Key Highlights
- The global retail market size was valued at approximately $25.04 trillion in 2022
- E-commerce sales accounted for about 19.5% of all retail sales worldwide in 2021
- In the United States, about 60% of retail sales occur in physical stores
- Mobile retail commerce sales reached $361 billion in 2022 in the U.S., representing 44% of total e-commerce sales
- About 72% of consumers prefer to shop in-store rather than online
- The average American spends approximately $638 per month on retail goods and services
- The top three retail sectors by revenue are grocery, apparel, and electronics
- The COVID-19 pandemic accelerated online shopping growth by 30% in 2020
- The worldwide retail AI market is projected to reach $23 billion by 2028
- 67% of shoppers are willing to pay more for a better shopping experience
- Retail investment in digital transformation increased by 49% in 2022
- The use of augmented reality (AR) in retail is expected to grow at a CAGR of 43% from 2022 to 2028
- 85% of consumers conduct online research before purchasing in-store
The retail industry is undergoing a seismic shift, fueled by digital innovation, changing consumer preferences, and a global market valued at over $25 trillion, transforming how, where, and what we shop for in ways never imagined.
Consumer Shopping Preferences and Behaviors
- In the United States, about 60% of retail sales occur in physical stores
- About 72% of consumers prefer to shop in-store rather than online
- The average American spends approximately $638 per month on retail goods and services
- 67% of shoppers are willing to pay more for a better shopping experience
- 85% of consumers conduct online research before purchasing in-store
- 48% of consumers send a message to retailers on social media for purchase inquiries
- About 65% of consumers prefer to shop at stores that offer personalized experiences
- 58% of consumers have abandoned a purchase due to lack of payment options
- About 43% of retail sales are influenced by social media
- The average spend per shopping trip in the U.S. is approximately $142
- Approximately 52% of consumers shop online at least once a week
- 73% of retail shoppers want to see more sustainable products in stores
- 76% of consumers prefer to buy from brands that are environmentally friendly
- 42% of consumers are more likely to buy from brands that offer free shipping
- 50% of retail purchases are influenced by recommendations from social media
- 68% of apparel retail sales are made online or via mobile platforms
- The average retail store footprint in the U.S. has decreased by 25% since 2010 due to shifting consumer behavior
- 79% of consumers prefer to shop stores that offer easy navigation and checkout
- 55% of consumers prefer buying from retail stores that prioritize sustainability
- 42% of consumers abandoned online carts due to high shipping costs
Consumer Shopping Preferences and Behaviors Interpretation
E-commerce and Digital Sales Metrics
- E-commerce sales accounted for about 19.5% of all retail sales worldwide in 2021
- Mobile retail commerce sales reached $361 billion in 2022 in the U.S., representing 44% of total e-commerce sales
- The COVID-19 pandemic accelerated online shopping growth by 30% in 2020
- Online grocery shopping accounted for 11% of total grocery sales globally in 2021
- Digital coupon usage in retail increased by 20% from 2021 to 2022
- The average return rate for online retail purchases is approximately 20%
- The top three online retailers by sales are Amazon, Alibaba, and JD.com
- Retail spending via voice commands surpassed $4 billion in 2022 in the U.S.
- Retail sales through social media channels reached an estimated $45 billion in 2022
- Approximately 45% of retail sales are now made via online platforms
- The average ROI of retail digital marketing campaigns is approximately 240%
E-commerce and Digital Sales Metrics Interpretation
Market Size and Value
- The global retail market size was valued at approximately $25.04 trillion in 2022
- The top three retail sectors by revenue are grocery, apparel, and electronics
- The worldwide retail AI market is projected to reach $23 billion by 2028
- The global gift card market is valued at over $600 billion, with retail being one of the primary sectors
- The retail loyalty market is projected to reach $7.2 billion by 2025
- The discount store segment makes up approximately 35% of total retail sales in the U.S.
