Ripping Off the Boss: 33 Surprising Employee Theft Statistics

ByMilica Milenkovic
September 24,2021

Employees are one of your business’s most valuable assets. However, their dishonesty can be costly. A single thief can ruin a company’s finances, shatter morale, and erase months of hard work. Despite efforts by employers to minimize the risk of internal fraud, employee theft statistics show that this type of offense occurs in all areas of business. Employee crime types include everything from larceny to embezzlement and expense reimbursement schemes to time theft. 

Are the consequences of internal theft quantifiable? How long does proving employee theft take? What business types run a higher risk of such offenses? Keep reading to find out.

Employee Theft Statistics - Editor’s Choice

  • Organizations around the world lose approximately 5% of their revenue to employee fraud and occupational abuse each year. 
  • Time theft schemes affect approximately 75% of all US-based businesses.
  • US businesses lose up to $110 million a day due to employee-related crimes.
  • The average dishonest employee case value increased by 11% between 2018 and 2019.
  • More than two-thirds of all corruption cases are perpetrated by a person in a position of authority. 
  • A typical employee theft scheme lasts 14 months before it’s detected. 
  • The risk of billing fraud and payroll schemes is twice as high in small businesses compared to large enterprises. 
  • Only 4% of employee theft perpetrators have prior fraud convictions, based on 2016 data.

Overall Impact of Occupational Theft

The scope of employee theft and position abuse cannot be understated. From buddy punching to employees stealing the company’s information and money, there are so many ways to harm the companies they work for. While some of these acts can seem minor, it’s important to understand the impact of the problem at all levels. That’s the only way to prevent occupational theft in the future.

Two-thirds of all US-based small businesses fall victim to employee theft, according to employee fraud stats.

(National Federation of Independent Business)

Only 16% of companies call the police to launch an employee theft investigation.

(National Federation of Independent Business)

In 2020, asset misappropriation was the most common scheme perpetrators used to defraud their employers and appeared in 86% of the cases examined globally.

(Association of Certified Fraud Examiners)

Corruption followed with 43%, while financial statement fraud was found in 10% of the cases. Many cases were examples of at least two of the aforementioned employee theft mechanisms.

Clocking someone when they aren’t actually at work, also known as “buddy punching”, and similar time theft schemes affect approximately 75% of all businesses in the US.

(Replicon)

Employee theft prosecution data shows that typically 14 months go by between the time when a scheme begins and when it’s detected.

(Association of Certified Fraud Examiners)

According to a recent study, the most common methods used by perpetrators to conceal employee theft include creating fraudulent physical documents (40%), altering physical documents (36%), altering electronic documents or files (27%), creating fraudulent electronic documents or files (26%). Approximately 12% did not even try to conceal the fraud.

(Association of Certified Fraud Examiners)

Based on small business employee theft statistics, up to 60% of all cases involve ongoing schemes ranging from two weeks to 20 years.

(National Federation of Independent Business)

More than 40% of the cases are uncovered through tips provided by an employee, customer, vendor, or anonymously, employee fraud statistics reveal.

(Association of Certified Fraud Examiners)

According to employee fraud case stats, 59% of ex-employees admitted to stealing the company’s sensitive information when leaving previous jobs.

(American Bar Association)

The Cost of Internal Theft

Projecting total business losses attributable to employee theft is an essential part of all internal fraud prevention strategies. However, given the number of unknown factors that contribute to it, measuring the cost of theft at work is an incredibly complicated endeavor. Each year, companies lose millions of dollars to different types of internal theft. According to employee theft statistics, some businesses even go bankrupt as a result of such offenses.

Still, so many cases never come to light. In addition, the full financial impact of the fraudulent activity that’s actually detected is also difficult to calculate. Due to these limitations, all attempts to quantify the damage caused by employee theft are imperfect. However, research institutes and similar institutions put in a lot of effort to gain insights and raise awareness about these issues. Here are some of the most interesting cost-related employee fraud stats we've come across:

Certified fraud examiners estimate that organizations around the world lose approximately 5% of their revenue to employee fraud and occupational abuse each year. That’s more than $4.5 trillion in annual financial damage.

(International Monetary Fund, Association of Certified Fraud Examiners)

Based on global internal theft statistics, the median loss per fraud was $100,000 in Sub-Saharan Africa, $117,000 in Southern Asia, $120,000 in the United States and Canada, $133,000 in Western/Central Asia and Eastern Europe, $139,000 in Western Europe, $100,000 in MENA, $195,000 in the Asia-Pacific region, and $200,000 in Latin America and the Caribbean.

