Every once in awhile it’s nice to take a step back and remind ourselves of the larger picture in business. A corporate reality check of sorts.
On Monday, we got just that, with market-research group, NPD’s, awkwardly-named “Checkout Penetration Index,” showing where US consumers spend their hard-earned bacon, based off millions of online and offline receipts.
And if you were expecting a ticker tape parade for Jeff Bezos, save the confetti.
Brick and mortar is still dominating the market
95% of shoppers had purchased something from Walmart in 2016, followed by McDonald’s (89%), Target (84%), Walgreens (77%) and Dollar Tree (71%).
Meanwhile, Amazon clocked in at a surprisingly pedestrian 42%, snuggled right between KFC and Dunkin’ Donuts. Basically, all the places you’d find at your [insert local strip mall here].
Wait, so what does that mean?
For one, the largest retailer in the world (Walmart), is still dominant, employing 2.3m “associates” around the world and bringing in almost $500B in annual revenue — more than Apple, Amazon, and Microsoft combined.
Second, as much as we talk about the newest innovations, drone deliveries, and big-time acquisitions, we’d be remiss to forget the impact of core American businesses that we all know and (mostly) love in our daily lives.