The media loves spreading doom and gloom, when it comes to the economy, and retail. If you have a bad day, it’s easy to fall into the rabbit hole of despair and focus on anything negative that crosses your path.
But a poor sales day, does not have to equal a bad week, a bad month or bad year. It’s time to focus on the positive, so here are 10 facts about retail, that will instantly put you in a good mood.
- it’s in the mail
I did some research, and according to Mailchimp, if you have an ecommerce site, the industry average is a 16.75% open rate, with a 2.32% click through rate. In the Retail industry, its 20.96% open rate with a 2.5% click through rate.
Compare that to Facebook’s current organic reach of around 2-6%, you can see that your email list is the actually the most valuable piece of real estate.
Which would you rather put the effort into, content that get’s in front of 2% of your audience, or content that gets in front of 20%?
- According to Bigcommerce, Ecommerce is growing 23% year-over-year, yet 46% of American small businesses do not have a website
Hey Sal, that doesn’t put me in a good mood, I hear you say. Well, if you have a website, you’ll be smiling all the way to the bank, because you have an advantage over half of your potential competition. And if you don’t have a website, smile in the knowledge that if you put in the time to create one, you’ll be attracting a lot more customers.
- Be [P]Interesting
Most of us think of Pinterest when it comes to party inspiration and home decorating, but statistics show, that 55% of US Pinterest users use it for finding products. So how can you use Pinterest, to drive more people to your store and your website?
- Websites aren’t just for ecommerce
If you have a bricks and mortar shopfront, and you’re constantly wondering if it’s worth the effort of having a webstore, let me put your mind at ease and tell you that 81% of shoppers research their product online before purchasing. That’s a stat from the big boys, but I can tell you as an independent store owner, I conducted a month-long study, and asked every customer who walked in the door whether they’d been to the website first, and a whopping 73% said they had.
- Don’t overlook the ‘oldies’
Remember when we thought 50 was old? Well, times have changed. 50 is the new 30, and that cashed up demographic is also social media savvy, If you sell to people in the 50 plus age range, you’ll be pleased to hear that the biggest growth of facebook users is people over 55. So, make sure you think about adding online advertising to your marketing mix.
- Get Personal
One of the advantages of being an independent retailer, is the ability to get to know your customers, personally. By capturing relevant data and segmenting your customer list, you’ll find that 53% of shoppers are likely to spend more time with a retailer they feel understands them.
- Be Mobile
Mobile commerce grew by leaps and bounds, explains Internet Retailer, accounting for a whopping 30% of all ecommerce in the US in 2015, a nearly 5% increase from the year prior. Mobile 500 merchants realized a 68.5% increase in visits this past year, accounting for over 3 billion sessions. Monthly unique visitors grew by an astounding 44% to 964 million. What’s more, mobile app usage and downloads increased by 44%, generating an estimated $40.58 billion in revenue for mobile retailers.
- Higher average sale
Been thinking about instigating a Click and Collect feature? According to Cognizant’s 7thAnnual Shopper Study, 65% of who buy online and pickup in-store purchase additional items in-store when they go to pickup purchases. And who doesn’t want a higher average sale?
- Shopfronts are still relevant
The (U.S. Census Bureau) happily announced that brick-and-mortar sales in the first quarter of 2016 accounted for over 92% percent of total U.S. sales.
- Keep in touch
Remember back to Statistic number one, where I told you that around 20% of your subscriber list will open your email? Well, just to reinforce how important it is to continue to grow your subscriber list, our number 10 stat is: 54% of shoppers welcome retailer alertsreminding them of an offer or loyalty reward based on their current location.
Keeping up to date with what’s happening in the industry is a great way to keep your retail biz moving forward. Focus on the stats that can show you where you can potentially capitalise to make more money, improve the customer experience and keep your tama happy and engaged.