Below are some relevant Frequently Asked Questions about the retail industry.
Retail refers to the segment of the economy comprised of businesses who sell goods or products to consumers. These finished products range from perishables to clothing to appliances. Within the retail industry, transactions occur most often either at a brick-and-mortar store or online through an ecommerce solution.
A business is considered a retailer if they are engaged in selling merchandise for personal, household or farm consumption.
Approximately 30% of the annual sales of the largest U.S. retail chains and almost 20% of the U.S. retail industry’s annual sales come from the Christmas holiday shopping season.
According to the most recent figures released by the U.S in 2015. Census Bureau:
20.0% – Motor vehicle & parts dealers
13.0% – Food & beverage stores
Walmart is the largest retailer in the U.S. (and the world). As a traditional retailer with more than 6,000 brick-and-mortar stores, they have an increasing online presence (with e-commerce sales growing 63 percent in the first quarter of 2018). Not only is Walmart the undisputed leader of the retail industry, but it is also the largest employer in the world with 2.3 million associates around the globe.
According to a Morgan Stanley survey, free shipping is the most important and valuable asset an internet retailer can offer to consumers. With competitors like Amazon offering free 2-day shipping, consumers are accustomed to choose a retailer who offers this service.
A Customer Loyalty Program is a marketing tool used by many retailers and other kinds of businesses to motivate repeat customers. These programs offer loyal customers rewards, discounts and more.
A customer journey is the culmination of each and every experience a consumer goes through with a brand – each transaction, each experience and each conversation.
Customer experience refers a customer’s perception of the interactions they have with a brand. In other words, each time a consumer liaises with a company or brand, they have an “experience” with that brand – physically, emotionally and psychologically – whether in person or online. These elements add up to make the individual’s experience a positive or negative experience.
Ominchannel refers to the integrations of different methods by which consumers can shop for a good or service, i.e., brick-and-mortar store, online, catalog or phone.