The U.S. has one of the largest retail markets globally and is home to the world’s leading retail companies. Its size tells us about the massive opportunities in the industry and how competitive it is.
As it grows, the retail industry is evolving to keep up with ever-changing consumer needs and behavior. Keep reading to learn more about the latest retail statistics in 2023, including:
- General retail industry statistics
- General retail consumer trends
- Social media and the retail industry statistics
- Augmented reality (AR) and the retail industry statistics
- Brick-and-mortar retail store statistics
- Buy online, pick up in-store (BOPIS) retail statistics
- Omnichannel retail statistics in 2023
Want to receive the latest digital marketing and retail industry tips? Subscribe to Revenue Weekly and be one of the 200,000 marketers who receive their dose of marketing advice in their inbox for free!
General retail industry statistics
The retail industry is forecast to grow at a faster rate in 2022 compared to 2010 through 2019. Here are some retail statistics that show its growth trend:
- The retail industry provided 52 million jobs in the U.S., making it the largest private-sector employer in the country.
- For every retail store that closed, two new retailers opened in 2021.
- Total worldwide retail sales are estimated to reach $31.3 trillion by 2025.
- Worldwide retail e-commerce sales are projected to hit about $7.4 trillion by 2025.
- In 2021, global retail sales grew to $26 trillion, which is nearly 10%.
- Retail sales will grow by 6-8% to more than $4.9 trillion in 2022.
- 49% of retailers plan to increase their investment in their company-owned online store.
- 46% of retailers plan to increase their investment in mobile apps to drive sales.
- Ecommerce sales’ share from total retail sales has decreased, accounting for 3% of retail sales through mid-2022.
- Sales from mobile devices are projected to account for 4% of all retail transactions by 2025.
- 7% is how much retail sales grew on average from 2010 to 2019.
General retail consumer statistics
Want to know what makes retail shoppers choose one brand over another? Convenience and price influence retail shoppers’ buying decisions and loyalty. Transparency, sustainability, and inclusivity affect purpose-driven retail buyers worldwide.
Check out these general retail consumer statistics in 2022:
- One out of four shoppers said they would shop online even more in the year ahead.
- Two out of three Americans say that their social values influence their shopping choices.
- 97% of consumers backed out of purchases because of inconvenience.
- 90% of consumers are more likely to choose a retailer based on convenience than any other factor.
- 90% of consumers who have switched brands or retailers plan to continue this behavior in the future.
- 71% said that they are willing to pay a premium for brands that are transparent and provide traceability.
- 57% of consumers would change their buying habits to help reduce negative environmental impact.
- 53% of organizations are prioritizing sustainability.
- 52% of consumers said that half or more of their purchases are influenced by convenience.
- 46% of respondents said they shopped at a different brand recently, with price being the biggest driver for the switch.
- 45% of Americans believe that retailers should support Black-owned businesses and brands.
- 41% of global consumers are value-driven. These consumers’ primary concern is to get their money’s worth with every purchase.
- 40% of global consumers are purpose-driven. They are looking for products and services aligned with their values.
- 40% of shoppers start their buying journey with a broad search.
Social media and the retail industry statistics
Social media is an excellent channel for retailers to build brand awareness and reach new audiences.
The growth of livestream selling can also help retailers improve their customers’ shopping experience. Here are some retail industry statistics related to social media:
- The U.S. livestream market is projected to account for $35 billion in sales by 2024.
- 81% of brands plan to either maintain or increase their investment in livestream selling to drive sales in the next 12 months.
- 60% of shoppers who had tried livestream shopping claimed that it improved their online shopping experience.
- 54% of shoppers have found a new small business on social media.
- 49% of brands are planning to increase their social commerce investment in 2022.
- 45% of U.S. consumers say that social media is influencing their purchases.
- 42% of retailers plan to sell directly through social media.
- Livestream delivers conversion rates of up to 30%, which is 10 times higher than ecommerce.
- By 2026, the U.S. livestream market is forecast to make up as much as 20% of all ecommerce sales.
AR and the retail industry statistics
AR has the potential to engage customers and boost retailers’ sales. Here are some stats that show the power of AR:
- A quarter of Gen Z and millennials have used AR when shopping online.
- Two out of five shoppers are expecting AR to be available when shopping in the next 12 months.
- Three out of 10 prefer to try clothes using AR instead of visiting in-store.
- 56% of shoppers who use AR said that the technology has encouraged them to buy something.
