American retailers will see a sales increase of about 3.5 to 4.2 percent in 2017, according to the National Retail Federation.
If the prediction based on economic outlook, labor market growth and consumer spending trends holds true, it will continue retail’s resurgence of growth in recent years. Online and other non-store sales are expected to increase between 8 percent and 12 percent, according to the forecast.
“The economy is on firm ground as we head into 2017 and is expected to build on the momentum we saw late last year,” NRF President and CEO Matthew Shay said in a press release. “With jobs and income growing and debt relatively low, the fundamentals are in place and the consumer is in the driver’s seat.”
With these high expectations for U.S. retailers, ensuring both company-wide and store-specific operations are optimized will be essential in sustaining in-store traffic and revenue opportunities in 2017 and beyond.
This process often begins with obtaining actionable traffic data that is utilized to create the ultimate shopping experience for your customers, including delivering superior service throughout the store and ensuring checkout lines are short.
Both of these elements encourage consumers to spend more time shopping, which can lead to significant revenue gains. And with retail executives emphatically stating improved conversion rates is the primary need from retail analytics at the 2017 NRF BIG Show, now is the time to invest in technology that equips retailers with the real-time data needed to increase revenue and reduce operating costs.