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
|The US dominates online retail||The US hosts more than a quarter of global online retailers, reflecting a strong e-commerce infrastructure.|
|Online retail is a global business||The remaining online retailers are spread globally, indicating the worldwide acceptance of e-commerce.|
|E-commerce expansion is necessary||Businesses 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
|Physical stores still prevail||Majority of US retail sales are still made in physical stores, indicating traditional shopping methods are preferred.|
|E-commerce is gaining traction||The 15.1% share of online retail signifies the rising trend and acceptance of e-commerce.|
|Multi-channel strategy is crucial||The 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
|Retail industry is resilient||The rise in retail establishments signifies the industry’s resilience, even amidst challenging times.|
|Positive outlook for job market||More establishments may lead to more job opportunities in the retail sector.|
|Investment in retail is attractive||The 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
|Retail industry expansion in 2023||The National Retail Federation’s prediction indicates substantial growth, highlighting the need for businesses to adapt and scale.|
|Increased consumer spending||The forecasted rise in retail sales suggests a likely surge in consumer confidence and spending.|
|Need for supply chain optimization||With retail sales set to increase, businesses should focus on improving supply chain efficiency to meet demand.|
|Greater competition among retailers||The projected growth signals potential for increased market competition, emphasizing strategic planning necessity.|
40% of Consumers Shop In-store Weekly, Reinforcing Retail’s Resilience
|High frequency of in-store shopping||The substantial percentage of weekly in-store shoppers implies the enduring relevance of physical retail outlets.|
|Necessity of maintaining physical presence||It highlights the importance for retailers to sustain a physical presence to cater to these frequent shoppers.|
|Need for enhanced in-store experience||It suggests retailers should focus on improving in-store experiences to retain and attract these consumers.|
|Potential for robust omnichannel strategies||This data underlines the opportunity for businesses to implement strategies blending both physical and online retail.|
65% of Consumers Opt for In-Store Shopping to Bypass Delivery Fees
|Cost-sensitive consumer behavior||The majority of consumers are cost-sensitive, avoiding extra delivery charges through in-store shopping.|
|Need to reconsider delivery fee strategy||It highlights the necessity for online retailers to re-evaluate their delivery fee policies to attract more customers.|
|Enhanced store value proposition||Retailers should emphasize the cost-saving aspect of in-store shopping in their marketing strategies.|
|Scope for integrated online-offline strategies||This statistic underlines the need for an integrated strategy, offering free or discounted delivery options for in-store pickups.|
Annual Retail Sales Growth Stands Firm at 4% Since 2010
|Steady growth in retail sector||A consistent annual growth reflects a stable and thriving retail industry.|
|Increased consumer spending||This trend indicates an increase in consumer spending over time.|
|Retail remains a viable business||The 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.
More Retail Resources: