THE STATE OF LOCAL RETAIL
We analyzed transactions for every day of the 2017 calendar year at 54,000 small, independent retailers across America. The result is a comprehensive look at when local retailers earn the most money, when they’re busiest, and which states make the most from patrons who #shoplocal.
Understanding this report
To understand the average day for retailers in America, we need to take a multidimensional look at the revenue performance on a daily, weekly, monthly, and annual basis. To do this we break retailers’ daily revenue into the three key fundamental metrics we’ll use to identify trends:
Transactions, or how many individual payments retailers process, give us a sense of when retailers are busiest. While it is not an indication of visitors, it does tell us how many individual payments are processed during the period.
Purchase Price, or how much patrons spend on average per transaction, is an interesting metric to track for retailers. Often, the biggest revenue days for retailers are the same days when consumers spend the least per transaction.
Revenue is the metric that most business owners are familiar with. It’s the result of the number of transactions processed during the period and the amount consumers spent per transaction. It’s our mainsail metric and the one we used most to track the seasonal impact on local retailers.
Rhode Island: LOCAL RETAILERS’ AVERAGE DAY
To get started, let’s take a look at the average day for local retailers in The Ocean State: Rhode Island. On an average day, local retailers in Rhode Island process 8.2 transactions at $136 per purchase, which results in $1,117 in daily revenue. Compared to retailers in other states, Rhode Island’s average daily revenue is 29.1% lower. They average 36.6% fewer transactions on a daily basis and their customers spend 11.7% more per purchase than consumers nationally.
RHODE ISLAND’S AVERAGE DAY
- REVENUE: $1,117
- TRANSACTIONS: 8.2
- PURCHASE PRICE: $136
- REVENUE RANK: 36th
All told, this makes Rhode Island the 36th-ranked state for daily revenue generation, which puts them between Oregon (35th) and Iowa (37th) in our national ranking.
Rhode Island: local retailers’ average week
Next, let’s look beyond the daily trends to the average sales week for retailers in Rhode Island. In 2017, local retailers in Rhode Island typically made $7,842 each week, thanks to 58 weekly transactions at the average purchase price of $136.
RHODE ISLAND’S AVERAGE WEEK
- REVENUE: $7,842
- TRANSACTIONS: 58
- PURCHASE PRICE: $136
Rhode Island’s local retailers’ average weekly revenue is 129.1% lower than the national average, and they process 36.3% fewer transactions than retailers nationally each week.
Rhode Island: local retailers’ average daily revenue by day of the week
While it’s helpful to know what an average week looks like, most business owners can tell you just how different each day of the week can be for sales. To see how daily revenue changes during the week, refer to the top-center chart.
Independent retailers in Rhode Island typically make $1,384 on Fridays which is 23.9% better than their average day, and 28.7% lower than retailers nationally. On the flip-side, Sunday is typically the slowest day for retailers in Rhode Island, generating only $496.
Rhode Island: local retailers’ daily transactions by day of the week
To see how the number of daily transactions changes from day to day, refer to the graph labeled, “transactions.”
In Rhode Island, local retailers tend to be busiest on Saturdays. With an average of 11.1 daily transactions, Saturday is 34.3% better than their average day. On the other end of the spectrum, we have Sunday, their slowest day of the week, when they only average 5.7 transactions.
Rhode Island: local retailers’ purchase price across the days of the week
Purchase price changes are quite interesting. In general, as the week goes on, the amount customers typically pay per purchase drops to the point that consumers are paying the least they pay all week on the busiest days for local retailers. To see how Rhode Island compares to the national trend, refer to the graph labeled, “purchase price.”
In Rhode Island, Wednesday is the day when consumers are spending the most per purchase, averaging $162 per purchase.
Rhode Island: local retailers’ weekday vs. weekend
Next, let’s see how consumer spending at local retailers in Rhode Island varies from weekdays to weekends. In this analysis, we have grouped Monday-Thursday as “weekdays,” and Friday-Sunday as “weekends.”
Let’s look at the overall revenue contribution of weekdays and weekends. Over the the course of an average week, local retailers in Rhode Island make about $1,193 on weekdays and $1,017 on weekends.