(Association of Certified Fraud Examiners)

Public and private organizations around the world suffered a median loss of $150,000 to occupational fraud in 2020.

(Association of Certified Fraud Examiners)

Approximately 21% of employee fraud cases analyzed in a 2020 survey caused financial losses of more than $1 million.

(Association of Certified Fraud Examiners)

According to a recent study, companies faced a median loss of $954,000 per financial statement fraud. While this may be among the least common types of workplace theft, it’s also the costliest.

(Association of Certified Fraud Examiners)

Employee time theft statistics indicate that the cost of clocking someone in when they aren’t there can go up to 7% of a US company’s gross annual payroll.

(Replicon)

It’s estimated that US businesses lose up to $110 million a day due to employee-related crimes.

(Hire Power Associates)

Based on retail employee theft statistics, the average dishonest employee case value was $1,380.62 in 2019, an increase of 11% from 2018’s average of $1,243.73.

(Jack L. Hayes International)

Statistics on Employee Theft by Industry Type and Company Size

Companies of all shapes and sizes should be aware of employee theft. But studies show that certain organizations are more vulnerable than others. While scheme mechanisms can vary widely by industry, it seems that employee theft cases are commonly found in small and medium-sized enterprises. Although it may sound counterintuitive, smaller businesses with a close-knit workforce are particularly at risk because of how empowered and trusted their employees are.

Employee theft statistics indicate that the risk of billing fraud and payroll schemes is twice as high in small businesses compared to large enterprises. Check and payment tampering is four times more likely in smaller organizations.

(Association of Certified Fraud Examiners)

According to a corporate theft study conducted in the US, approximately 80% of all organizations that fell victim to embezzlement had fewer than 100 employees; just under 50% had up to 25 people on the payroll.

(Hiscox Inc.)

One-third of all US employee theft cases in 2016 involved financial service companies or organizations in non-profit industries.

(Hiscox Inc.)

Based on recent global workplace theft statistics, the list of industries with the highest proportion of corruption cases includes energy (53%), manufacturing (51%), and government and public administration (50%).

(Association of Certified Fraud Examiners)

Statistics on employee theft in the US indicate that more than 40% of all schemes that took place in 2016 were perpetrated by those working in the finance or accounting sectors.

(Hiscox Inc.)

Approximately 70% of all corruption cases that were recently analyzed had been perpetrated by a manager, owner, executive, or a person in a similar position of authority.

(Association of Certified Fraud Examiners)

Who Commits Employee Fraud?

Profiles of employees involved in theft can vary when it comes to age, profession, and motivation. However, there's one thing most of them have in common - they are usually the least suspicious.

For example, employee theft stats reveal that embezzlers tend to be smart and liked. These are often people who experience financial hardship and thus gain the motivation to start stealing money from work. Additionally, these employees usually have access to the company’s funds through title or tenure and also possess the skillset to commit this type of fraud.

Most theft cases start out as “one-time loans” that the employee intends to pay back as soon as possible. Still, most perpetrators come back for more and try to justify the wrongdoing - some of them consider themselves underpaid, and others feel like there’s no other way to provide for their families. If they don’t get caught stealing from their employer, they probably won’t break the cycle.

Men were involved in 72% of all occupational theft cases in 2020.

(Association of Certified Fraud Examiners)

According to corporate fraud statistics, male perpetrators caused larger median losses ($150,000) than female offenders ($85,000).

(Association of Certified Fraud Examiners)

Research conducted in the US recently found that the median age of an employee who committed embezzlement, fraud, or larceny at work was 49.

(Hiscox Inc.)

Very few employees who commit theft have prior fraud convictions. Research shows that only 4% of the culprits have a prior fraud conviction.

(Hiscox Inc.)

As far as motivation goes, employee theft statistics reveal that 42% of occupational fraudsters who got caught lived beyond their means, while 26% were experiencing financial difficulties.

(Association of Certified Fraud Examiners)

Real-Life Employee Fraud Cases

Here’s a list of some of the most shocking employee theft cases that took place in the US throughout the last few decades:

A bookkeeper from Maryland defrauded four different non-profit organizations and stole more than $1.3 million that was intended to provide services for homeless families and disadvantaged children.

(Hiscox Inc.)

A Texas bakery executive and his spouse stole $16.7 million over 15 years by using company checks to pay for personal expenses.

(Hiscox Inc.)

A Cincinnati controller at a manufacturer stole $8.7 million in 11 years through fraudulent checks.

(Hiscox Inc.)

The controller of a hedge fund in Connecticut embezzled more than $9 million in nine years by transferring the company’s money to accounts he controlled.

(Hiscox Inc.)

A bookkeeper embezzled $155,460 from a Kansas nursing center.

(Hiscox Inc.)

When she was caught, it turned out that she had also stolen from multiple previous employers. Working as a bookkeeper meant that she was violating her parole on previous business fraud charges.

Glossary
B
Billing schemes - This involves setting up false vendor accounts and causing the company that’s the victim of the fraud to issue fraudulent payments by submitting inflated invoices, invoices for personal purchases, or invoices for non-existent goods or services.
E
Embezzlement - Embezzlement can be defined as using funds for a different purpose than the one they were intended for. This type of theft is usually perpetrated by a person in a position of authority (such as a senior executive or a bookkeeper).
L
Larceny - This type of employee theft refers to the act of taking cash or property from the company you are working for. It covers several different acts. Anything from stealing inventory from the loading dock to taking cash out of the register qualifies as larceny.
E
Expense reimbursement schemes - Fraudulent expense reimbursement occurs when an employee pads expense report by adding items that are either non-business related or non-existent.
I
Information theft - This is another common type of employee theft that isn’t strictly money-related. It happens when an employee gives away its company’s secrets to a third party such as a competitor.
P
Payroll schemes - The most common payroll schemes involve writing payroll checks to employees that aren’t part of the company anymore or “phantom employees” and falsifying timesheets and timecards to claim compensation for hours not worked.
T
Time theft - Based on employee theft statistics, this is one of the most common forms of occupational fraud. It’s defined as using work hours (the company’s time) to conduct personal business.
Frequently Asked Questions
How common is employee theft?

Employee theft is much more common than you’d imagine. It’s estimated that almost two-thirds of all small businesses based in the US fall victim to some form of employee theft. Asset misappropriation, corruption, and financial statement fraud are the most common schemes perpetrators use to defraud their employers.

How much do companies lose from employee theft?

Financial specialists estimate that companies of all industries and sizes operating all around the world lose 5% of their revenue to employee theft each year. That’s more than $4.5 trillion in annual financial damage on the global level. Based on 2020 employee theft examples and statistics, organizations suffered a median loss of $150,000 to occupational fraud. 

How much value is lost in the United States each year due to employee theft?

US businesses lose up to $110 million per day due to employee-related crimes. Still, many cases of employees stealing go unnoticed or unreported. Even when occupational fraud and position abuse do get detected, it’s hard to quantify the exact amount of financial damage.

