Retail Execution Software Statistics 2024


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Understanding the latest trends and advancements in retail execution software for 2024 is crucial for grasping the broader business landscape. As the retail industry continues to evolve at a rapid pace, staying abreast of these technological developments isn’t just an advantage—it’s a necessity. Accurate, actionable data on retail execution can provide a solid foundation for making informed business decisions, particularly in a market characterized by increasing competition and shifting consumer preferences.

Retailers, suppliers, and tech developers will find these statistics particularly valuable. For retailers, understanding the capabilities and impact of the latest software can streamline operations and enhance customer satisfaction. Suppliers can utilize this data to optimize their distribution strategies and improve their relationship with retailers. Moreover, technology developers can gain insights into the needs and performance of their products, driving innovation and improving functionality within the retail sector. These statistics have far-reaching implications, influencing everything from supply chain efficiency to customer engagement and profitability.

In a rapidly evolving industry landscape, leveraging up-to-date data on retail execution software can significantly sharpen strategic and operational decision-making. This article will delve into the most relevant statistics for 2024, offering stakeholders the insights they need to stay ahead of the curve. By integrating this information into their strategy, businesses can better navigate the complexities of the modern retail environment and drive sustained success.

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Top Retail Execution Software Statistics 2024

☰ Use “CTRL+F” to quickly find Retail Execution Software facts. There are total 65 Retail Execution Software Statistics on this page 🙂


Retail Performance By Region

  • The Global Powers of Retailing report analyzes retail performance of the Top 250 retailers by region. [?]
  • Cumulatively, the ten companies from the Africa/Middle East region in the top 250 occupy a retail revenue share of 1.3% of the companies on the list. [1]
  • South African retailer Shoprite opened an additional 117 stores during the financial year and set a goal to open 275 stores during the next year, posting a retail sales growth of 9.6%. [1]
  • The composite performance of companies in the Africa/Middle East region totaled 8.6% growth in retail revenue in FY2021. [1]
  • The top-five retailers in the Africa/Middle East region grew in total market share from 61% to 63%, with the top three showing double-digit growth. [1]
  • FY2021 saw a 15.7% share of retail revenue from the 60 Asia Pacific companies in the top 250. [1]
  • The top growing retail markets in Asia Pacific are South Korea, Japan, and China including Hong Kong SAR, reporting retail revenue growth of 3.9%, 11.1%, and 10.8%, respectively. [1]
  • The composite CAGR for companies in the Asia Pacific region for the period FY2016-2021 was 6.7%, 3.3 percentage points above the previous year. [1]
  • Europe provided 90 companies to the top 250 retailers in the world, contributing 33.2% to the top 250 in terms of total revenue share. [1]
  • High-end fashion retailer LVMH grew by 51.4% year-on-year, to nearly USD 56.3 billion. [1]
  • The FY2021 composite net profit margin for European companies totaled 4.4%, the second-largest net profit margin of any geographical region. [1]
  • North America saw 79 companies in the top 250, providing a 47.9% share of global retail revenue. [1]

Retail Industry Metrics

  • North America’s top retailers aim to have 98.5% in stock on the most important and profitable items within their businesses. [2]
  • Retail industry turns its inventory around 7.5 times per quarter. [2]
  • Home improvement sector turns over its inventory 4 times per quarter. [2]
  • GMROI greater than 1.0 indicates the product generates more profit than it costs to keep the product in stock. [2]
  • GMROI measurements for Hardware Stores in 2021 were $1.77 compared to $3.05 for Lumber and Building Material Stores. [2]
  • The Consumer Technology Association report shows an increase of 4% annual revenue growth for the U.S. consumer tech industry in 2020. [2]
  • Wireless earbuds were the dominant force behind this growth (31%) and smart speakers saw a 14% growth. [2]
  • Average sales per square foot in the U.S. decreased from $382.90 in 2019 to $338.30 in 2020. [2]
  • Apple achieves approximately $5500 per square foot while Walmart achieves approximately $400 per square foot. [2]
  • Online Conversion Rates hover around 3%, while retail stores can achieve Conversion Rates anywhere from 18% to 60%. [2]
  • North American retailers generate an average of $56.44 per transaction. [2]

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E-commerce And Digital Transformation

  • 9 of the top 10 ecommerce websites are run by retailers that also operate bricks-and-mortar stores. [3]
  • Ecommerce levels peaked in April 2020 at almost 19% of retail sales. [3]
  • Online sales only account for about 15% of all retail sales. [3]
  • Over 50% of retailers currently offer, or plan to offer, ship-from-store capabilities. [3]
  • Opening a new store increases traffic to that retailer’s website by an average of 37% and drives up share of web traffic within that market by 27%. [3]
  • There were 1,045,422 retail establishments in the United States as of Q3 2020, up 4,801 versus Q2 2020. [3]
  • Retail is the largest private-sector employer in the country, supporting 42 million jobs overall, roughly one-quarter of the U.S. workforce. [3]
  • Digital transformation spending worldwide from 2017 to 2027 is projected to grow at a CAGR of 16.1%. [16]