Rhode Island: local retailers’ top 3 weeks
It probably won’t surprise you to learn that most states have their best sales week during the holiday rush, but did you know that in 2017 the week leading up to Christmas Eve (December 17 to December 23) was the single best week for local retailers in 39 states and it was in the top-three weeks for 84% of local retailers nationally? Here’s a look at Rhode Island’s top three weeks:
- December 17 – December 23
- 209% higher than their average week
- December 10 – December 16
- 166% higher than their average week
- December 3 – December 9
- 125% higher than their average week
Rhode Island: local retailers’ average month
Now, let’s look at the average sales month for retailers in Rhode Island and how annual revenue is distributed across the months of the year, as well as how much retailers in Rhode Island typically made each month.
RHODE ISLAND’S AVERAGE MONTH
- REVENUE: $33,983
- TRANSACTIONS: 251
- PURCHASE PRICE: $136
For starters, local retailers in Rhode Island average $33,983 in revenue each month, thanks to 251 monthly transactions at an average purchase price of $136.
Compared to retailers nationally, Rhode Island’s retailers’ average monthly revenue is 29.1% lower, and they process about 36.5% fewer transactions on a daily basis.
Rhode Island: local retailers’ percentage of annual revenue by month
In the graph above, we see the highest and lowest revenue-generating months for local retailers in Rhode Island. This shows us that the average Rhode Island retailer makes 12.4% of their annual revenue in December alone. In 2017, the retailers in Rhode Island averaged $50,422 for the month. By contrast, February is typically the slowest month for retailers in Rhode Island, as it only generates 7.2% of their annual revenue.
While a few percentage points may not seem that significant, there is a $21,037 difference in total monthly revenue between their best and slowest months.
Rhode Island: local retailers’ average daily revenue by month
Next, we’ll take a look at the daily revenue for local retailers on a month-to-month basis. The three graphs above illustrate just how much the average daily revenue, transactions, and purchase prices fluctuate from month to month.
For example, the best month for local retailer revenues in Rhode Island is December, when local retailers typically make $1,627 per day.
Rhode Island: local retailers’ average daily transactions by month
Next, we see how the average daily transaction volume varies from month to month, revealing the ebbs and flows of shoppers visiting local retailers in Rhode Island. We can see that in December–the month when their transaction volume is highest–local retailers average 12.3 daily transactions.
Rhode Island: local retailers’ average daily purchase price by month
Which month do consumers spend the most per-purchase with local retailers in Rhode Island? March. Consumers tend to spend $159 per purchase, compared to their usual purchase price of $136.
Rhode Island: LOCAL RETAILERS’ AVERAGE YEAR
The graphs above give us a week-by-week look at revenue, transactions, and purchase price trends for local retailers in Rhode Island across an entire year. Each flat line represents a full Sunday-to-Saturday week.
RHODE ISLAND’S AVERAGE YEAR
- REVENUE: $407,792
- TRANSACTIONS: 3,008
- PURCHASE PRICE: $136
All told, Rhode Island retailers make about $407,792 in annual revenue over 3,008 total transactions at an average purchase price of $136. Compared to the retailers on the national level, retailers in Rhode Island made 29.1% less in 2017 and processed 36.6% fewer transactions.
Rhode Island: local retailers’ year-end trends
Unsurprisingly, the closer we get to the end of the year, the higher the weeks rank for sales. The end-of-year holiday rush is, without a doubt, the single biggest money-making period for retailers across the country, as well as for retailers in Rhode Island.
Notice the general trends of Rhode Island’s overall revenue, transactions and purchase price as they draw closer to the end of the year. On a national level, transactions spike the closer they get to Christmas, while the average purchase price drops as consumers take advantage of holidays deals. Take a look at the revenue trends for Rhode Island and how they compare to the national trend.
Rhode Island: LOCAL RETAILERS’ KEY HOLIDAY SALES PERIODS
The holidays are high season for retail sales. In fact, many states make 1 out of every 4 dollars during this period. Let’s look at how important November and December are in terms of total annual revenue generation and what an average day during these months looks like.
Rhode Island: local retailers during November and December
With November and December accounting for so much of the revenue generated during the course of the year, it helps to know what the “average day” during this period looks like and how it compares to the “average day” during the rest of the year.
During November and December, local retailers average $1,457 in daily revenue which is 30.4% higher than their average day. Those same retailers process 10.4 transactions on a daily basis (26.8% more than their average day). And the consumers’ average purchase price increases 2.9% to $139.
All said, the months of November and December account for 21.8% of Rhode Island’s annual revenue generation and 21.2% of the year’s total transactions.
Rhode Island: local retailers from Thanksgiving to Christmas
For many people, including most retailers, the holiday sales season doesn’t begin until Black Friday. In fact, the sales periods from Thanksgiving to Christmas is a four-week sprint for retailers across the country.