Sources

More from blog

Vending machine profit statistics and forecasts show that the coming few years are going to be more lucrative for the industry.
By Danica Djokic · January 20,2022
Incorporating enough physical activity into our increasingly sedentary lifestyles is difficult. However, people are more aware nowadays that regular exercise has significant health benefits. That awareness created room for the fitness industry to grow - and these exciting fitness industry statistics will tell us just how much. Read on! Fitness Stats (Editor’s Choice): The COVID-19 pandemic reduced the fitness industry’s market size by 16.24%. The digital fitness market is set to reach $26.55 billion in 2026. 17% of US gyms were permanently closed due to COVID-19. 44% of the fitness industry workforce was left without a job in 2020. In 2019, Americans visited gyms and fitness clubs 6.7 billion times. The average monthly fitness club membership in the US costs $52. Millennials make up 35% of the fitness industry’s customer base. Fitness industry job prospects are predicted to grow 39% in the following ten years. Global Fitness Industry Statistics Before the COVID-19 pandemic, the global fitness and health club market grew to $96.7 billion in 2019. (Statista) Prior to the pandemic, the fitness industry had been experiencing steady growth since 2015. Its most significant leap happened between 2017 and 2018, when the industry grew from $87.2 billion to $94 billion. As expected, some of the top fitness clubs, like LA Fitness, ClubCorp, and Life Time, are in the US. LA Fitness had $2.15 billion in revenue in 2019, quickly taking the top spot as the global industry leader. In 2020, the fitness industry market size dropped to $81 billion, as a result of the COVID-19 pandemic. (Mordor Intelligence) The fitness industry - brick-and-mortar clubs and gyms in particular - has been severely impacted by the pandemic and state-imposed restrictions, especially in the US. The global industry experienced a significant drop (16.2%) in market size. The projected fitness industry CAGR between 2021 and 2026 is 7.21%. (Mordor Intelligence) As countries lift strict restrictions, the fitness world is getting back on its feet. The main driving factors for this industry will most likely be the growth of disposable income now that the job market is recovering, increased health awareness, and the possibilities for safe exercising on location. The global digital fitness market size is expected to reach $26.5 billion in 2026. (360 Research Reports) In 2020, the market for fitness wearables that record your health and assist in training regimens was estimated at almost $9.6 billion. With a predicted CAGR of 18.5%, it’s expected to triple by 2026. Fitness Industry Market in the US: COVID-19 Aftermath The US fitness industry dropped from an all-time-high revenue of $35 billion in 2019 to only $15 billion in 2020.  (IHRSA) It’s estimated that the COVID-19 pandemic inflicted around 20 billion dollars’ worth of losses to the US fitness industry’s revenue in 2020. This comes as no surprise, as in some states (e.g., Washington, Oregon, and California), restrictive measures and closures lasted for a year and created a harsh environment to maintain a business. In other states, restrictions were less severe, as they allowed establishments to operate at 50% capacity, move their operations outdoors, or hold online training sessions. Small businesses with excellent insurance fared better, but the industry was still severely hit. Almost 17% of US gyms and fitness clubs were permanently closed because of the pandemic. (IHRSA) According to information from some of the largest payment processors cooperating with the fitness industry, boutique fitness industry statistics paint a grim picture: 19% of boutique studios had to close their businesses permanently in 2020. Another 14% of traditional gyms had to shut down for good. Seven major sport and fitness companies filed for bankruptcy in 2020. (Business Insider) Companies like Cyc Fitness, Yoga Works, Flywheel Sports, Town Sports International, 24 Hour Fitness, Modell’s Sporting Goods, and Gold’s Gym are some of the major business franchises severely weakened by the pandemic. In 2019, 24 Hour Fitness was an industry leader, earning more than 1.4 billion in revenue. Unfortunately, in 2020 it had to file Chapter 11 and close around 144 locations. Likewise, Town Sports International had to shut down over 100 sites. 44% of the fitness industry workforce lost their jobs in 2020. (IHRSA) These fitness industry statistics are unfortunate, and the industry employee count dropped from 3.2 million to 1.8 million. This affected small-business owners as well, and with extended restrictions, some of these job prospects may never recover. The infection rate in US gyms was 0.002%, out of 49.4 million check-ins from 2,877 locations.  (IHRSA) According to a study conducted by the University of Florida, thanks to gym patrons abiding by safety guidelines, the number of detected infections was not statistically significant. Fitness industry statistics for 2021 also show that 69% of gym-goers were confident in the safety protocols within their gym. Fitness and Health Industry Trends During the pandemic, gym closures caused an increase of 130% in sales of fitness equipment. (NPD) Some equipment sales experienced impressive triple-digit growth. Businesses had to fulfill increased orders for items such as yoga mats (146%), stationary bikes (170%), free weights (181%), and weight benches (259%). The global fitness equipment market is predicted to grow to $14.7 billion in 2028. (Fortune Business Insights)  Fitness industry trends and statistics show that the market for exercise equipment is currently valued at $10.7 billion, and forecasts show that it will grow at a CAGR of 4.6% in the next seven years. The fitness apps market is expected to grow by $1.68 by 2024. (Business Wire) Forecasts for the fitness apps market are