughly 45% of shoppers are actively looking for businesses that clearly show anticipated delivery times.
Consumers generally understand these difficulties, but they still want their orders delivered quickly, for free, and on time.
To meet customer expectations, brands and retailers must digitize their supply chains, focus on sustainability, lower costs associated with last mile delivery, and be transparent about the supply-chain-related complications they’re facing.
Here are the notable retail statistics related to shipping and logistics
Brand statistics
- 49% of the brands are investing in not just their delivery practices but also transparency with their delivery promises, like sharing when an order is prepared and shipped.
- 43% of retailers are changing their shipping strategies to reduce the impact of global shipping delays.
- 41% of merchants plan to invest further in buy online, pickup in-store options like curbside pickup and click and collect.
Consumer statistics
- When it comes to searching for and buying products online, consumers find the following most valuable; 74% say upfront shipping costs, 68% say free returns and estimated arrival time, 59% say back-in-stock alerts , and 54% say available inventory alerts.
- 60% of consumers expect same-, next-, or two-day delivery, and 58% of those shoppers expect free next-day delivery.
- 35% of consumers are choosing shipping options like curbside pickup or click and collect to receive their orders in time.
- 75% of shoppers say free shipping continues to have a significant influence on purchasing decisions.
- 60% of consumers say fast shipping influences their decision to buy online.
- 53% of consumers say flexible shipping influences their decision to buy online.
- In the last year, 32% of customers have abandoned their carts because the estimated shipping time was too long.
- In 2021, 23% of shoppers abandoned their carts because there was no guaranteed delivery date.
Apply these retail statistics to your store
Whether you have one or many retail stores or prefer temporary retail options like pop-up shops and events, taking these retail statistics into account as we head into 2022 will help keep your business relevant as the retail landscape continues to evolve. If you’re not sure how to start implementing these trends, check out our Future ofRetail 2022 report for actionable tips and merchant success stories.
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FAQs
What is the retail industry outlook for 2023? ›
WASHINGTON – The National Retail Federation today issued its annual forecast, anticipating that retail sales will grow between 4% and 6% in 2023. In total, NRF projects that retail sales will reach between $5.13 trillion and $5.23 trillion this year.
How do you analyze retail sales data? ›- Understand the value and number of products sold in an average order.
- Recognize which products sell the most, the least, and everything in-between.
- Identify your most valuable customers.
- Discover what your true demand was as well as past lost sales.
The 4 P's: Produce, Price, Place, and Promotion; these are the main areas you need to perfect for a customer, providing them with the basic foundations of a successful service retail business!
What is the the importance of data in retail? ›Using as many data insights as possible helps retailers and supply chains manage inventory issues and potential disruptions, thereby improving customer satisfaction, brand loyalty, and revenue generation.
What are the retail priorities for 2023? ›New retail's digital priorities going into 2023
According to Gartner, fulfillment execution powered by AI, collaborative ecosystems, and cost optimization are the key actions [4] that retailers are taking to eliminate friction from the experiences they deliver to their shoppers.
By 2030, store windows will be used in conjunction with smartphone devices to create animated and curated visual output, as well as leasable space to generate more income. Visual content will vary depending on shoppers' preferences and behaviours, and even time of day.
What is big data in retail industry? ›Big data analytics in retail enables companies to create customer recommendations based on their purchase history, resulting in personalized shopping experiences and improved customer service. These super-sized data sets also help with forecasting trends and making strategic decisions based on market analysis.
How do you Analyse retail sales data in Excel? ›- Heat Mapping. When confronted with a large table of numbers, it can be challenging to identify the most critical figures. ...
- Pivot Tables. Pivot tables are your best bet when aiming to distill valuable insights from textual data. ...
- Weighted Averaging. ...
- Trend Spotting. ...
- Scenario Analysis.
With retail analytics, businesses can quickly understand customer purchasing patterns, predict future patterns, and optimize inventory. For example, Canadian Tire used self service BI from ThoughtSpot to quickly identify changing demands from customers and shift inventory in the early days of the pandemic.
What are the three 3 most important things in retailing? ›The four gold standards of retail marketing are product, price, place, and promotion.
What are the 5 values of retail? ›
- The customer is the most important person in your business. The main retail principle to master is: the customer is king. ...
- Retail is detail. ...
- Understand the four Ps. ...
- Go the extra mile for your customer. ...
- Location, location, location.
ATTITUDE: Keep a positive, optimistic, friendly, professional attitude EVERY day. DETERMINATION: Be determined to succeed and be the best you can be and give every task your best effort. FOCUSED: Focus on your goals and your ability to exceed customer expectations with every transaction.
What are the five importance of data in statistics? ›In this article, we will cover five broad areas that significantly increase data's importance. Those five areas are (in no particular order of importance); 1) decision-making, 2) problem solving, 3) understanding, 4) improving processes, and 5) understanding customers.
What are the impacts of big data in retail industry? ›What is the impact of Big data on the Retail Industry? Big data analytics can provide retailers with a competitive edge in the industry. Businesses can use big data to analyze customer behavior, improve customer service, and drive sales.