- The top 10 global retail companies account for over $1.5 trillion in combined revenue
- The global fashion retail market size was valued at $1.9 trillion in 2022
- Retail automation market is projected to reach $17.2 billion globally by 2027
- The worldwide retail catalog management market is projected to grow at a CAGR of 10.5% from 2022 to 2028
- The global pet retail market was valued at over $148 billion in 2022
- The global smart store market is expected to grow from $7.9 billion in 2022 to $25.8 billion by 2030
- The global eco-friendly packaging market in retail is expected to grow at a CAGR of 5.2% from 2022 to 2030
- The specialty food retail segment is growing at a CAGR of 3.8%, reaching a global market value of $173 billion by 2023
- The direct retail automation market is valued at approximately $4 billion in 2023, with projected growth to $17.2 billion by 2027
- The retail logistics industry is projected to grow to $1.2 trillion globally by 2025
- The global retail robotics market is expected to reach $4.8 billion by 2026, growing at a CAGR of 26%
- The retail industry is responsible for approximately 2.8 trillion pounds of carbon emissions annually
- The top five retail countries by e-commerce sales are China, the U.S., the UK, Japan, and Germany
Market Size and Value Interpretation
Retail Industry Trends and Strategies
- Retail investment in digital transformation increased by 49% in 2022
- The use of augmented reality (AR) in retail is expected to grow at a CAGR of 43% from 2022 to 2028
- The average retail employee turnover rate is approximately 60% annually
- Retail stores that integrate omnichannel strategies see an average sales increase of 25%
- The average checkout time in retail stores has decreased by 20% due to automation and self-checkout options
- 75% of retail stores are planning to increase their AI investments in 2023
- The use of chatbots in retail customer service is expected to grow at a CAGR of 24% from 2022 to 2028
- Self-checkout adoption in retail stores has increased by 55% since 2019
- Retail employment is expected to grow by about 3.5 million jobs worldwide by 2030
- The average profit margin in retail sectors is around 2-4%
- The number of brick-and-mortar stores in the U.S. has declined by approximately 200,000 since 2019 due to e-commerce growth
- 66% of retail CEOs prioritize digital transformation investment for growth
- The most common retail checkout method worldwide is the traditional counter checkout, used by 70% of stores
- Approximately 85% of retail companies plan to adopt contactless payments in the next two years
- The use of big data analytics in retail is projected to grow at a CAGR of 14% from 2022 to 2028
- The total retail space in malls in the U.S. has declined by nearly 30% since 2010, reflecting shifts in shopping patterns
- The average wait time for retail customer service responses has decreased by 18% due to technological improvements
- 80% of retail executives see omnichannel as key to future growth
Retail Industry Trends and Strategies Interpretation
Sources & References
- Reference 1STATISTAResearch Publication(2024)Visit source
- Reference 2CENSUSResearch Publication(2024)Visit source
- Reference 3NRFResearch Publication(2024)Visit source
- Reference 4MCKINSEYResearch Publication(2024)Visit source
- Reference 5GRANDVIEWRESEARCHResearch Publication(2024)Visit source
- Reference 6THEHARRISPOLLResearch Publication(2024)Visit source
- Reference 7BUSINESSWIREResearch Publication(2024)Visit source
- Reference 8BLSResearch Publication(2024)Visit source
- Reference 9EMARKETERResearch Publication(2024)Visit source
- Reference 10RESEARCHANDMARKETSResearch Publication(2024)Visit source
- Reference 11SALESFORCEResearch Publication(2024)Visit source
- Reference 12FORBESResearch Publication(2024)Visit source
- Reference 13BUSINESSINSIDERResearch Publication(2024)Visit source
- Reference 14SHOPIFYResearch Publication(2024)Visit source
- Reference 15GLOBENEWSWIREResearch Publication(2024)Visit source
- Reference 16NIELSENResearch Publication(2024)Visit source
- Reference 17GREENPEACEResearch Publication(2024)Visit source
- Reference 18OECDResearch Publication(2024)Visit source
- Reference 19INVESTOPEDIAResearch Publication(2024)Visit source
- Reference 20CORESIGHTRESEARCHResearch Publication(2024)Visit source
- Reference 21PYMNTSResearch Publication(2024)Visit source
- Reference 22EPAResearch Publication(2024)Visit source
- Reference 23WORDSTREAMResearch Publication(2024)Visit source