A lot has changed in the retail space. From increased payment security thanks to the EMV liability shift to the proliferation of mobile payment platforms, the industry has come a long way, and that’s a good thing. Businesses are better able to serve customers than they were only a year ago thanks to new tools and technologies.
Still, the retail industry continues to evolve. With that in mind, here are seven statistics about the current state of retail and why they’re so important for businesses to understand.
1. 91 percent of shoppers want to pick up where they left off when they switch between shopping channels, such as desktop, mobile and brick-and-mortar.
Lesson: Consumers expect their shopping experience to be seamless, which is why retailers need to take on a truly omnichannel approach in 2016. Partially put together strategies won’t cut it anymore.
2. According to an eMarketer survey, less than one-in-five U.S. retailers have fully synchronized their omnichannel strategy.
Lesson: Retailers haven’t caught up to customers’ omnichannel expectations. The good news is, there’s an opportunity for savvy businesses to get ahead of the competition.
3. 93 percent of shoppers plan to take advantage of free shipping this year, according to an NRF report.
Lesson: With more and more sales happening online, offering free shipping can be a successful strategy for increasing revenue, drawing in new customers and building loyalty.
4. The U.S. is responsible for 47 percent of the world’s card fraud despite only accounting for 24 percent of total worldwide card volume.
Lesson: If you still haven’t embraced EMV and chip card technology, now is the time. The U.S. is notorious for struggling with credit card fraud and this statistic isn’t one you’ll want to contribute to. Also consider adopting other payment methods that are safer than magstripe credit and debit cards — like mobile payments.

5. The total value of card-not-present transactions is expected to grow from $9 billion in 2013 to nearly $19 billion in 2018.
Lesson: An increase in card-not-present transactions means an increased risk for fraud. If you haven’t already, it’s time to start building a card-not-present authentication strategy. Many businesses use alternative intermediaries, account issuance or standard intermediaries. You’ll want to find the strategy that fits your needs best.
6. eMarkerter estimates the total value of mobile payment transactions to increase by 210 percent in 2016.
Lesson: Mobile payments had a big year in 2015, with the launch of a number of new platforms and the evolution of leading solutions such as Android Pay and Apple Pay. However, the momentum doesn’t stop there. Experts are predicting major growth in the space. It’s time for businesses of all sizes and scopes to start embracing mobile payments.
7. In 2005, only 7 percent of U.S. adult citizens were using social networking sites. Now, that number has increased to 65 percent.
Lesson: If you think this statistic isn’t relevant to retail, think again. With 65 percent of adults active on social media, retailers have the opportunity to engage with a huge and diverse population with the click of a button.
What retail trends are top of mind for your business this year? Leave us a comment and let us know!
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