RSS feed Get our RSS feed

News by Topic

BizReport : Ecommerce : February 20, 2020

Slight increase for retailers in January

While January is typically a down month for merchants and brands, January 2020 saw a slight increase in sales. According to the National Retail Federation January sales were up nearly 3% YoY for January.

by Kristina Knight

By comparison, December saw a YoY increase in sales of 6%, but December is also a holiday month when consumers are expected to buy more.

Much of the increase was seen in the digital space, where sales were up 7% (online and non-store). Breaking down the spending, general merchandise sales increased about 3% while grocery/beverage increased 2.9% and furniture sales increased by about 2%.

"The strength of consumer spending continues to be the anchor of the current economic expansion," said NRF Chief Economist Jack Kleinhenz. "January's retail sales results reflect a confident consumer supported by solid wage growth and job gains. While the business sector continues to weigh significant uncertainties, consumers are providing staying power for U.S. economic growth. We are starting the year on a strong footing."

As to what is driving consumers currently, much is due to convenience. That's a key takeaway from the NRF's 2020 Convenience and the Consumer report. Researchers found that nearly all (97%) of consumers have 'backed out' of a purchase because the process was inconvenient and that more than three-quarters (83%) say shopping convenience is more important today than it was three years ago.

What's more, shoppers are willing to pay (52%) for a more convenient shopping experience - 41% are already paying for one delivery service and 25% are paying for more than one delivery service. Also, 9 in 10 shoppers say BOPIS - Buy Online Pick up In-Store - increases the convenience of shopping.

Most shoppers also say they choose where they'll shop based on how convenient it is - and that includes options like BOPIS, curbside delivery, and locker codes.

Tags: ecommerce, mcommerce trends, mobile commerce, National Retail Federation, retail trends

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.