10 Retail Statistics You Need To Keep in Mind
US Retail Employs More Workers Than any Other Industry
More Americans work in the retail trade than any other industry. According to data presented by the National Retail Federation (NRF), there are an estimated 28,984,100 retail workers in the US, which is far more than health care (19 million), manufacturing (12 million), professional/scientific services (12 million), and every other industry. While many industries have struggled to stay afloat following the financial crisis of 2007-2008, retail continues to thrive.
53% of Consumers Have Stopped an In-Store Purchase Because of Their Mobile Phone
According to DigiDay, more than half of consumers have reportedly stopped an in-store purchase because of their mobile phone. What exactly does this mean? Well, it's not uncommon for shoppers to engage on their smartphone while shopping in a store. This can either help or hurt the store, however, as some shoppers may perform price comparison to see if there's a better deal available. Store owners should focus on delivering high-quality products at low prices to help retain their shoppers.
75% of Retail Product Pages Have a Facebook 'Like' Button
Here's another interesting statistic that may surprise you: an estimated 75% of retail product pages have a Facebook like button. There's obviously a good reason for this trend: Facebook has grown to become the world's largest and most popular social media network, boasting more than 1.3 billion monthly users. By placing convenient social media like and share buttons directly on their product pages, retailers can attract new customers while boosting their sales in the process. It's an easy and effective solution to improve their revenue.
'Return Fraud' Costs Retailers Between $8.9 and $17.2 Billion Annually
What is “return fraud?” It's exactly what it sounds like: fraudulent returns conducted for the purpose of acquiring either money and/or a product. A customer may purchase a product at one store, for instance, and then attempt to return it another store. Assuming the second store sells the product at a higher price, the customer may receive more money than what he or she originally paid for it. The National Retail Federation (NRF) states that return fraud costs US retailers between $8.9 and $17.2 billion annually.
The Average Holiday Shopper Spends $767
Ever wonder how much a typical shopper spends during the holidays? Surveys suggest that US shoppers spend an average of $767 per person during the holidays on retail goods. In the 2013 holiday season alone, retail sales jumped up to $600 billion. One year later in 2014, this number increased to $616 billion. Now, experts believe the US holiday shopping season will exceed more than $800 million in retail sales, 73% of which will be gifts.
The #1 Holiday Gift Purchase
You've probably purchased or have at least received the #1 holiday gift before: a gift card. A recent survey found that more than two thirds of consumers plan on purchasing gift cards for the holidays, with one in six consumers planning to buy 10 more gift cards. Gift cards offer a simple and effective solution for gift-giving. Rather than giving a family member another blender – which they will probably never use – shoppers can give them the freedom to purchase whatever they want. If you're a retail store owner, you should use this knowledge to your advantage by offering gift cards at your establishment.
California Tips List for % of Nationwide Retail Sales
More retail sales are conducted in the Sunshine State than any other state. According to the NRF, California retail sales are roughly $385 billion per year, which is roughly 11.9% of the entire US market. And in case you were wondering, Florida lags behind in a distant second, with just 7.3% of US retail sales.
There are More Than 4 Million Retail Salespersons
To say there are a lot of retail salespersons would be an understatement. According to the Bureau of Labor Statistics (BLS), there are more than 4.2 million salespersons employed in the retail industry, making it the single most common job in the industry. Cashiers aren't too far behind, with 2.7 million cashiers employed in the retail industry.
92% of Retailers Struggle With Online Integration
An overwhelming number of retailers (92%) say they are struggling to adapt online technology into their business. Why are so many retailers struggling in this department? Well, most retailers focus on local sales, so they aren't familiar with the nuances of the Internet and how e-commerce works. But as more and more consumers use the Internet to make purchases, this is something that retailers cannot afford to overlook.
Theft Costs Retailers Billions of Dollars Per Year
The single most common factor attributed to retail shrink (e.g. the loss of product between point of manufacture and point of sale) is theft. Statistics indicate that nearly 1 in 11 US people have shoplifted at least once in their lifetime. When a store loses product via theft, it's forced to raise the prices of its products in an effort to recoup the lost revenue. Retail theft doesn't just hurt the store; it hurts the other consumers as well, who end up paying a premium in time to cover the costs.
- George Blitzer