In no particular order of importance, we’ve captured below a variety of key statistics (and their sources) that every retail store owner should know. Share these with your sales associates as part of training or onboarding.
These data points illustrate the important role retailers play in delivering amazing customer buying experiences. Some of these are good news and validate what you're already doing. Others may show you an area where you can improve. Here goes:
1. 37% of smartphone users make an in-store payment at least once every six months. (OuterBox,2021)
2. Mobile payment apps are predicted to handle an estimated $14 trillion worth of transactions every year in 2022. (Payment Industry Intelligence)
3. 39% of Americans share their experiences from vendors on social media platforms. (PewResearch Center)
4. 79% of consumers now prefer self-checkout. (McKinsey & Company)
5. 87% of customers say they would attend a product demonstration in a physical store.(Score)
And then consider all of these wonderful nuggets from Shopify:
6. 81%of Gen Z consumers prefer to shop in stores to discover new products. Most say it is a way to disconnect from the digital world.
7. 54%of consumers say that over the next year they’re likely to look at a product online and buy it in-store.
8. 31% of brands say they plan on establishing or expanding their physical retail footprint in the next year, but 47% are concerned that securing affordable commercial leases will be one of their biggest challenges.
9. 55% of brands also say winning foot traffic will be a top challenge.
10. 32% of brands say they’ll be establishing or expanding their use of pop-up and in-person experiences in the next year.
11. 40% of brands say offering experiential retail would be a top priority for them in the next year, but 57% of them say coordinating it will be a top challenge.
12. 46% of brands are investing in show rooming over the next year to improve the in-store experience.
13. 32% of consumers say they’re likely to engage with in-store experiential moments.
14. 95% of consumers expect retailers to have COVID safety protocols in place for in-store shopping.
15. In the last year, 47% of consumers were more likely to purchase from a brand due to its local presence.
16. 34% of consumers are likely to engage with appointment shopping in 2022.
17. 59% of consumers say the ability to feel, touch, and try the product is key for shopping in-store vs online.
18. 74% of Americans want to support small businesses more.
19. Over 90% of consumers are more likely to choose a retailer based on convenience.
20. 29.8% of consumers said that in-location customer service has improved in 2021.
21. 99%of retail outlets that use Clientbook report an increase in sales and customer satisfaction.
And finally, some oldies, but goodies:
22. 81% of consumers are more likely to give a retailer repeat business after receiving good customer service. (American Express Global Customer Service Barometer)
23. 75% of customers are more likely to purchase from a retailer who knows their name. (PSFK Future of Retail Report)
24. 9% is the average increase in spend by consumers at a retailer that provides good customer service. (American Express Global Customer Service Barometer)
25. Acquiring a new customer is anywhere between five to 25x more expensive than retaining an existing one. (Harvard BusinessReview)
26. Increasing customer retention rates by 5%increases profits by 25%. (Bain & Company)
27. Conversion rates on existing customers are more than 2x than those of new customers. (The Friedman Group)
28. 71% of customers spend more in person vs.online. (Businesswise)
29. 79% of customers will only engage with personalized offers. (Forbes)
How have you changed your retail business based on these statistics? Do these statistics encourage you or discourage you?