A retailer is a business that purchases goods from manufacturers or distributors, and then sells those goods to consumers. Retailers are typically located in a physical store, such as a department store or boutique, but may also operate online. Retailers are an important link between manufacturers and consumers, providing products to the public and helping to drive economic growth.
Trends
- Growing demand for omnichannel experiences: Retailers are investing heavily in omnichannel experiences to better meet customer needs. This includes providing customers with seamless shopping experiences across multiple channels, such as physical stores, online, and mobile.
- Increased focus on personalized experiences: Personalization is becoming increasingly important for retailers. This includes using customer data to create tailored experiences, such as personalized offers and recommendations.
- Growing use of AI and automation: Retailers are utilizing AI and automation to increase efficiency, reduce costs, and enhance customer experiences. This includes using AI for predictive analytics and automated processes, such as order fulfillment.
- Emphasis on sustainability: Sustainability is becoming an important focus for retailers, as customers seek out businesses that prioritize environmental and social responsibility. This includes initiatives such as reducing waste, using recycled materials, and supporting ethical business practices.
- Rapid growth of e-commerce: Online shopping is becoming increasingly popular, and retailers are investing heavily in their e-commerce capabilities. This includes using digital tools to improve the customer experience, such as product recommendations and virtual try-ons.
Stats
- Retail sales in the United States are expected to reach $5.5 trillion in 2020.
- The e-commerce industry is projected to reach $4.2 trillion in 2020.
- The U.S. retail industry employs 42.6 million people, making it the largest employer in the nation.
- Online retail sales grew by 14.3% in 2020.
- The average American household spends approximately $1,803 on apparel and services each year.
- Millennials are the largest generation of retail shoppers, representing over 30% of total retail sales.
- Mobile commerce accounts for more than half of all e-commerce sales.
- Amazon is the largest online retailer in the world, generating over $280 billion in revenue in 2020
Start-ups
- Faire: Faire is an online wholesale marketplace that connects independent retailers with makers and brands from around the world.
- Glossier: Glossier is a popular beauty and skincare brand that sells its products directly to consumers via its website and stores.
- Casper: Casper is an online mattress retailer that specializes in selling mattresses and bedding accessories.
- Warby Parker: Warby Parker is an online eyeglasses retailer that sells its products directly to consumers.
- Away: Away is an online luggage retailer that sells its products directly to consumers.
Key words
- digital marketing
- Retail
- AI
- Sustainability
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