- 42% is the number of online clothing returns you can avoid when using AR in the shopping process
- 38% of shoppers are interested to keep using AR in the future when shopping online.
- 35% of consumers would shop online more if they could do virtual try-ons.
- 16% of shoppers worldwide have used AR when shopping online.
Brick-and-mortar retail store statistics
While online shopping is booming, physical stores are still relevant today. More global consumers now feel comfortable shopping in-store.
Here are retail industry statistics that show the importance of physical stores in 2022:
- 81% of Gen Z customers in the U.S. prefer to shop in-store.
- 73% of Gen Z customers in the U.S.visit brick-and-mortar stores to discover new products.
- 72% of consumers say they ‘showroom’— they visit a retail store to experience the products and purchase it elsewhere or online.
- 59% of consumers said the ability to feel, touch, and try a product is a key driver for them to shop in brick-and-mortar stores instead of online.
- 47% of consumers were more likely to purchase from a brand because of its local presence.
- 46% of retail brands plan to prioritize showrooming in the next year.
- 34% of consumers say they are likely to engage in in-store appointment shopping.
- 31% of brands plan to put up or expand their retail footprint.
- 21% of consumers worldwide would go out of their way to visit a store that provides instant access to stock information as a service. If such a service were available in a store they planned to visit, 41% of global consumers would use it.
- 7% is how much in-store sales increased from 2019 to 2022.
BOPIS retail statistics
Also known as click and collect, BOPIS is a hybrid approach that offers the convenience of online buying and the efficiency of in-store shopping.
Here are retail industry statistics showing that a growing number of consumers are becoming more comfortable shopping in-store and online:
- One-third of U.S. consumers want to continue their BOPIS shopping behavior.
- One-third of global consumers say that an “easy return policy” is the top reason they decided to purchase a product online.
- 80% of shoppers who return a product in-store spend the refund in the store.
- 76% of first-time U.S. retail buyers who had a seamless product-return experience said they’d purchase from that retail brand again.
- 66% of retailers are offering or planning to let shoppers click and collect.
- 60% of consumers have used BOPIS, while 77% have tried research online and purchase offline (ROPO). Both figures have increased by 5% year-over-year, which shows that more customers are comfortable using ecommerce and in-store shopping to maximize the benefits of both.
- 55% of consumers want to check out products online and see what’s available in nearby brick-and-mortar stores.
- 54% of shoppers want to look at a product online and later buy it in-store. Meanwhile, 53% of shoppers want to check out a product at a physical store and later buy it online.
- 51% of retail shoppers make purchases on their phones while inside a store.
- 47% of consumers are likely to purchase online if returning the product in-store is an option.
Omnichannel retail statistics in 2023
As retail consumers expect convenient and frictionless shopping, retail brands are forced to provide an omnichannel shopping experience that creates a seamless path to purchase. Check out these omnichannel retail statistics:
- Three-fourths of U.S. consumers said that they are researching and shopping both online and in-store, and participating in omnichannel activities.
- Half of retailers are offering or planning to offer ship-from-store capabilities.
- Almost half of retailers believe that unifying ecommerce and in-store operations and data will be their biggest challenge in the next 12 months.
- Omnichannel campaigns coupled with push messages have a 614% higher order rate.
- Brands using three or more channels in a campaign garnered a 494% higher order rate than brands using a single-channel campaign.
- Omnichannel campaigns with an SMS component were 429% more likely to end in conversion compared to single-channel campaigns.
- 95% of retail brands plan to increase their investment in digital capabilities in 2022 to offer an immersive omnichannel experience for customers.
- 53% of brands are investing in tools that allow them to sell anywhere.
- 33% of brands are prioritizing order fulfillment through omnichannel means.
- 10% to 30% is how many sales retailers can lose when they don’t meet customers’ omnichannel shopping expectations.
We don’t want to tell you about the work we do, we want to SHOW you.View Our Portfolio
We’ve built over
in a variety of industries.
Ready to implement digital marketing for retail?
If you were inspired to get started with your revenue-driving digital marketing strategy for retail with these statistics, look no further than WebFX.
We’re a full-service digital marketing agency with 25+ years of experience. Our team has generated more than 7.8 million leads and $3 billion in revenue for our clients. We’ll be glad to deliver results for your retail business, too.
Contact us online or call us at 888-601-5359 to speak with a strategist and get started with your digital marketing strategies!