8+ Retail Statistics Marketers Need To Know [2023 Relevant]

I’ve compiled a list of insightful retail statistics; a brief overview is provided below.

Retail Statistics:

90% of retail sales happen in physical stores.
According to projections, total global retail will reach $31.3 trillion by 2025.
In 2022, global retail sales exceeded 27 trillion dollars.
As of 2023, the US has 1,045,422 retail stores.
There are 2.1 million US ecommerce retailers.
US retailers will spend $50 billion on digital ads in 2023.
81% of retail shoppers conduct online research before making a purchase.
80% of shoppers believe that the customer experience is just as important as the products and services.
54% of consumers say they are more likely to look at a product online before purchasing it in-store.
Total retail sales will increase between 4% and 6% in 2023 compared to 2022 levels.

Sources: (Industry Dive, Epam Anywhere, Statista, Zippia, Digital in the Round, Invoca, General Electric, Help Scout.)

Significance of the Data: Very High

Mentioned By: Generis Collective, Retail Dive, Retail Technology Review, Business Leader, Linkedin, Forbes, and more.

What does the data Suggest	Justification
Invest significantly in brick-and-mortar store experiences.	The vast majority of retail transactions still occur offline.
Integrate online strategies to drive in-store traffic.	Even in a digital age, physical stores dominate retail sales.
Reevaluate excessive digital-only retail approaches.	A balanced strategy, favoring physical stores, aligns with prevailing sales patterns.

Significance of the Data: Very High

Mentioned By: Statista, dealsuite, data axle usa, spectra usa, fibre 2 fashion, Insider Intelligence, web fx, oberlo, and more.

What does the data Suggest	Justification
Strengthen global retail strategies in anticipation.	The immense projected growth emphasizes the expanding retail market.
Adapt to evolving consumer trends and demands worldwide.	Ensuring relevance in a vast market requires keeping pace with global shifts.
Allocate resources for strategic expansion and innovation.	As the market burgeons, capturing a slice necessitates foresight and agility.

Significance of the Data: Very High

Mentioned By: Expert Market Research, Verified Market Research, Linkedin, Oberlo, Money Transfers, Scribd, Research And Markets, and more.

What does the data Suggest	Justification
Recognize the immense scale and potential of the global retail market.	Sales in trillions underscore the market’s vastness and profitability.
Incorporate data-driven strategies to tap into this lucrative sector.	Analyzing and adapting to trends ensures a share in the vast revenue pool.
Allocate investments to both maintain and grow global market presence.	To stay competitive, businesses must prioritize ongoing market engagement and expansion.

Source: Zippia

Significance of the Data: High

Mentioned By: National Retail Federation, Market Splash, Website Builder Expert, Veras Retail, Statista, and more.

What does the data Suggest	Justification
Acknowledge the continued significance of brick-and-mortar retail.	Over a million physical stores signify their persistent relevance.
Differentiate stores through unique in-person experiences.	In a crowded marketplace, distinct offerings ensure customer attraction and retention.
Assess regional distribution and market saturation.	Strategic placement and market analysis are pivotal for sustained success in such a dense landscape.

Significance of the Data: Very High

Mentioned By: Etailinsights, Startup Talky, Influencer Marketing Hub, Oberlo, Thrive My Way, and more.

What does the data Suggest	Justification
Recognize the surging prevalence of e-commerce retailing.	Over two million entities emphasize the digital shift in retail.
Distinguish e-commerce platforms with innovation and user experience.	Amidst the crowded digital space, differentiation is crucial for visibility and conversion.
Prioritize robust digital marketing and SEO strategies.	In such a dense e-commerce environment, online visibility becomes paramount for success.

Source: Invoca

Significance of the Data: Very High

Mentioned By: Digital Content Next, Statista, Insider Intelligence, Adweek, and more.

What does the data Suggest	Justification
Allocate a significant portion of marketing budgets to digital advertising.	The vast projected expenditure signifies the industry’s reliance on digital reach.
Stay updated with the latest digital advertising trends.	As the investment grows, leveraging forefront trends is crucial for optimal returns.
Reassess and refine digital ad strategies regularly.	The competitive ad landscape demands continual optimization for maximum ROI.

Significance of the Data: Very High

Mentioned By: Saleslion, Invoca, Adweek, Forbes, Business Blogs Hub, Chain Store Age, Think With Google, and more.

What does the data Suggest	Justification
Prioritize a strong online presence for retail brands.	The majority of shoppers are influenced by online information before purchasing.
Invest in accurate, informative, and easily accessible content.	Ensuring that consumers find relevant details online aids in purchase decisions.
Enhance SEO and online visibility for key products and services.	As shoppers search, ensuring brand visibility can significantly influence sales outcomes.

Significance of the Data: Very High

Mentioned By: SuperOffice, Zendesk, Salesforce, PwC, HubSpot, Epsilon, Exchange 4 Media, Mckinsey & Company, and more.

What does the data Suggest	Justification
Elevate the focus on delivering exceptional customer experiences.	A vast majority equate experience with product value, emphasizing its significance.
Invest in training and resources to enhance touchpoints at every stage.	Every interaction can sway a consumer’s perception and buying decision.
Continually gather feedback and adapt to meet customer expectations.	In a customer-centric world, proactive adaptation ensures brand loyalty and growth.