Our Year in Review report provides a summary of how sports retailers, as well as health and beauty retailers, performed in 2019, comparing Lightspeed merchants’ results to industry-wide sales data.
To interpret the data, we asked Nicole Leinbach Reyhle, founder of Retail Minded , to share her expertise with us.
Taking the industry by storm
With the retail industry constantly evolving, staying ahead of the latest australia number for whatsapp trends or simply ensuring the stability of your business can be a challenge. The constant battle between online and brick-and-mortar retail has made 2019 a transformative year for retail, intensifying the importance of adopting an omnichannel strategy.
While many observers are concerned about physical store closures around the world, according to Forbes, these stores still play a vital role in the sales process, becoming part of a larger strategy. Omnichannel is increasingly becoming a vital element for retailers looking to grow their customer base. As retailers begin to embrace this type of strategy, being able to provide the right customer service remained a major challenge in 2019.
Initial forecasts for retail sales were for a 3.8% to 4.4% increase to more than $ 3.8 trillion in 2019. Amid major industry disruptions and challenges, including the growth of online retailers and the departure of big names, the retail sector remained stable in 2019, with no major dips or jumps in growth.
However, Lightspeed merchants experienced unprecedented growth in North America. In fact, our U.S. retailers grew four times faster than the industry average, while our Canadian retailers did even better, growing six times faster than the industry overall!
Retailers that stand out
Explaining our customers' exceptional growth this year, Nicole told us, "There are so many factors that influence a retailer's business. But when you have a technology partner that can transform, react, and support you through the complexity of every touchpoint, you're better positioned for success."