Quick Info on the Shopping and Retail Industry
- Retail is the largest private employer in the U.S. — directly and indirectly supporting about 42 million jobs. This translates to $1.6 trillion of labor income and a $2.6 trillion annual contribution to the country’s GDP.
- Due to developments in online shopping, traditional retail has faced challenges. These challenges stem from the growth of Amazon, including their Amazon Prime option
- Franchises can connect with local vendors and local community needs. This is a huge advantage that franchises have over the growing e-commerce competition.
- Most retail companies are in fact small businesses and franchises — nearly all retail businesses employ less than 50 people. In 2017, franchise retail products were predicted to see a 5.5 percent growth in financial output.
- More retail services are looking to provide and improve effective customer service — about 97 percent of consumers say customer service ranks as ‘very important’ or ‘somewhat important’ in their retail experience.
- A knowledge of current trends and markets can give any retail franchise an edge over their competition when it comes to marketing campaigning.
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