Retail Statistics: The Key Data, Numbers, and Growth [Updated]
The world of retail is vast, with 9.1 million online retailers spread across different regions. A sizable portion, 2.5 million to be precise, operate within the United States.
When we delve deeper into U.S. figures, we find that 15.1% of its retail sales occur online, showing a growing preference for digital shopping. As we approach the end of 2023, projections suggest that retail sales will see an increase of 4%-6%, potentially reaching between $5.1 to $5.2 trillion.
Let me share the most crucial retail statistics you should be aware of right away. 🛒🌐
Retail Statistics: The Key Numbers
- There are 9.1 million online retailers in the world, and 2.5 million of them are in the United States.
- 15.1% of U.S. retail sales are made online, while 84.9% are made in physical stores.
- According to the National Retail Federation, retail sales will rise 4%-6% in 2023, reaching $5.1-5.2 trillion.
- According to projections, total global retail will reach $31.3 trillion by 2025.
- As of 2023, the US has 1,045,422 retail stores.
- There are 2.1 million US ecommerce retailers.
- 24% of cyberattacks targeted retailers, more than any other industry.
- The retail industry had 629 incidents and 241 breaches in 2022.
- Organized retail crime accounts for 1.47% of retailer sales.
- 81% of retail shoppers conduct online research before making a purchase.
- 54% of consumers say they are more likely to look at a product online before purchasing it in-store.
Sources: (etailinsights, United States Census Bureau, Bureau of Labor, NRF, Zippa, Chad, NFR)
Retail Shrinkage Statistics: The Key Data
- The average retail shrinkage rate has hovered around 1.4% for over a decade.
- Retailers report 26.5% increases in organized retail crime, employee theft, violence, and omnichannel fraud.
- Retail shrink cost retailers $94.5 billion in 2021, 1.44% of sales.
- Retail cost increased 53.16% in last two years due to shrink.
- Most retail shrinkage is caused by external theft (37%), employee theft (28.5%), and process or control failures (25.7%).
- Retailers reported 81% shrinkage increases in 2022.
- Store theft accounts for 40% of retail shrinkage.
- The average shrink rate as a percentage of sales dropped to 1.4% in 2021 from 1.6% in 2020.
- Employee internal theft accounted for more than a quarter (28.5%) of retail shrinkage.
- In 2021, nearly twice as many businesses reported shrink rates of 3% or higher than in previous years.
Sources: (CBS 58, Investors, Chain Storeage, NRF, Forbes, Tony Donofrio, Linkedin, CNN, CNBC, Shopify.)
Retail Foot Traffic Statistics: The Key Data
The retail industry has seen substantial shifts in foot traffic, with a global decline of 62.5% in 2020. Notably, retail traffic experienced an additional drop of 8.1% in March 2023 compared to March 2019.
- Retail traffic dropped 8.1% in March 2023 compared to March 2019.
- Global retail foot traffic fell by 62.5% in 2020.
- The most foot traffic increased at arts and craft supply stores (40%), department stores (34%), outlet malls (32%), and shopping centers (31%).
- Walmart, McDonald’s, and Subway have the most daily foot traffic in the U.S.
- Retail foot traffic was 3.9% higher during the week of November 7, 2021, compared to the same week in 2019.
- In Q1 2023, shopping visits rose 20% from the previous year.
- Walmart foot traffic rose 22.2%, year-over-year.
Sources: (Globest, Retail Customer Experience, Retaildive, Geekwire, Resonai, Gravy Analytics.)
AI in Retail: Key Statistics and Market Trends
- The market size of AI in Retail was valued at USD 6 billion in 2022 and is expected to experience a compound annual growth rate (CAGR) of over 30% from 2023 to 2032.
- In fact, it is estimated that $40 billion of additional revenue was driven by AI in retail in a 3-year span.
- 80% of retail executives expect their companies to adopt AI-powered intelligent automation by 2027.
- Currently, 4% retail use AI in their operations.
Source: (Gminsights, Hitachi, O’reilly)
Retail Food Waste Statistics: The Key Data
Grocery stores in the United States face a substantial issue with food waste, as about 30% of food is wasted, posing both environmental and economic challenges.
