Retail Management Systems Statistics 2024

In the ever-evolving world of retail, staying ahead of trends and consumer behavior is crucial for sustaining growth and profitability. Retail management systems, which integrate everything from inventory tracking to customer relationship management, play a pivotal role in achieving operational excellence. Understanding the latest statistics and trends in retail management systems for 2024 is essential for comprehending the broader business landscape and steering the competitive edge.

Key stakeholders, including retail business owners, managers, and technology providers, will find this data particularly valuable. As the retail industry grapples with rapid technological advancements and shifting consumer expectations, these statistics illuminate the path forward. They shed light on emerging patterns, potential challenges, and opportunities that can significantly impact diverse facets of the industry, from supply chain logistics to customer satisfaction.

This comprehensive data dive not only highlights current trends but also provides actionable insights for strategic planning. As the retail sector continues to morph at an unprecedented pace, leveraging this information can lead to informed decision-making, innovative strategies, and ultimately, a more resilient and responsive retail operation. By understanding and adapting to these statistics, industry players can better navigate the future landscape, ensuring sustainable success in 2024 and beyond.

Check our review: Best LLC Services, LegalZoom LLC Reviews, ZenBusiness Review, TailorBrands Review

Top Retail Management Systems Statistics 2024

☰ Use “CTRL+F” to quickly find Retail Management Systems facts. There are total 76 Retail Management Systems Statistics on this page 🙂

Retail Performance By Region

• TheGlobal Powers of Retailing report looks at the different regions and analyzes retail performance of the Top 250 retailers by region. ^[?]
• Cumulatively, the ten companies from this region in the top 250 occupy a retail revenue share of 1.3% of the companies on the list. ^[1]
• South African retailer Shoprite reported that it had opened an additional 117 stores during the financial year and has set a goal to open 275 stores during the next year as it holds its position as number one retailer in the region, posting a retail sales growth of 9.6%. ^[1]
• The composite performance of the companies in the Africa/Middle East region totaled 8.6% growth in retail revenue in FY2021. ^[1]
• Cumulatively, the top-five retailers in the Africa/Middle East region grew in total market share from 61% to 63%, with the top three Steinhoff, BM Birleik Maazalar, and A101 Yeni Maazaclk 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 the 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, providing 33.2% to the top 250 in terms of total revenue share. ^[1]
• Taking the top position was high-end fashion retailer LVMH, which grew by 51.4% year-on-year, to nearly USD 56.3 billion. ^[1]
• The FY2021 composite net profit margin totaled 4.4%, the second-largest net profit margin of any geographical region. ^[1]
• They occupied 1.8% of the global retail revenue share and recorded the largest composite five-year CAGR and year-on-year retail revenue growth in FY2021. ^[1]
• The fastest-growing retailer in the Latin America region was Mexican department store El Puerto de Liverpool, which grew in year-on-year retail revenue by 35.5%. ^[1]
• The fastest-growing market in the region was Chile, which grew its retail revenue by 18.5%. ^[1]
• Growth in Chile was primarily led by Chilean department store and home improvement retailer S.A.C.I Falabella, who saw a 25% increase in customers, in part thanks to the launch of their new online marketplace and home-delivery service. ^[1]
• North America saw 79 companies in the top 250, providing a 47.9% share of global retail revenue. ^[1]
• An 8.9% year-on-year composite retail growth was recorded in the region. ^[1]
• Nearly 46% of North American retailers achieved double-digit annual retail revenue growth in FY2021, a six-percentage-point increase compared to the prior year. ^[1]

Technology And Innovation In Retail

• Intelligence Node Wins the 2022 Aegis Graham Bell Award for Innovation in Data Science ^[2]
• Intelligence Node was announced as the winner of the 2022 Aegis Graham Bell Awards for the Innovation in Data Sciences category. ^[2]
• Adopting Retalons Predictive Analytics & AI let Hard Rock stabilize its In-Stock Percentage and open a pathway to approach 100%. ^[3]
• CSI Market estimates the retail industry turns its inventory around 7.5 times per quarter. ^[3]
• The home improvement sector, on the other hand, only turns over its inventory 4 times per quarter. ^[3]
• A GMROI greater than 1.0 indicates that the product generates more profit than it costs to keep the product in stock. ^[3]
• Any product with a GMROI of less than 1.0 loses the retailer money. ^[3]
• As an example, statistics from The Retail Owners Institute show that GMROI measurements for Hardware Stores in 2021 were $1.77 compared to $3.05 for Lumber and Building Material Stores (both serving primarily the same customers). ^[3]
• For example, the Consumer Technology Association report shows an increase of 4% annual revenue growth for the U.S. consumer tech industry in 2020. ^[3]
• Breaking down this same report, the CTA expected wireless earbuds to be the dominant force behind this growth (31%) and smart speakers to be close behind seeing a 14% growth. ^[3]
• For example, the COVID-19 pandemic forced many consumers to adjust their shopping habits and transition to online shopping and e-commerce. ^[3]
• In fact, according to Colliers International, average sales per square foot in the U.S. decreased from $382.90 in 2019 to $338.30 in 2020. ^[3]
• According to Investopedia, Apple achieves approximately $5500 per square foot thanks to relatively small stores and high-priced products whereas Walmart achieves approximately $400 per square foot. ^[3]
• Even though online Conversion Rates are much easier to measure than in-store rates, web operations have notoriously lower conversion rates that hover around 3%. ^[3]
• As a result, retail stores can achieve Conversion Rates anywhere from 18% to 60%. ^[3]
• Overall, North American retailers generate an average of $56.44 per transaction. ^[3]
• For example, specialty food stores average transactions are only $30 while jewelry stores can easily average more than $100 per transaction. ^[3]
• In fact, according to Shopify, the probability of selling to an existing customer is 60-70% whereas for a new customer is only 5-20%. ^[3]

