Retail has expanded to include more than just purchasing something in a store.
E-commerce allows anyone access to almost any store at any time, with the convenience of their purchases being delivered right to their door.
But it’s not just brick-and-mortar vs. e-commerce anymore. Mobile retail has exploded, enabling consumers to make purchases any time the mood or need strikes them. And the rise of social media has presented even more opportunities for retail in the digital space.
But perhaps you’re unconvinced.
In many ways, the omnichannel marketing approach to retail is relatively new. But 2019 retail trends focus heavily on omnichannel retail and the importance of developing an omnichannel strategy to complement your existing e-commerce offerings.
The following statistics will give you an idea of the benefits of branching out, as well as the current state of retail in 2019.
2019 general retail statistics
- U.S. retail sales rose 0.2 percent in November 2018. (the balance, 2019)
- Department store sales rose 0.4 percent in 2018, partially due to decent Black Friday holiday sales. However, department store sales were down 1 percent since last year. (the balance, 2019)
- E-commerce sales were up 11.4 percent over the previous year. (the balance, 2019)
- Year-over-year retail sales were up 4.3 percent. (the balance, 2019)
- Retail sales hit a record of $5.7 trillion in 2017. (U.S. Census Bureau)
- As of March 31, 2018, U.S. e-commerce sales made up 9.46 percent of total retail sales. (U.S. Census Bureau)
- 78 percent of global respondents to BigCommerce’s survey made a purchase on Amazon, 65 percent in a physical store, 45 percent on a branded online store, 34 percent on eBay, and another 11 percent on Facebook. (BigCommerce, 2019)
- Amazon owns 49 percent of online spending in the U.S., which is about 5 percent of all U.S. retail sales. (BigCommerce, 2019)
- 81 percent of retail shoppers conduct online research before buying. (Source: GE Capital Retail Bank)
- 77 percent of shoppers use a mobile device to search for products. (Salsify)
- The average gross margin in retail is 50.96 percent. (Vend)
- Retailers process an average of 482 transactions per store each month. (Vend)
- The average transaction value in retail is $53.98. (Vend)
- The average monthly revenue of a small business retailer is $22,340.88 (USD). (Vend)
- 2019 is predicted to see total retail sales grow 3.3 percent to $5.529 trillion, and e-commerce sales are expected to grow 15.1 percent to $605.3 billion. (eMarketer)
- There were 1.66 billion global digital buyers in 2017. (Sleeknote)
- 51 percent of Americans prefer to shop online and 96 percent of Americans have made an online purchase in their life. (BigCommerce, 2019)
- 95 percent of Americans shop online at least yearly, 80 percent of Americans shop online at least monthly, 30 percent of Americans shop online at least weekly, and 5 percent of Americans shop online daily. (V12)
- Gen Z respondents spend 8 percent more of their discretionary income each month online than the global average and tend to prefer online purchases to those made offline. (BigCommerce, 2019)
- In 2018, U.S. retailers spent $23.5 billion on digital ads, which is an 18.7 percent increase in spend from 2017. (Mobile Marketer)
- Only 9.6 percent of Gen Z reports buying items in a physical store (millennials at 31.04 percent, Gen X at 27.5 percent, and Baby Boomers at 31.9 percent). (BigCommerce, 2019)
- Only 56 percent of Gen Z consumers made a purchase in a physical store in the last six months compared to 65 percent of all respondents. (BigCommerce, 2019)
- E-commerce dollars now comprise 10 percent of all retail revenue. (OuterBox, 2019)
Mobile retail statistics
- 6 percent of online shoppers prefer mobile wallets over other forms of payment. (BigCommerce, 2019)
- Gen Z shoppers are twice as likely to complete an online purchase using a mobile wallet like Apple Pay, Amazon Pay or Google Pay than the average consumer. (BigCommerce, 2019)
- Mobile wallets are used twice as often by millennials and Gen Z than Gen X or Baby Boomers. (BigCommerce, 2019)
- Mobile sessions account for 59 percent of all sessions on e-commerce sites. (V12)
- Mobile offers are redeemed 10 times more frequently than print offers. (V12)
- 79 percent of smartphone users have made an online purchase using a mobile device in the last six months. (OuterBox, 2019)
- Almost 40 percent of all e-commerce purchases during the 2018 holiday season were made on a smartphone. (OuterBox, 2019)
- 12 percent of Americans have paid for in-store purchases by swiping or scanning their cellphones at the register. (Pew Research Center, 2019)
- Users who have a negative experience on a mobile site are 62 percent less likely to purchase from that site in the future. (Blubolt)
Social media retail statistics
- Both millennials and Gen Z spend the majority of their shopping dollars on products they find on Instagram and Snapchat. (BigCommerce, 2019)
- 30 percent of online shoppers say they would be likely to make a purchase from a social media network like Facebook, Pinterest, Instagram, Twitter or Snapchat. (BigCommerce, 2019)
- 84 percent of online shoppers in the United States review at least one social media site before making a purchase. (Pew Research Center, 2019)
- 39 percent of Americans have shared their experiences or feelings about a commercial transaction on social media platforms. (Pew Research Center, 2019)
- 85 percent of orders from social media sites come from Facebook. (Shopify)
- The average order value for customers referred from Facebook is $55. (Shopify)
- The average order value for customers referred from Twitter is $46.29. (Shopify)
- There are over 500,000 businesses that make use of Instagram as an advertising platform. (Instagram)
- Around 30 percent of online consumers said they posted product feedback online. (V12)
- 38 percent of research ahead of a purchase is conducted on social media. (Blubolt)
Expand your business and empower your customers
We already know that social media is a powerful tool, but that power can be harnessed for enhancing your retail presence. Consider utilizing social media management software to enhance your social media presence and minimize the time spent managing multiple accounts. Retail analytics software and multichannel retail software can help you get a handle on your retail business so you can see where you’re succeeding, where you’re failing, and how you can expand into other channels.
While these statistics are impressive, you know your business best. With more insight into your business and more knowledge of the options available, you can use these statistics to see where you can easily improve your business.
To learn more about retail technology, check out Making the Case for Retail Software.