100+ Stats—Retail Current & Future
Omnichannel. Mobile. Personalization. Digital… There’s a lot to keep up with in retail today. You could spend hours scouring the web to catch up or you could just keep reading. We’ve pulled together a collection of 100+ industry statistics that will change how you think about retail. And, keep checking back as we continue to update and add more surprising finds.
- Seven years ago, 78% of consumers used at least one online channel when researching products/services. In 2014, that number jumped to 88%—and four in 10 wanted even more digital interactions than companies were providing (Accenture).
- Shoppers now have over 800 possible paths to purchase available to them (Cisco).
- In the UK, a survey in 2014 found that people swap devices 21 times an hour (OMD).
- There will be 13.5 billion consumer connected “things” by 2020 (Gartner).
- 91% of shoppers stated that they frequently research products online, then purchase them in-store (InReality).
- 68% of shoppers stated that they frequently research products in-store, then purchase them online (InReality).
- Digital interactions were estimated to impact 64 cents of every dollar of spent in-store in 2015 (Deloitte).
- 55% of online shoppers would prefer to buy from a merchant with a physical store presence over an online-only retailer (A.T Kearney).
- 65% of who buy online and pickup in-store purchase additional items in-store when they go to pickup purchases (Cognizant).
- 50% of shoppers who conduct a local search on their smartphone visit a store within a day, and 18% of those searches lead to a purchase (Google).
- Just 49% of shoppers feel that they receive a consistent experience across retail channels (Forrester).
- In 2014, 52% of consumers stated that they buy more from retailers who personalize the shopping experience across channels, up from 40% in 2012 (MyBuys).
- Consumers who shop both online and off with a specific retailer buy 250% more on average (Master Card).
- Shoppers who buy from a business both in-store and online have a 30% higher lifetime value than those who shop using only one channel (IDC).
- Brick-and-mortar sales in the first quarter of 2016 accounted for over 92% percent of total U.S. sales (U.S. Census Bureau).
- 87% of shoppers go to a store when they are ready to purchase a particular product (InReality).
- Nearly 80% and trending up over the past few years interact with brands or products through digital before arriving at the physical store (Deloitte).
- 82% of all purchase decisions by women are made in-store (POPAI).
- 76% of all purchase decisions by men are made in-store (POPAI).
- 2 in 3 shoppers who tried to find information within a store said they didn’t find what they needed, and 43% of them left frustrated (Google).
- 46% of shoppers stated that they usually know more than the sales associate (InReality).
- 88% of in-store displays go unnoticed by shoppers (POPAI).
- 54% of shoppers welcome retailer alerts reminding them of an offer or loyalty reward based on their current location (Cognizant).
- 40% of customers spend more money than planned during in-store visits, vs. 25% of online shoppers (A.T. Kearney).
- As of January 2016, 198.5 million people in the U.S. owned smartphones [That’s approximately 61% of the U.S. population.] (comScore).
- In 2014, on-the-go consumers were spending more than 15 hours per week researching on their smartphones (Google).
- Mobile shopping-related searches increased 120% in the last year (Google).
- Last year mobile influence on in-store sales jumped to nearly $1 trillion from just $0.16 trillion in 2012 (Deloitte).
- Smartphones now account for 60% of all mobile transactions in the U.S., compared to 52% just a year ago (Criteo).
- 27% of consumers expect to purchase more on their mobile device this year (Accenture).
- 82% of shoppers say they consult their phones on purchases they’re about to make in a store (Google).
- One in four shoppers say they have changed their minds while in a checkout line after looking up details on a smartphone (Google).
- Following a mobile search, the majority of purchases happen not online, but in a physical store (73%) or on the phone (16%) (comScore).
- 66% of time spent with online retail is on mobile (comScore).
- 53% of consumers are willing to share their current location to receive more relevant advertising (JiWire).
- More than 80% of U.S. shoppers want the ability to check for nearby product availability (PixelMEDIA).
- Google searches with “near me” have grown 2.4X year-over-year (Google).
- One in four mobile shoppers in the U.S. is over the age of 55 (Business Insider).
- E-commerce sales in the first quarter of 2016 accounted for 7.8 percent of total U.S. sales (U.S. Census Bureau).
- One in two (48%) online customer journeys begin at ecommerce marketplaces such as eBay or Amazon (Chain Store Age).
- In 2015, 43% of consumers stated they prefer to shop online, but only 29% had made their most recent purchase online(IBM).
- 68.63% is the average documented online shopping cart abandonment rate (Baymard).
- 57% of shoppers prefer to research products online, yet only 15% prefer to make purchases mostly or exclusively online (RetailingToday).
- Two-thirds (66%) have decided not to buy an item because of shipping costs; 72% of females and 59% of males have decided to abandon their purchase because of shipping costs (Chain Store Age).
- Almost half of shoppers (49%) cited not being able to touch, feel or try a product as one of their least favorite aspects of online shopping; 34% said that returning items and waiting for delivery were also a pain (Chain Store Age).
- 47% of shoppers feel the top reason for shopping online (both on desktop and mobile) is the ability to compare products and prices easily (RetailingToday).
