Feb 26, 2020
Inside the Industry: January 2020
In each issue, we feature information on the industry by compiling feedback from retailers in the industry. January is a time to look ahead for the new year and the annual survey asked retailers about online business revenue, which social media platform is the most effective, what categories have been successful and which category is expected to grow in 2020. Interestingly enough, 65% of those surveyed noted a lack of an online store, and 47% expressed that 10% or less of sales come from online purchases. The survey also indicated 69% of retailers surveyed have been in business for more than 20 years.
This strong number in longevity is a plus and the knowledge and experience of those surveyed is a valuable tool in determining trends and the way categories will impact sales in this new year. In addition, 35% noted that large chain retailers are the primary competitors they face.