Shoppers preferences are constantly evolving, and they expect retailers to respond
Customers are rewarding retailers of all sizes that offer a mix of both online and offline channels so shoppers can shop when they want and how they want.
Retailers are constantly innovating
Retail is not stagnant. To keep differentiating among competitors, retailers are innovating to offer consumers more choice and convenience. This has led to more ways of doing business and lower costs.
Shoppers have lots of choices of who to buy from and how to buy
Shoppers are using a mix of both online and offline channels to conduct research, compare prices, and select the fulfillment option that is most convenient to them for each purchase.
Retailers have and use a mix of online and offline tools to reach shoppers
Retailers don’t just have one way to sell to shoppers. New research found that the typical small business seller uses five different sales methods. The most popular sales methods include physical stores, wholesaling, online marketplaces and business web stores.
Shoppers value convenience now more than ever
As shoppers return to physical stores, they want the digital options to stay. 83% of shoppers expect omnichannel shipping and fulfillment options such as curbside pickup and buy online, pick up in-store to continue.
Small and medium-sized retailers can compete on a global scale
It is easier than ever to start a business. Sellers can create a website with Shopify, start a social media account, partner with an online marketplace or do all three to sell their products and reach shoppers worldwide.
Retail is everywhere. It happens both online, offline and retailers can reach shoppers in-store, online, over social media, and across an endless combination of modes and platforms. This expansive marketplace has led to an explosion of innovation, choice, and competition. Consumers of all types benefit from the ever changing nature of retail.
Yes. There has never been an easier time to launch a new small business. With omnichannel tools, entrepreneurs can start their new business from the comfort of their living room. Those businesses can immediately connect with a worldwide audience by utilizing websites, apps, social media, and marketplaces. The current state of retail enables smaller retailers to compete alongside bigger ones
Retail is intensely competitive and 75% of the industry is untouched by the biggest retailers.
Americans spend the vast majority of their dollars supporting retailers other than those largest businesses.
Many of the proposals in Congress would simply enable the government, instead of consumers, to pick winners and losers. Fundamentally, Congress’ proposals are solutions in search of a problem. There is no evidence to suggest that government intervention would make retail any better, but they would make retail worse. American consumers agree resoundingly that the retail marketplace offers them choice and convenience.
Retail Success & Insights
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