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Report on the Global State of the Retail Industry 2022

2 minute read

Few business owners would argue about the value of data in today’s global marketplace. However, whilst consumer and economic data is becoming easier than ever to obtain, we’ve come to a point where there might just be too much of it.

Since the vast majority of available facts and figures hold little to no relevance for your operations, we’ve created this article to highlight key statistics that can help you make better choices.

The data listed throughout this article is the result of a survey carried out by our retail software partner, Lightspeed. Over 7,200 businesses located across the world took part in this survey, and some of the findings are truly awe-inspiring.

One step to increasing sales

All the research and analysis carried out as part of the study can be summarised in just one line. According to Lightspeed’s CEO, JP Chauvet, business owners have shown that “Omnichannel is do or die.”

Operating online stores has become just as critical to Maltese businesses as physical retail outlets. eCommerce is playing a pivotal role for small and medium businesses, especially ones that have been hit hard during the global pandemic.

61% of US omnichannel merchants have registered a growth in sales. In the UK and Canada, these figures are 58% and 56% respectively, showing that an investment in omnichannel software and real estate can pay significant dividends over time.

Doing more with less

Have you found it to be increasingly harder to find and retain staff? You’re not alone. 20% of respondents stated that recruitment and staff retention were their biggest challenges. 32% were operating with less staff than they would like to.

Solutions to this global reality can be complex and require long-term planning. However, automation and user-friendly software can provide your business with the necessary respite, allowing you to accomplish more with fewer staff members.

Allowing your existing team to work in a more flexible manner could also help reduce their stresses and promote a more welcoming working environment. This has been shown to lead to fewer resignations.

Giving customers what they want

According to 62% of global merchants surveyed, the global pandemic has encouraged customers to shop locally. However, these customers have sampled the convenience of mega-corporations and won’t give it up easily.

Give customers what they want by offering useful widgets, such as “other customers have also bought…” and operating loyalty programmes. Done properly, introducing these improvements is quick, efficient, and cost-effective.

A survey among customers in the UK has shown that 48% of respondents are twice as likely to shop from independent businesses. Similar feedback was provided by customers in other nations. However, 60% of customer respondents have also stated that they have become less patient since Covid-19.

Putting the findings of the survey to good use

Get in touch with Progressive today to understand how you can take advantage of these and other significant statistics to grow your business and become more resilient.

Find out how our scalable solutions can benefit your enterprise, your team, and your customers by speaking to one of our professionals.

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