Retail Execution Challenges And Solutions

  • 25% of in-store sales are lost to poor retail execution. [7]
  • Over 1,000 field teams in more than 80 countries drive execution and sales in the field with Repsly. [7]
  • Improved compliance at retail coupled with integrated commercial capabilities can drive 3-5% net sales growth. [8]
  • 1-2% OpEx realization through productivity gains, route optimization, and IT cost savings. [8]
  • 90% of companies fail to deliver on their in-store promotional strategy. [10]
  • Only 48% of CG leaders say their merchandising and marketing plans are executed as intended at their retail locations. [10]

Impact Of Ai And Emerging Technologies

  • AI and cloud technologies are critical for digital transformation, as highlighted in Accenture’s 2021 study. [6]
  • 70% of organizations will use digital adoption platforms across the entire technology stack by 2025. [6]
  • By 2023, global spending on technologies and services that enable digital transformation will reach $2.3 trillion. [6]
  • Virtual and augmented reality in healthcare market is expected to reach $5.1 billion by 2025. [12]
  • The global wearable medical device market is expected to reach $27.2B by 2023 at a CAGR of 23% from 2018 to 2023. [12]
  • The global healthcare chatbots market is projected to reach $314.3 million by 2023 from $122 million in 2018. [12]

Consumer Behavior And Market Trends

  • 78% of mobile apps are abandoned after only a single use. [4]
  • 55% of CIOs plan to increase full-time IT employees to accelerate digital transformation initiatives in 2021. [13]
  • 91% of businesses are engaged in some form of digital initiative. [12]
  • 87% of senior business leaders say digitalization is a priority. [12]
  • Customer experience improvements can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%. [20]
  • 96% of leaders report Covid-19 will accelerate their digital transformation by an average of 5.3 years. [17]

Key Performance Indicators (kpis)

  • GMROI (Gross Margin Return on Investment) measurements should be above 1.0 to indicate profitability. [2]
  • Conversion Rates in retail stores range from 18% to 60%, significantly higher than online rates of around 3%. [2]
  • Average transaction value for North American retailers is $56.44, with specialty food stores averaging $30 and jewelry stores over $100 per transaction. [2]
  • Ecommerce sales are expected to account for 22.3% of total retail sales by 2023. [19]
  • 90% of respondents in a Deloitte survey believe digital transformation is enabling greater business value, performance, and innovation. [22]
  • Retailers using AI/ML solutions saw sales grow by 2.3x and profits grow 2.5x in 2023 compared to competitors not using the technology. [18]

Adoption And Digital Tools

  • Retaining customers is up to 25 times less expensive than acquiring new ones. [5]
  • A typical employee uses 13 applications over 30 times each day. [11]
  • 90% of companies report issues when carrying out their plans at their sales point. [21]
  • 81% of respondents reported issues when trying to get retailers to share useful data with them. [21]
  • 63% of organizations plan to increase their spending on business intelligence/data analytics, while 35% plan to increase their spending on artificial intelligence. [20]

Future Retail Trends

  • Retail media spending is projected to reach $60 billion by 2024. [14]
  • 75% of US consumers engage in omnichannel activities, using both online and offline channels. [14]
  • Retail trends for 2024 include the increasing use of virtual and augmented reality, growth of eco-friendly products, and rise of personalized shopping experiences through data and AI. [9]
  • 70% of companies either have a digital transformation strategy in place or are working on one. [15]
  • 52% of companies plan to cut or defer investments because of COVID-19, but only 9% will cut digital transformation investments. [12]

Also Read

Sources

  1. deloitte – https://www.deloitte.com/global/en/Industries/consumer/analysis/retail-across-the-world.html
  2. retalon – https://retalon.com/blog/retail-industry-performance-metrics-kpis
  3. nrf – http://nrf.com/research-insights/state-retail
  4. cloudbolt – https://www.cloudbolt.io/blog/software-adoption-is-more-important-than-deployment/
  5. userpilot – https://userpilot.com/blog/software-adoption/
  6. apty – https://www.apty.io/blog/driving-digital-transformation-through-software-adoption/
  7. tumblr – https://www.tumblr.com/advancingretail/184252540973/3-types-of-retail-execution-data-what-they-are
  8. epam – https://www.epam.com/insights/blogs/driving-impact-through-efficient-effective-and-integrated-retail-execution
  9. mapsted – https://mapsted.com/blog/retail-industry-trends
  10. salesforce – https://www.salesforce.com/blog/retail-execution-strategy/
  11. whatfix – https://whatfix.com/blog/software-adoption/
  12. instride – https://www.instride.com/insights/digital-transformation-statistics/
  13. whatfix – https://whatfix.com/blog/digital-transformation-statistics/
  14. influencermarketinghub – https://influencermarketinghub.com/retail-trends/
  15. kissflow – https://kissflow.com/digital-transformation/digital-transformation-statistics/
  16. statista – https://www.statista.com/statistics/870924/worldwide-digital-transformation-market-size/
  17. pipartners – https://www.pipartners.com/90-digital-transformation-statistics-how-businesses-are-using-digital-to-drive-growth-in-2021-and-beyond/
  18. explodingtopics – https://explodingtopics.com/blog/retail-trends
  19. hootsuite – https://blog.hootsuite.com/retails-trends/
  20. aimultiple – https://research.aimultiple.com/digital-transformation-stats/
  21. vincle – https://vincle.com/en/retail-execution-an-essential-tool-at-the-point-of-sale/
  22. cmocouncil – https://www.cmocouncil.org/thought-leadership/reports/digital-enterprise-execution-ailing-or-excellent

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