- Millennials, those consumers aged 18 to 34, remain the key age demographic for online commerce, are spending more money online in a given year than any other age group (Business Insider).
- Generation Z, those consumers aged 18-24, spend the highest share (9%) of their income online (Business Insider).
- Social commerce sales were forecasted to represent five percent of all online retail revenue in 2015—or $15 billion (Hubspot).
- Social media increased its share of e-commerce referrals nearly 200% between the first quarters of 2014 and 2015 (Business Insider).
- Facebook accounts for 50% of total social referrals and 64% of total social revenue (Business Insider).
- Orders for referrals from Instagram average $10 more than Facebook ($65 versus $55, respectively) (Shopify).
- 45% of consumers who used their mobile to access social media while shopping, also used it to make a purchase (InReality).
- 62% of consumers share local deals with friends (JiWire).
Personalization / Consumer Data
- Only 22% of customers feel that the average company does a good job of personalizing their relationship. That number only rises to 37% when consumers describe their favorite companies (IBM).
- 57% of shoppers are concerned that their personal information could be stolen compared to 49% last year (Accenture).
- 37% of shoppers are more likely to be comfortable being tracked if they believe retailers will keep their data secure, and 36% were more likely to be comfortable being tracked if they know that this is possible (Accenture).
- 75% of shoppers said they would be more likely to buy in-store if given personalized offers/promotions delivered in the moment (InReality).
- Organizations with above-average performance using customer data and analytics outpace competitors by 2-3x on sales, margins and profits (Harvard Business Review).
- Shoppers who use digital while they shop in-store convert at a 20% higher rate compared to those who do not use digital as part of the shopping process (Deloitte).
- 66% of retailers agree that their results will continue to erode unless they find a way to incorporate technology as part of their store experience (Forrester).
- 69% of shoppers say they would be more likely to buy if given self-help options in-store like digital displays or kiosks (InReality).
- Endless aisle retail solutions, i.e. using retail tech to bring online inventory in-store, have a potential value stake of $11B through 2018 (Cisco).
- The global digital signage market was estimated USD 13.25B and is expected to grow at a CAGR of 6.1% from 2014-2020 (Grand View Research).
- The connected retail market will reach $53.75 B by 2020, nearly a fivefold increase over $11.17 B they spent in 2014. RFID is expected to grow at a compound annual growth rate (CAGR) of 23% by 2020. BLE is notch a CAGR of over 25% (Grand View Research).
- Over 50% of shoppers say they would pay a higher price for the customer experiences they value most, and 77% of shoppers would be more loyal to stores that provide their personal top three customer experiences (Synchrony Financial).
- Businesses can lose 20% of revenue from poor customer experiences (Oracle).
- Engaged consumers buy 90% more frequently, spend 60% more per transaction and are five times more likely to indicate it is the only brand they would purchase in the future. All of these factors lead to engaged customers delivering three times the value to the brand over the course of a year (Rosetta).
- 15% of shoppers would give a brand/product a second chance after a poor customer experience (InReality).
- 27% of shoppers would give a physical store a second chance after a poor customer experience (InReality).
- 16% of shoppers would give an ecommerce site a second chance after a poor customer experience (InReality).
- 95% of consumers share bad experiences with others (Zendesk).
- 70% of shoppers are now becoming aware of products through means outside of brand/retailer advertising (Deloitte).
- One in three shoppers has purchased from a company or brand other than the one he or she intended to because of information received in the moment (Google).
- 88% of in-store displays go unnoticed by shoppers (POPAI).
- 63% of shoppers feel a coupon is the most valuable form of mobile marketing (JiWire).
- 57% of shoppers are more likely to engage with advertising that is location-based (JiWire).
- 85% say they’d be more likely to shop in stores that offer personalized coupons and exclusive offers in-store (Google).
- By 2020 a customer will manage 85% of the relationship with a company without interacting with a human (Gartner).
- U.S. shoppers are still signing up for loyalty programs—memberships actually topped 3 billion in 2015. That’s a 26% increase since 2013 (Colloquy).
- On average, U.S. households are enrolled in 29 loyalty programs, but remain active in only 12 (Colloquy).
- 56% of U.S. consumers said the number of brands they consider for a given product or service has increased significantly over the past 10 years (Accenture).
- The probability of selling to a new customer is between 5 and 20%. The probability of selling to an existing customer is between 60 and 70% (Marketing Metrics).
- A 5% increase in customer retention can increase a company’s profitability by 75% (Bain and Co.).
- 80% of your company’s future revenue will come from just 20% of your existing customers (Gartner).
- Loyal customers are worth up to 10 times as much as their first purchase (White House Office of Consumer Affairs).
- 75% of loyalty programs fail in the first 2 years (Capgemini Consulting).
- 71% of shoppers who use a mobile loyalty program still do a price comparison (InReality).
- 76% of shoppers consider one of loyalty programs’ most valuable attributes to be recognizing shoppers based on their status (Cognizant).
- 44% of the negative sentiment towards loyalty programs is due to lack of reward relevance, flexibility and value (Capgemini Consulting).
- Only 9% of loyalty programs offer points redemption across channels (Capgemini Consulting).