The world of retail is vast, with 9.1 million online retailers spread across different regions. A sizable portion, 2.5 million to be precise, operate within the United States. 

When we delve deeper into U.S. figures, we find that 15.1% of its retail sales occur online, showing a growing preference for digital shopping. As we approach the end of 2023, projections suggest that retail sales will see an increase of 4%-6%, potentially reaching between $5.1 to $5.2 trillion. 

Let me share the most crucial retail statistics you should be aware of right away. 🛒🌐

Retail Statistics: The Key Data

  • There are 9.1 million online retailers in the world, and 2.5 million of them are in the United States.
  • 15.1% of U.S. retail sales are made online, while 84.9% are made in physical stores.
  • As of Q3 2020, the US had 1,045,422 retail establishments, up 4,801 from Q2 2020, according to the Bureau of Labor Statistics.
  • The National Retail Federation predicts a 4%–6% increase in retail sales in 2023, reaching $5.1–5.2 trillion.
  • 24% of cyberattacks targeted retailers, more than any other industry.
  • The retail industry had 629 incidents and 241 breaches in 2022.
  • Organized retail crime accounts for 1.47% of retailer sales.
  • The average retail shrinkage rate has hovered around 1.4% for over a decade.
  • Retail foot traffic dropped 8.1% in March 2023 compared to March 2019.
  • Since 2010, retail sales have increased nearly 4% annually.

Sources: (Etail Insights, United States Census Bureau,  Bureau of Labor, NRF,  Zippa, Chad, NFR)

9.1 Million Online Retailers Worldwide, 2.5 Million Based in the U.S

Important takeaway:

The US dominates online retailThe US hosts more than a quarter of global online retailers, reflecting a strong e-commerce infrastructure.
Online retail is a global businessThe remaining online retailers are spread globally, indicating the worldwide acceptance of e-commerce.
E-commerce expansion is necessaryBusinesses need to consider expanding into e-commerce to stay competitive and reach a broader market.

The statistics suggest that e-commerce is a global phenomenon with significant representation in the United States. Businesses must adapt to the online marketplace’s prevalence to remain competitive and reach diverse consumers.

Source: Etail Insights

15.1% of U.S. Retail Sales Occur Online, Majority Still in Physical Stores

Important takeaway:

Physical stores still prevailMajority of US retail sales are still made in physical stores, indicating traditional shopping methods are preferred.
E-commerce is gaining tractionThe 15.1% share of online retail signifies the rising trend and acceptance of e-commerce.
Multi-channel strategy is crucialThe co-existence of both mediums suggests businesses must adopt a multi-channel retail strategy.

This data suggests a balance in retail strategy is crucial, embracing both e-commerce and physical store fronts. While traditional shopping methods still dominate, the notable share of online sales signals a trend that cannot be overlooked.

Source: United States Census Bureau

U.S. Retail Establishments Surge to Over 1 Million in Q3 2020

Important takeaway:

Retail industry is resilientThe rise in retail establishments signifies the industry’s resilience, even amidst challenging times.
Positive outlook for job marketMore establishments may lead to more job opportunities in the retail sector.
Investment in retail is attractiveThe growth suggests a healthy climate for investment in retail businesses.

The data indicate an optimistic outlook for the US retail industry, as evidenced by the increase in retail establishments. This resilience suggests a robust business environment and potential growth in retail-related job opportunities.

Source: Bureau of Labor

Retail Sales Forecasted to Jump 4%-6%, Reaching $5.1-$5.2 Trillion in 2023

Important takeaway:

Retail industry expansion in 2023The National Retail Federation’s prediction indicates substantial growth, highlighting the need for businesses to adapt and scale.
Increased consumer spendingThe forecasted rise in retail sales suggests a likely surge in consumer confidence and spending.
Need for supply chain optimizationWith retail sales set to increase, businesses should focus on improving supply chain efficiency to meet demand.
Greater competition among retailersThe projected growth signals potential for increased market competition, emphasizing strategic planning necessity.

Source: NRF

40% of Consumers Shop In-store Weekly, Reinforcing Retail’s Resilience

Important takeaway:

High frequency of in-store shoppingThe substantial percentage of weekly in-store shoppers implies the enduring relevance of physical retail outlets.
Necessity of maintaining physical presenceIt highlights the importance for retailers to sustain a physical presence to cater to these frequent shoppers.
Need for enhanced in-store experienceIt suggests retailers should focus on improving in-store experiences to retain and attract these consumers.
Potential for robust omnichannel strategiesThis data underlines the opportunity for businesses to implement strategies blending both physical and online retail.

Source: Zippa

65% of Consumers Opt for In-Store Shopping to Bypass Delivery Fees

65% of consumers prefer in-store shopping to avoid delivery fees

Important takeaway:

Cost-sensitive consumer behaviorThe majority of consumers are cost-sensitive, avoiding extra delivery charges through in-store shopping.
Need to reconsider delivery fee strategyIt highlights the necessity for online retailers to re-evaluate their delivery fee policies to attract more customers.
Enhanced store value propositionRetailers should emphasize the cost-saving aspect of in-store shopping in their marketing strategies.
Scope for integrated online-offline strategiesThis statistic underlines the need for an integrated strategy, offering free or discounted delivery options for in-store pickups.

Source: Chad

Annual Retail Sales Growth Stands Firm at 4% Since 2010

Important takeaway:

Steady growth in retail sectorA consistent annual growth reflects a stable and thriving retail industry.
Increased consumer spendingThis trend indicates an increase in consumer spending over time.
Retail remains a viable businessThe sustained growth makes retail a desirable business sector for investment.

The data suggests a steady growth in the retail sector, indicating a consistent increase in consumer spending. This trend solidifies the retail industry’s viability and attractiveness for investors and entrepreneurs alike.

Source: NFR

More Retail Resources:

Leave a Reply

Your email address will not be published. Required fields are marked *