The U.S. retail industry will likely record a 3.8% increase in total sales for 2017, amounting to $3.56 trillion, according to research firm Forrester.
Store management training programs by thefriedmangroup.com and employment will likely see an increase in the future if the estimates indeed become a reality. The research firm said in a report that while several physical stores have shut down in the U.S., new ones are taking their place in the market.
Forrester’s report showed that IHL has opened more than 2,800 stores in May. The company plans to open more establishments in the future. This partly indicated that business still remains stable for some traditional retailers in the U.S.
However, other businesses will find it harder to keep up with competition if they let some issues drag on. Some of these problems that stunt their growth comprise “unresolved pain points, undifferentiated experiences, decisions based on opinion rather than data, focusing on product assortment instead of CX and an unwillingness to significantly change their organizations and business-stifling bureaucracy,” according to the report.
Brick-and-mortar retailers should also adapt to consumers’ changing preferences, especially with the continuous emergence of e-commerce.
Online sales of consumer goods in the U.S. will amount to $459 billion in 2017, up 14% year over year, according to Forrester. The growth will also account for 12% of market share for the same year, as more people will buy clothes, consumer electronics, and computers.
By 2022, online retail will account for 17% of the overall market in the country. While there are many players in the e-commerce sector, Forrester particularly expects Amazon to be a dominant force in the industry.
Retail sales serve as an indicator of the pace of economic growth. Forrester’s research provides businesses with insights that the industry is headed to a bright future in terms of consumer activity.