As a busy retailer, you don’t always have time to read through trend reports, or check up on the latest news. That’s why we put together this Infograph– to give you a quick overview on the stats retailers need (or want) to know. These are relevant no matter what industry you’re in– From home furnishings to apparel, to machinery, and beyond.
10 Stats Retailers Need to Know
- Retail is growing. Year-over-year sales averaged 4.37% from 1993 until 2018, faster than U.S. GDP at 2.8%. (Trending Economics, 2018. )
- A divide is growing between two types of retailers; According to Deloitte Consulting, premium retailers added 109 store locations between 2015-2017, price-based retailers added 263 stores. The “in the middle” retailers are being left behind.
- Knowledgeable retail associates do matter. The average order value at Mom & Pop shops is $534, and only $241 at Big Bog Stores. (Expert Voice, 2018)
- 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history. (Accenture)
- 88% of consumers who search for a type of local business on a mobile device call or go to that business within 24 hours. (Impact)
- Today, there are 1,200 malls in the U.S. In a decade, that number is expected to shrink by 25%. (Career Arc)
- An effective window display can increase sales by 42% (The Retail Mutual)
- Per comScore, 50% of all online searches will be voice searches by 2020.
- The minimum annual retail revenue to be among the Top 250 Retailers is 3.6billion (Deloitte)
- 51% of Americans think shopping online is the best way to shop, with 49% preferring shopping in-store. (BigCommerce)