What are the benefits of being a data based retailer? ›It improves customer retention. Happy customers are more likely to stick around, and data-driven businesses know how to make their customers happy. They do this by understanding what makes customers tick and using that information to give them what they want.
What are the 5 biggest business trends in 2023 everyone must get ready for now? ›- Transforming Digital Transformation. ...
- Taming Supply-Chain Disruption. ...
- Incentivizing Sustainability and Environmental, Social and Governance (ESG) Improvements. ...
- Meta-Morphing the Customer Experience. ...
- Future-Proofing the Workforce.
Finding tailwinds amid the sector's toughest headwinds
However, US retailers this year are facing turbulent times as the cost-of-living crisis, inflationary pressures, chronic labor shortages, and a possible shift in consumer spending2 threaten growth.
And that's why the biggest opportunity in retail now is in technology, specifically artificial intelligence and machine learning technology. For investors, the biggest opportunities in retail are in retail-related artificial intelligence and machine learning.
Where will retail be in 10 years? ›- Stores hosting unique, in-store-only sales and themed events.
- High-end stores using driverless cars to chauffeur preferred customers.
- More “connected stores” hosting interactive experiences.
5. Social and mobile commerce are two of the biggest digital trends in the retail industry — and they're booming. From selling on Instagram to launching an online store, retailers are experimenting with multiple ways of meeting the evolving needs of customers.
What is changing in the retail industry? ›
Consumers now demand much more than value and convenience—and tolerate fewer shortfalls. Shoppers are reshaping the retail landscape faster than ever before. Nearly 40 percent have switched brands or retailers during the pandemic, and more than 80 percent have new shopping behaviors.
How big data is transforming retail industry? ›Big data analytics is transforming the retail industry by enabling retailers to gain valuable insights into their customers, optimize their inventory and supply chain operations, personalize their marketing efforts and customer experiences, and predict sales trends.
What is unstructured data in retail industry? ›Unstructured data does not have a specific format. It can be customer reviews, tweets, pictures, and even hashtags. give insight in to product defects.
What is data management in retail? ›Data management is a powerful tool for retailers and e-commerce companies looking to improve their operations and better serve their customers. By leveraging data effectively, businesses can gain valuable insights and make informed decisions that can drive revenue and increase customer satisfaction.
How data is collected in retail industry? ›Collecting data by asking customers directly
For example, a retail store may ask customers questions about their specific needs. A retail store could also get this information from social media platforms like Facebook and Twitter by texting their customers.
- Set a goal. Presenting a monthly sales report to the senior management is not the same as sharing a weekly report with the sales team. ...
- Define a timeframe. ...
- Collect relevant data. ...
- Illustrate data visually. ...
- Present your analysis. ...
- Write a brief summary. ...
- End with an action plan.
- Knowing the actual numbers helps Retail Managers avoid having to guess or approximate inventory. ...
- After periodically counting inventory, Retail Managers can then update the spreadsheet to reflect the current numbers.
Examples of retailers include supermarkets, department stores, specialty stores, convenience stores, and online stores.
What are the 3 types of analytics with examples? ›There are three types of analytics that businesses use to drive their decision making; descriptive analytics, which tell us what has already happened; predictive analytics, which show us what could happen, and finally, prescriptive analytics, which inform us what should happen in the future.
What is a simple example of data analytics? ›This type of analysis helps describe or summarize quantitative data by presenting statistics. For example, descriptive statistical analysis could show the distribution of sales across a group of employees and the average sales figure per employee. Descriptive analysis answers the question, “what happened?”
What are the 4 pillars of retail? ›
- Community. Your store should help customers meet other people who share certain hobbies or interests. ...
- Experience. When we discuss physical retail, the term “experience” refers to everything customers see and hear from the moment they enter a store to the moment they exit. ...
- Socialization. ...
- Destination.
- Customer engagement transformation.
- Agile digital infrastructure.
- Interconnected warehouses.
- Supply chain optimization.
If yes, you'll want to learn how to grow your profitability with these retail operation strategies: The 3Cs – controls, costs, and consumer connections – that drive online grocery profitability.
What are the 7 P's in retail? ›These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace.
What are the 7 C of retail? ›The 7 C's of customer relationship management are customer centricity, company culture, customer experience, customer data, customer journey, consumer experience, and consumer expectation.
What are the 7 R's of effective retailing? ›Getting the Right product, in the Right quantity, in the Right condition, at the Right place, at the Right time, to the Right customer, at the Right price.
What are the 6 basic steps in retail strategy? ›- Step 1: Assess the market. A solid understanding of the current market is one of the first steps in retail planning. ...
- Step 2: Understand customer behavior. ...
- Step 4: Set objectives. ...
- Step 5: Create and implement strategies. ...
- Step 6: Monitor performance and iterate accordingly.
Customers are the most important part of your retail store. And with more competition popping up every day, making sure your store stands out above the rest can be increasingly challenging.
What are the 5 elements of statistics? ›The five words population, sample, parameter, statistic (singular), and variable form the basic vocabulary of statistics.
