Business is booming for US retailers. Unemployment is low, as are interest rates and inflation, and wages are up. All in all the perfect recipe for retail success. Consumers have money and they’re not afraid to spend it.
But how can you as a retailer tap into this goldmine without knowing the lay of the land? We at Become conducted a study and created a report to help retailers understand what’s happening in their industry, and beat their competition.
Are the most successful retailers online or traditional?
In which state can a US retailer earn the most revenue?
What’s the most lucrative type of retailer?
How is your competition performing in your state and nationwide?
Become’s report uses data from over 2,000 retailers across the U.S. over a two-year period (2017-2019) to answer all these questions and more. How does your business measure up? Keep reading to find out.
Tools To Beat Your Retail Competition
Despite all the chain store closures of early 2019, retail trends show that the industry is on the upswing. According to the National Retail Federation’s (NRF) retail sales figures, for every company that closes stores 5.2 are actually opening new stores. US retail sales 2019 are up – the NRF predicted that US retail sales would increase by 3.8%-4.4% in 2019.
But the market is highly competitive. Not only do small retailers need to compete with the chain stores and Amazon, they also need to compete with each other.
Armed with the information in this retail sales report, retailers can take proactive steps to grow their businesses in this lucrative environment and beat their competition.
Retail Report Key Findings
According to the retail sales data that Become collected from over 2,000 US businesses, it looks like retailers aren’t doing too badly, as we expected! There were, however, some unexpected surprises…
Best State for Retail Sales 2019
Colorado has a hell of a lot more going for it than just South Park. Surprisingly, retailers earn the most revenue in Colorado, Arizona, and Florida, overtaking even California and New York.
Which Are The Top-Performing Retailers?
Based on the Become retail sales statistics, 39.44% of US retailers are fashion, clothing, sports stores, 27.12% are e-commerce businesses and 11.15% are groceries, supermarkets and bakeries.
This indicates that although online shopping is growing, consumers still enjoy the in-store experience, particularly when it comes to trying on clothing. To optimize retail sales, a retailer could sell both online and in-store.
Which of these retailer types bring in the most revenue?
If you assume e-commerce is the sure winner, you’re wrong!
How Does Your Retail Business Shape Up?
Gain full insight into the retail industry and get expert retail business tips in the full report. Armed with specific knowledge and tools you can improve your revenue and become a retailer to be reckoned with.
To request access to the full US Retail Sales Report 2019 (it’s free!), click below: