Ringing in the New Year with These Retail Statistics
Retail is Largest Work Sector in the US
According to the National Retail Federation (NRF), more Americans are employed in the retail sector than any other industry. The NRF estimates there to be roughly 29 million retail workers, which is far ahead of healthcare with 19 million workers, manufacturing with 12 million, and scientific research with just 12 million. Of course, this trend will likely continue, as retail remains a time-tested, proven industry with an ever-growing workforce.
Mobile Retail Revenue Tops $12b Annually
It’s no secret that more and more consumers are choosing to purchase retail goods on their smartphones as opposed to in person. In fact, the website Statista reports that mobile retail revenue tops $12 billion annually.
The Term ‘Retail’ Means ‘to Cut Off’
Historians believe the word “retail” originated from the Old French language meaning “to cut off.” It was originally used in tailoring, but it later spread into the general goods market. Wikipedia states that the first recorded use of the word “retail” as a noun occurred as far back as 1433.
3 Out of 4 Retail Pages Have a Facebook Like Button
Being that Facebook is the world’s largest and most popular social media network, this statistic should come as little-to-no surprise: nearly 3 out of 4 webpages on which retail products are listed have a Facebook like button displayed. This allows visitors to like the page simply by clicking the button (assuming they are logged into their Facebook account). And by increasing the number of Facebook likes on a product page, it instills trust and confidence in other online consumers.
Malls Produce 45% of Retail Revenue in Thailand
Shopping malls are incredibly popular in Thailand, producing roughly 45% of the country’s retail revenue. To put this number into perspective, shopping malls produce 39% of Philippines’ retail revenue, 28% of Indonesia, 25% of China, 10% in Vietnam and just 7% in India.
Retail Fraud Costs Retail Stores Up to $17.2b Annually
Retail fraud often sends new stores into the red zone, cutting into their profits and sometimes even forcing them to close. It’s to bad, in fact, that experts attribute it to costing retailers between $8.9 and $17.2 billion. Retail fraud may consist of customers who purchase a product at one store and then attempt to return it for cash at a different store.
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