Check our llc formation guides: Florida LLC, California LLC, Texas LLC, New York LLC, Ohio LLC, North Carolina LLC

Consumer Behavior And Trends

• However, changes in technology and consumer behaviour have made some executives question if they’re focusing on the right retail industry performance metrics to grow their company in 2022 and beyond. ^[3]
• But despite that fact, there are some KPIs that nearly all retailers should be optimizing for in 2022. ^[3]
• With the dynamic nature of retail and supply chains, North America’s top retailers aim to have 98.5% in stock on the most important and profitable items within their businesses. ^[3]
• Free Version: Available for teams of up to 10 Pricing: Premium plan $24/month (with free 30-day trial period) Platforms supported: Available on mobile app (iOS and Android) or a web-based software ^[4]
• Free Version: Yes Pricing: Starts at $60/month/location (with a free 30-day trial period) Platforms supported: Available on Web, iOS, Android ^[4]
• Free Version: None Pricing: Starts at $1,320/user/year (with a free 30-day trial period) Platforms supported: Available on Web ^[4]
• Free Version: None Pricing: Starts at $59.99/month, billed annually (with a free trial period) Platforms supported: Available on Web, iOS, Android ^[4]
• Free Version: None Pricing: Starts at $80/month Platforms supported: Available on Web, iOS, Android ^[4]
• NRF forecasts that retail sales will increase in 2024 between 2.5% and 3.5% to between $5.23 trillion and $5.28 trillion. ^[5]
• This compares with last year’s 3.6% annual sales growth of $5.1 trillion. ^[5]
• 9 of the top 10 ecommerce websites are run by retailers that also operate bricks-and-mortar stores ^[5]
• Ecommerce levels peaked in April 2020 at almost 19% of retail sales. ^[5]
• Since then, levels have dropped to 15% higher than pre-pandemic but lower than the highest levels in early 2020. ^[5]
• Ecommerce isn’t the only driver of growth: By the end of 2021, ecommerce’s share of total retail sales actually shrank slightly over the prior year. ^[5]
• Industry-wide, online sales still only account for c. 15% of all retail sales. ^[5]
• NRF surveys show that over 50% of retailers currently offer, or plan to offer, ship-from-store capabilities ^[5]
• Ecommerce and in-store retail complement each other and often create a halo effect. ICSC finds opening a new store increases traffic to that retailer’s website by an average of 37% and drives up the share of web traffic within that market by 27% ^[5]
• According to the Bureau of Labor Statistics, as of Q3 2020, there were 1,045,422 retail establishments in the United States, up 4,801 versus Q2 2020, representing the highest Q3 establishment count in the last decade. ^[5]
• When COVID-19 struck, retailers were able to leverage years’ worth of investments to deliver safe, convenient shopping experiences to their employees and customers in the face of unprecedented demand and disruption. ^[5]
• Retail is the largest private-sector employer in the country, supporting 42 million jobs overall roughly one-quarter of the U.S. workforce. ^[5]
• The automated process significantly reduces time, taking it down from 36 hours to a mere 4 hours. ^[6]
• Identify the top 5 performing stores based on revenue and customer footfall in the last six months. ^[6]
• This comprehensive report identifies the top 5 performing stores of R-Mart based on revenue and customer footfall over the last six months. ^[6]
• Based on our analysis of sales by revenue and customer footfall over the last six months, the top 5 performing stores of R-Mart are as follows: ^[6]

Digital Transformation In Retail

• Digital transformation is reshaping the business world, with a staggering 91% of businesses embarking on digital initiatives. ^[7]
• However, successful digital transformation is challenging, as evidenced by the fact that only 16% of organizations report success in their digital transformation efforts, often hindered by poor digital adoption rates. ^[7]
• By 2025, 70% of organizations will use digital adoption platforms across the entire technology stack to overcome still insufficient application user experiences. ^[7]
• Good onboarding is the key to success for any organization; poor onboarding could cost up to 213% of the employee’s salary. ^[7]
• Successfully navigating digital adoption hinges on overcoming employee resistance, a critical challenge identified in the 2019 Prosci report. ^[7]
• Accentures 2021 study demonstrates that high-growth companies actively integrate next-generation technologies like AI and cloud at scale. ^[7]
• McKinsey’s 2022 report underscores the importance of bridging this digital skill gap for organizations aiming to lead in digital innovation and secure a competitive edge. ^[7]
• Research supports this, with a 2020 report from Deloitte highlighting that small and medium-sized enterprises (SMEs) investing in digital tools saw a 26% increase in productivity. ^[7]
• Additionally, a study by IDC reveals that businesses delaying digital transformation risk losing up to 39% of their revenue to competitors who embrace digital innovation. ^[7]
• A 2021 Forrester report underscores the importance of simplifying tech stacks and streamlining information access to combat this issue. ^[7]
• According to IDC, global spending on technologies and services that enable digital transformation will reach $2.3 trillion by 2023. ^[7]

Retail Management Software

• Free Version: Available for teams of up to 10 Pricing: Premium plan $24/month (with free 30-day trial period) Platforms supported: Available on mobile app (iOS and Android) or a web-based software ^[4]
• Free Version: Yes Pricing: Starts at $60/month/location (with a free 30-day trial period) Platforms supported: Available on Web, iOS, Android ^[4]
• Free Version: None Pricing: Starts at $1,320/user/year (with a free 30-day trial period) Platforms supported: Available on Web ^[4]
• Free Version: None Pricing: Starts at $59.99/month, billed annually (with a free trial period) Platforms supported: Available on Web, iOS, Android ^[4]
• Free Version: None Pricing: Starts at $80/month Platforms supported: Available on Web, iOS, Android ^[4]

Also Read