- About 30% of food is wasted by grocery stores in the United States.
- Approximately 16 billion pounds of food waste are generated annually by US retail stores.
- Food waste costs grocery stores an estimated $18.2 billion annually.
- Food waste in the retail sector is valued at roughly 2X the amount of profit generated from food sales.
- 40% of total food waste is generated at the retail level, which includes grocery stores, restaurants, and food service companies.
- The average American grocer throws away $5,000–$10,000 worth of food per week.
- The majority of this waste came from produce (32.3%), dairy and eggs (13.9%), and fresh meat and seafood (13.5%).
- In 2021, retailers produced 5.12 million tons of excess food, nearly 35% of which was disposed of in landfills or incinerated as waste.
- Due to overproduction or overordering, 67.7% of prepared foods are wasted.
- In the United States, the market share of conventional supermarkets has decreased from 69.7% in 2017 to 66.2% in 2022.
Sources: (RTS, Waste 360, Refed, Forbes, Food Engineering Mag, Winsight Grocery Business.)
Retail Investor Statistics: The Key Data
The engagement of retail investors is increasingly notable, with over 1.5 million buying or selling shares in 2022 and an average daily investment of $1.51 billion into U.S. stocks.
- Over 1.5 million retail investors bought or sold shares in 2022.
- Every day, retail investors poured $1.51 billion into U.S. stocks.
- 69% to 84% of retail investors experience losses.
- Retail investors make up 10% of the 3,000 largest U.S. stocks’ daily trading value.
- About 15% of retail investors started in 2020.
- 95% of retail investors live outside of major financial centers and earn average wages.
- Retail investors now account for approximately 52% of global assets under management.
- Retail investors account for nearly 20% of stock market activity in the United States.
- Retail investors bought stocks worth $76 billion during a three-month period ending on May 24, 2022.
- Retail investors’ share of total trading volume rose from just above 10% in 2011 to over 22% in 2021.
Sources: (AMF, Yahoo, Coin Telegraph, Reuters, Contrary Research, Investing In The Web, Insider Inc, The Street.)
Retail Theft Statistics: The Key Data
Retail theft is becoming a growing concern for businesses everywhere. By 2025, the costs tied to retail theft might reach a massive $115 billion. Retail theft costs are expected to rise by 32.79% over the next three years.
- The retail theft cost is expected to increase by 32.79% in next 3 years.
- Stores lost an estimated $86.6 billion to retail theft in 2022, with projections indicating that retail theft may cost stores over $115 billion in 2025.
- Target Stores saw a nearly 120% increase in theft incidents in the first five months of 2023
- The average theft rose from $937 in 2020 to $1,180 in 2021.
- Since 2019, major commercial locations have seen 53% more theft of items under $1,000.
- The average loss per theft incident is approximately $460.
- 74.1% of retailers reported increases in external theft from 2016 to 2021.
Sources: Food Institute, John Jay College of Criminal Justice, Statista, Capital One Shopping, The Hill)
Organized Retail Crime Statistics: The Key Data
Organized Retail Crime (ORC) is becoming a growing concern, with retailers witnessing an average 26.5% increase in ORC incidents in 2021. The crime wave led to a substantial $94 billion in inventory loss in 2022, and a worrying 75.9% of retailers have reported employee assault.
- Organized retail crime has caused $125.7 billion in lost economic activity and a loss of 658,375 jobs.
- Organized retail crime accounts for 1.47% of retailer sales.
- ORC caused $94 billion in inventory loss in 2022, and 75.9% of retailers reported employee assault.
- 56% of small retailers reported theft in 2021.
- The average theft case value was $1180 in 2021.
- In 2021, retailers saw an average 26.5% increase in ORC incidents.
- 8 out of 10 retailers reported more violence and aggression last year.
- 34% of organized retail thefts are designer clothes.
- Organized retail crime lost an average of $719,548 for every $1 billion in sales.
- Organized retail crime has cost the federal, state, and local governments $14.9 billion in lost taxes.
Sources: (Ri Last Age Media, NRF, ICSC, Washington Examiner, Statista, Investors, US Chamber, Legal Jobs, USA Today, Loss Prevention Media.)