2023-06-16 15:40:04 ET
The retail industry is a dynamic and ever-evolving sector that plays a crucial role in the global economy. Investors seeking to make informed decisions in this space can benefit from understanding key statistics that shed light on market trends, consumer behaviour, and the performance of retail companies.
In this article, we will explore 20 essential retail industry statistics that investors should consider when assessing investment opportunities.
Retail industry fun facts – Editor’s pick
- The global retail market continues to grow steadily, driven by increasing consumer spending and e-commerce expansion.
- Online retail sales have experienced significant growth, fuelled by the convenience and accessibility of e-commerce platforms.
- Customer experience and personalization are becoming increasingly important in the retail sector, shaping consumer preferences and influencing brand loyalty.
- The pandemic has accelerated digital transformation in the retail industry, emphasizing the importance of omnichannel strategies and seamless shopping experiences.
General retail sales statistics
1. Global retail sales were in excess of $27 trillion in 2022
Global retail sales were worth more than $27 trillion in 2022. The market is expected to surpass $30 trillion by 2024 and $24 trillion by 2026.
2. 100 billion hours were spent on retail apps in 2022
Last year, even though the COVID restrictions were removed, shoppers worldwide spent more than 100 billion hours on retail apps.
3. 71% of consumers still shop at physical retail stores
Physical retail stores still play a vital role, with 79% of consumers globally making at least one in-store purchase per week in 2020.
4. 52 U.S. retailers went bankrupt in 2020
COVID was particularly a catastrophe for the retail industry. In 2020, at the peak of restrictions, 52 U.S. retailer succumbed to the pressure and filed for bankruptcy .
5. Grocery market to see a CAGR of 24.6%
Grocery is one of the fastest growing segments within the retail space. It’s expected to grow at a CAGR of 24.6% (worldwide) between 2022 to 2030 by which it’ll be worth $1.9 trillion.
6. U.S. retail sales were worth more than $7.0 trillion in 2022
United States remains the world’s biggest market in terms of retail sales. In 2022, its retail sales were valued at more than $7.0 trillion – well ahead of China at about $2.0 trillion.
7. 67% of U.S. consumers pick social media for retail customer service
Social media is common means of customer service in the U.S. retail industry. About 67% of U.S. consumers contact retailers via social media for inquiries or to resolve issues.
Public retail companies statistics
8. Amazon app downloads hit nearly 30 million in 2022
Amazon.com Inc ( NASDAQ: AMZN ) continues to be the most popular place for online shoppers. In 2022, its retail app downloads across both iOS and Android touched almost 30 million.
9. Walmart is currently the world’s largest retailer
In terms of overall sales, Walmart Inc ( NYSE: WMT ) is globally the largest retailer with $611 billion of sales in its fiscal 2023 – up 6.7% year-on-year. Its consolidated net sales are expected to climb further to $633 billion in FY 2024.
10. 7-Eleven has over 70,000 retail stores worldwide
7-Eleven has the highest number of retail stores globally at more than 70,000 . That’s nearly 7 times as much as Walmart.
11. Amazon retail e-commerce sales will grow 45% in 2023
Insider Intelligence expects Amazon’s retail e-commerce sales globally to come in at $746.22 billion in 2023. That’s up from $514 billion in 2022.
12. A.I. in retail will generate $36 billion in revenue by 2030
Artificial intelligence generated $1.7 billion in retail revenue in 2021. In the coming years, it will grow at a CAGR of 40.5% and hit $36 billion in revenue by 2030.
E-Commerce and mobile commerce statistics
13. E-commerce to make up 20.8% of total retail sales in 2023
E-commerce sales have climbed sharply in recent year, partly due to the COVID pandemic . They made up 13.8% of total retail sales worldwide in 2019 and are expected to account for 20.8% of them in 2023.
14. Mobile commerce sales will surpass $500 billion in 2023
Estimates are for mobile commerce sales to be worth $511.80 billion this year. That’s more than double the $220.67 billion in before the pandemic (2019).
15. Buyers on desktop spend $40 more than those on mobile
On average, the order value on a desktop is about $40 higher than the one on a mobile phone.
16. Conversion rate on desktop trumps conversion rate on mobile
While mobile commerce is on the rise, desktop still converts 3.0% of the online shoppers – a full percentage point higher than mobile.
17. Active mobile buyers in the U.S. will exceed $180 million in 2023
In 2020, at the start of the pandemic, there were 167.8 million active mobile buyers in the U.S. That number is expected to hit 183.2 million in 2023 and 187.5 million in 2024.
18. U.S. e-commerce sales surpass $1.0 trillion in 2023
In the United Sales alone, e-commerce sales are projected to be worth over $1.0 trillion in 2023. By 2027, that number is expected to exceed $1.5 trillion.
19. Food and Personal Care accounts for 27.3% of U.S. e-commerce sales
Food and Personal Care continues to be the largest segment within e-commerce. In the U.S., it makes up 27.3% of the total e-commerce sales.
20. E-commerce sales will grow 16% in China
China continues to be the largest e-commerce market worldwide. Its retail e-commerce sales are expected to grow 16% in 2023 to $3.85 trillion.
Conclusion:
These 20 statistics provide valuable insights into the retail industry, equipping investors with the information needed to navigate this dynamic market successfully.
From the significant growth of e-commerce to the impact of consumer preferences and emerging trends, it is evident that understanding these statistics is crucial for making informed investment decisions in the retail sector. By staying informed and adapting to evolving consumer behaviours, investors can identify promising opportunities in this ever-changing industry.
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