In Rhode Island, local retailers typically average $1,646 in daily revenue between Thanksgiving and Christmas. That’s a 47.4% bump from their average day. Those same retailers process 12.4 transactions on a daily basis (a 50.2% lift compared to their average day), and the consumers’ average purchase price increases 1.9% to $133.
All told, the Thanksgiving-to-Christmas sales period accounts for 12.9% of the revenue and 13.2% of the year’s transactions for retailers in Rhode Island.
Rhode Island: LOCAL RETAILERS’ REVENUE TRENDS ON BLACK FRIDAY, SMALL BUSINESS SATURDAY, AND CYBER MONDAY
You can’t talk about holiday sales without mentioning Black Friday, Small Business Saturday, and Cyber Monday. In fact, they are some of the best revenue-generating days for local business owners across the country. Let’s closer look at each of these key sales days.
Rhode Island: local retailers’ average Black Friday
On average, in 2017, Black Friday was the best sales day of the year for local retailers. When we ranked all 365 days of the year for the amount of revenue generated, Black Friday was one of the top 3 days for 40 of the 50 states. In fact, Black Friday was in the top 20 days for every state but Arkansas (where it was the 42nd-best) and Wisconsin (81st).
For local retailers in Rhode Island, Black Friday was the 3rd-best revenue-generating day of the year. Across the state, local retailers averaged $2,612 in daily revenue, which is 133.8% better than their average day.
BLACK FRIDAY IN RHODE ISLAND
- DAY RANK: 3rd
- REVENUE: $2,612
- TRANSACTIONS: 21.4
- PURCHASE PRICE: $122
Compared to the national average retailer, those in Rhode Island made 15.4% less in daily revenue on Black Friday. They averaged 21.4 transactions, which is 18% less than the national average. Their average purchase price of $122 is 3.2% higher than other states.
Rhode Island: local retailers’ average Small Business Saturday
It’s hard to follow up Black Friday’s monumental revenue lift, but Small Business Saturday still packs a punch for local retailers’ revenue. It’s in the top 100 days of the year for 37 states and the 15th-best day of the year nationally.
SMALL BUSINESS SATURDAY IN RHODE ISLAND
- DAY RANK: 37th
- REVENUE: $1,489
- TRANSACTIONS: 13.9
- PURCHASE PRICE: $107
For independent retailers in Rhode Island, Small Business Saturday was the 37th-highest revenue generating day of the year. Across the state, local retailers averaged $1,489 in daily revenue, 13.9 transactions, and a purchase price of $107. Compared to retailers across the country, Small Business Saturday revenues were 25.6% below the national average in Rhode Island.
Rhode Island: local retailers’ average Cyber Monday
Cyber Monday isn’t just for e-commerce companies like Amazon; it’s the 11th-best sales day of the year for local retailers across the United States.
For local retailers in Rhode Island, Cyber Monday was their 86th-best day of the year. Across the state, local retailers averaged $1,322 in daily revenue, 8.8 transactions, and an average purchase price of $150.
CYBER MONDAY IN RHODE ISLAND
- DAY RANK: 86th
- REVENUE: $1,322
- TRANSACTIONS: 8.8
- PURCHASE PRICE: $150
Compared to the national average retailer, Rhode Island’s local retailers made 38.6% less in daily revenue on Cyber Monday. Their transactions were 39.3% below the national average, while their average purchase price was 1.2% higher than other states.
Rhode Island: local retailers’ prominent days vs. their average day
Retailers put a lot of focus and work into holidays and big-sale days. Here’s how Rhode Island retailers’ prominent days rank compared to their average day.
|DAY||RANK/365||DAILY REVENUE||CHANGE IN REVENUE||DAILY TRANSACTIONS||CHANGE IN TRANSACTIONS||AVG PURCHASE PRICE||CHANGE IN PURCHASE PRICE|
|St. Patrick’s Day||102||$1,362||22%||9||11%||$149||10%|
|Cinco de Mayo||158||$1,208||8%||9||12%||$131||-3%|
|Small Business Saturday||37||$1,592||43%||15||80%||$107||-21%|
|New Year’s Eve||321||$781||-30%||9||4%||$91||-33%|
Womply analyzed daily revenue for 54,000 local, independent retailers in all 50 states and the District of Columbia for all 365 days of the 2017 calendar year. Retailers were only qualified for the analysis if Womply had a full year of transaction history and the business recorded multiple transactions per day. Category and overall state rankings are based on a composite score of each state’s transactions, average ticket sizes, and overall daily revenue.
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