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Make 2016 Count: National Retail Federation Forecasts 3.1% Retail Industry Growth in U.S.

Posted by Allen Haynes on Mar 3, 2016 1:57:26 PM

The National Retail Federation projects U.S. retail industry sales will increase 3.1 percent in 2016.  That growth – higher than the 10-year average of 2.7 percent – presents a timely opportunity retailers can seize to grow and, more importantly, sustain a wider base of loyal customers.

“The economy had a bumpy ride in 2015 with fits and starts along the way,” said NRF Chief Economist Jack Kleinhenz in a press release. “Despite the volatility, the economy continued to reduce unemployment, raise wages and actually increase real GDP by 2.4 percent. Lower gas prices are creating more discretionary income to save, pay down debt and spend on travel, eating out and personal services. Retailers have benefited as well, and continue to find ways to compete and succeed in a very cost-conscious environment.”

While consumers are out exploring their favorite shopping centers and malls, they will also be out exploring retailers they’ve never visited before – with most returning to those that deliver the best service and a positive experience the first time and every time.

But consumers have increasingly high expectations about in-store shopping. A recent article by the Commercial Observer states that online stores with brick-and-mortar locations actually fair better than online-only stores – meaning consumers want products that are well merchandised and easy to find, competitive price points, and simple and fast checkout.

For traditional retailers to deliver that level of efficiency, both company-wide and store-specific operations must be addressed. This process often begins with obtaining actionable traffic data that is utilized to create the ultimate experience for customers – which includes delivering superior service throughout the store and ensuring checkout is fast.

Both of these elements encourage consumers to spend more time browsing and seeing what a store has to offer, which can lead to larger purchases and significant revenue gains.

Solutions from Irisys help ensure you’re prepared to maximize new relationships with new customers now – and in the future.

Contact us to learn more about Irisys’ People Counting and Queue Intelligent  technologies