Key stat: 42% of retail executives worldwide say the most important role of physical retail as omnichannel buying evolves is to provide an in-person component to the customer experience (CX), according to April 2023 data from Bain and Aptos.

Beyond the chart:

• To compete with ecommerce giants like Amazon, retailers with a physical presence must think more creatively to draw customers in-store, according to our analysts.
• We predict brick-and-mortar retailers will invest in events, influencer collaborations, and other experiences that drive brand loyalty and advocacy going forward.
• Physical stores will claim 83.4% of overall US retail sales in 2024, down from 84.4% in 2023, according to our November 2023 forecast.

Use this chart:

• Evaluate the strategy behind physical stores.

More like this:

• Why experiences and discoverability drive customers to stores
• Retail stores still dominate ecommerce when it comes to new product discovery and conversion
• Retail tips for 2024: Focus on value, in-store experience
• How retailers like Sephora, Nike, and Amazon bridge the digital-physical gap

Methodology: Data is from the November 2023 Bain and Aptos report titled "The State of Unified Commerce." 394 retail executives in Canada, the UK and the US were surveyed during March-April 2023. Respondents are responsible for unified commerce investments at their organizations. Surveyed retailers’ annual revenue is no less than $150 million. Most respondents cited earnings between $150 million and $50 billion in annual revenue.