What are 5 most common data types and explain each of them with example? ›| Data Type | Represents | Examples |
|---|---|---|
| integer | whole numbers | -5 , 0 , 123 |
| floating point (real) | fractional numbers | -87.5 , 0.0 , 3.14159 |
| string | A sequence of characters | "Hello world!" |
| Boolean | logical true or false | true , false |
What are the five main forms of statistical data? ›
For this analysis, there are five to choose from: mean, standard deviation, regression, hypothesis testing, and sample size determination.
Why is data analysis important in retail industry? ›Predicts demand and managing inventory
Data analytics helps retail companies to understand the customers' buying needs and focus on areas that have high demand. The conclusion derived from data helps the companies to forecast the demand and accordingly manage the inventory.
If a company uses big data to its advantage, it can be a major boon for them and help them outperform its competitors. Advantages include improved decision making, reduced costs, increased productivity and enhanced customer service. Disadvantages include cybersecurity risks, talent gaps and compliance complications.
What is the key objective of data analysis? ›The process of data analysis uses to organise the data in a logical way. It helps to analyse data from different outlooks and a variety of statistical perspectives.
What are 3 benefits to having a data management strategy? ›To ensure employees have the right data for decision-making, companies must invest in data management solutions that improve visibility, reliability, security, and scalability.
Are retail sales down in 2023? ›Advance Estimates of U.S. Retail and Food Services
The March 2023 to April 2023 percent change was unrevised at 0.4 percent (±0.2 percent). Retail trade sales were up 0.3 percent (±0.5 percent)* from April 2023, and up 0.7 percent (±0.5 percent) above last year.
The Consumer Spending And Inflation Outlook
Real consumer spending is forecast to drop at a 0.5% annualized rate in the second and third quarters of 2023, the first back-to-back quarterly declines since early 2020.
- Livestream shopping will continue to grow. Gone are the days of written reviews. ...
- It's time to prioritize social commerce. ...
- Brands need supply chain resilience. ...
- Sustainability is the key ingredient. ...
- Storefronts are gaining popularity.
As such, we forecast the economy to expand by 0.6% in 2023 and by 0.9% in 2024. And given our expectation that inflation will fall below 3% early next year, we think ECB will cut rates to 2.5% by the end of 2024.
What are the worst months for retail sales? ›The worst months for retail sales
January and February are typically considered the slowest months for retail as consumers recover from holiday spending and focus on post-holiday savings.
What business is going out of business in 2023? ›
Bed Bath & Beyond is closing all 360 of their stores.
After struggling for years, Bed Bath & Beyond filed for bankruptcy and is winding down operations. They're closing all of the 360-or-stores left, and holding Bed Bath & Beyond liquidation sales. Every Bed Bath & Beyond location will close by June 30, 2023.
This positive sign for retailers follows 2022's 7% annual growth over 2021, with retail sales reaching $4.9 trillion. And while 2023's growth will be lower than 2022's, the forecast is above the pre-pandemic average annual retail sales growth rate of 3.6%.
What will 2023 look like financially? ›For 2023 as a whole, real GDP (that is, GDP adjusted to remove the effects of inflation) is projected to grow by just 0.1 percent. The growth of real GDP is projected to speed up thereafter, averaging 2.4 percent a year from 2024 to 2027, in response to declines in interest rates.
What will inflation be in 2023 and 2024? ›The average growth rate of the so-called 'health price index', which is used for the price indexation of wages, social benefits and house-rent, should be 4.3% in 2023 and 3.6% in 2024, compared to 9.25% in 2022 and 2.01% in 2021.
Will prices go back down in 2023? ›For many Americans enduring higher prices, easing inflation was on the wishlist for 2023. But based on the most recent data, inflation is still holding strong — though there are signs a cool-off could be coming.
What are the biggest trends for 2023? ›- Skirt Suits But Make it Fashion. Marine Serre Oriental Towels boxy tailored jacket. ...
- Everyday Preciousness. ...
- Extra Baggage. ...
- Perfectly Imperfect. ...
- Short n Sweet Jackets. ...
- Buttoned Up Shirting. ...
- Modern Boho. ...
- Blazers Become Cinched.
- Beauty products and cosmetics.
- Jewelry.
- TV and smartphone accessories.
- Designer sunglasses.
- Children's toys and games.
- Shoes.
- Video games.
- Pet supplies.
- Bank of America's Best Growth Stocks of 2023.
- Amazon (AMZN)
- Constellation Energy (CEG)
- Chipotle Mexican Grill (CMG)
- Alphabet (GOOG, GOOGL)
- Eli Lilly (LLY)
- Match (MTCH)
- Progressive (PGR)
Looking ahead to second-quarter reports, analysts are calling for S&P 500 earnings to fall 6.4% compared to a year ago. Fortunately, analysts are projecting S&P 500 earnings growth will rebound back into positive territory in the second half of 2023.
Will the market bounce back in 2023? ›"In the first half of 2023, the S&P 500 is expected to re-test the lows of 2022, but a pivot from the Federal Reserve could drive an asset recovery later in the year, pushing the S&P 500 to 4,200 by year-end," the investment bank said in a research note.