bullish, and the estimated CAGR between 2020 and 2024 is 12%. This software niche’s most crucial driving force will be the increased use of wearables that track your physical performance while exercising. In 2019, there were around 6.7 billion visits to US health clubs. (IHRSA) Fitness industry trends and statistics show positive trends for the industry’s future, as Americans are willing to dedicate time to their health and exercise. More than 27.3 million people visited a gym more than 100 times during the year, while 17.8 million went more than 150 times. On average, Americans pay $52 for a gym membership. (IHRSA) Around 25.9 million Americans, which roughly is two out of five gym members, pay less than $25 per month for their membership. However, a significant number of people - 8.2 million, in fact - are willing to pay more than $100 for a gym membership each month. Thanks to that, health and fitness industry statistics show that the average monthly membership is quite high. A home gym costs between $1,400 and $5,000 to equip. (ACMS’s Health & Fitness Journal, IHRSA) It’s not hard to see how the COVID-19 pandemic influenced how people exercise. Working remotely made it easier for people to join online live or pre-recorded training sessions and exercise at home. Therefore, many were interested in amping up their at-home exercising, either through affordable bodyweight programs, or by decking out entire rooms with workout gear. 68% of Americans plan to continue using online fitness services. (IHRSA) Online fitness industry statistics show that the pandemic forced people to adjust to the new norm, and most Americans tried out fitness apps and video-guided exercises. Just under a third of them also participated in a fitness challenge to keep their exercise regular. 94% of Americans plan to return to their gyms. (IHRSA) Americans are keen to increase their physical activity again, and 88% are confident in safety precautions taken in their workout establishments. People with preexisting conditions are at an elevated risk of COVID-19, but 60% of them also said they want to exercise more, albeit in safer conditions. Fitness Demographics Between 2010 and 2019, women’s gym attendance has risen by 32.2% and men’s by 23.2%. (IHRSA) Americans are increasingly getting conscious about their health and physical exercise. Unfortunately, due to the COVID-19 pandemic, 2020 remains an outlier year for fitness clubs and gyms. Luckily, most men (51%) and women (65%) have a goal of increasing their physical activity, so gyms can also expect some of them to return. Men pay $54 on average for their fitness and health club memberships, while women spend $50. (IHRSA) Men are generally more likely to pay a premium price for club memberships. Statistics on the fitness industry show that more than 65% of people that pay more than $200 per month are men. Women are more conscious about their spending as less than 50% pay more than $100 per month. Millennials make up the largest share of fitness and health club members in the US, at 35%. (IHRSA) Gen X and Baby Boomers are the next age groups that are frequent attendants of fitness and health clubs at 22% and 21%, respectively. Gen Z and the Silent Generation make up 16% and 6% of all gymgoers. However, fitness industry growth statistics show that the last two are among the most growing age groups attending health clubs. The 6 to 17 age group had the highest increase in memberships from 2010 to 2019 - 69.81%. (IHRSA) Health clubs have been attracting more younger adults and children. These generations are followed by 55 to 64-year olds at 42.48% and people older than 65 at 34.16%. Hispanic people contributed the most to gym and fitness club membership growth, with a 94.5% increase in signups. (IHRSA) The numbers of Black and Caucasian gym members have also increased by 24.7% and 25.6%, respectively. Fitness equipment industry statistics show that treadmills are the most popular exercise machine across all ethnic groups, followed closely by free weights. The largest demographic with health club memberships in the US are Caucasians at 66.3%. (IHRSA) Hispanic people follow them, with 12.78%, then Black people (12.3%). People of Asian/Pacific Islander ethnicity contribute 7.19%. Fitness Industry Analysis - Job Prospects In 2020, the median wage of a fitness instructor and trainer was $40,510 per year. (US Bureau of Labor Statistics) As reflected by gym industry statistics, this is a job where employers commonly accept people with practical experience rather than formal education. Most people in the industry start on a payroll of a small business. As you continue to work, you can specialize and get appropriate certification for the type of training you are holding. The most common fitness instructor certifications are for strength training, yoga, and kickboxing. The job market for fitness trainers in the US is expected to grow by 39% between 2020 and 2030. (US Bureau of Labor Statistics) Fitness industry growth is projected to create around 69,100 job openings for trainers and instructors yearly on average for the next ten years. A significant portion of those job positions is expected to result from part of the current workforce retiring and moving to other industries. Before the pandemic, in 2019, the fitness industry served more than 184.5 million members. (Statista) The industry almost doubled in the decade preceding 2020, as it grew from 119.5 million members in 2009. The number of fitness and health clubs in the US dropped to just over 32,000. (Statista) Before 2020, there were more than 41,000 fitness establishments in the US. Unfortunately, a significant number had to close down. On the plus side, as the country recuperates from the pandemic, the fitness industry growth rate shows an increasing demand from the public that can’t wait to return to their regular exercise regiments. Fitness Industry in Europe The European fitness and health club industry is a $36.5 billion market. (Statista) The European fitness industry includes everything from sports to gyms and even fitness apps. The sector had 63 million customers across the EU in 2019. The e-health segment of the industry is also on the rise, netting more than $537.8 million in the UK and around $509 million in Germany. Germany and the United Kingdom have the highest fitness revenue in Europe, with $6.3 billion each. (Statista) Fitness industry market research shows that Germany and the UK have significantly larger fitness markets than the other European countries. France has a $2.9 billion market while Italy and Spain sit at around $2.7 billion each. 28% of EU residents exercise more than five hours per week. (Eurostat) Unfortunately, 28% of EU residents don’t exercise at all. Another 17% exercise between three and five hours per week and 27% up to three hours. Over 90% of Romania, Denmark, and the Netherlands’ population participate in physical activity outside of work. On the downside, fitness industry stats show that Portugal and Croatia are on the opposite side of the spectrum, with only 45% and 36% of people taking the time to exercise, respectively.
By Dusan Vasic · December 08,2021
Not too long ago it would have been difficult to imagine sales reps who didn’t have face-to-face meetings with potential customers. But the world has changed. Everything about the way we travel, work, and spend looks different today.    The latest sales statistics highlight some of the market turmoil caused by the pandemic while showing the acceleration of digital transformation as well as promising growth trends and soaring sales figures in individual industries. The following stats will walk you through specific sectors and point out some of the more surprising and interesting sales facts. Salest Statistics Breaktown - Editor’s Choice: AI adoption by sales teams rose by 76% since 2018. An average of 18 calls is needed to connect with buyers. 60% of contacted buyers reject the offer four times before saying yes. 57% of people prefer buying from sales representatives who don’t hassle them. Handgun sales in October 2020 rose by 65% when compared to the same period in 2019.  Video game sales amounted to $4.93 billion in July 2021, marking a 5% year-over-year increase. Toilet paper sales and fun facts about spending in the US show that demand for this product rose by 845% in 2020. 60% percent of sales reps increased their number of virtual meetings since 2015. (Salesforce) Even before the pandemic, virtual sales were on the rise, with many sales representatives reporting that they touch base with prospective customers and existing clients via video chat rather than traveling to meetings and lunches. Perhaps unsurprisingly, 62% also said they spend more time on their computers, tablets, and smartphones than they did a few years ago. These sales trends tell us that virtual selling is here to stay.        AI adoption rose 76% since 2018, with 37% of sales teams now using it. (Salesforce) As is the case in many industries, the acceleration of the digital transformation process is evident in the sales sector. Artificial intelligence or AI is one of the technologies that’s being rapidly adopted, with 37% of sales teams implementing these advanced tools globally in 2020. That marks a 76% increase since 2018. According to recent sales statistics, 77% of sales leaders and 84% of sales ops professionals claim their digital transformation has become more rapid since 2019. The AI tools also help power CRM software, which is crucial for managing customer relationships.  The use of smart sales tools has gone up by 300% since 2017. (Membrain) The substantial increase in both the types and the use of sales technology tools is being fuelled by online purchasing. Sales stats from 2017 reveal that most organizations at the time used only two main tools: CRM software and online meeting tools. Two years later, leads list/database, social selling, account targeting, and skills training and recruiting were added to the list. With six tools in regular use, the sales sector started to see more opportunities for leveraging technology to better cater to customers.  91% of consumers would like to see interactive content in marketing emails. (Hubspot) A Litmus report dubbed 2021 State of Email reveals most respondents feel that only interactive content in marketing emails can get their attention. However, only 17% of marketers actually use such content when advertising their products or services. Depending on your target audience and relevant sales information and analytics, you can add interactivity into your emails by including an embedded video, animated GIFs, a form, faux video, or carousel. Think about creative SMS content, too, or employ mass text software to help you create one with catchy phrases.  An average of 18 calls is needed to connect with buyers. (Gartner) Reaching potential buyers isn’t always easy. Consumers are generally suspicious when it comes to calls from sales reps and tend to avoid them by hanging up or not answering the phone at all. Likewise, only 23.9% of sales emails are opened, and others usually end up in a bin. The sales numbers indicate that more investment is needed into technologies that help locate potential buyers and improve the quality and quantity of communication. 60% of all contacted buyers reject the offer four times before saying yes.  (Invesp) Follow-up calls can make all the difference. But almost half of the salespeople (48%) never make a single follow-up attempt. Statistics that expose this passive trend among sales reps also indicate that consumers tend to change their minds if called at least four times. An astounding 60 percent of contacted prospects agree to buy a product or service during the fifth call, according to sales follow-up statistics compiled by the US consulting company, Invesp.  57% of people prefer buying from sales representatives that do not hassle them. (Invesp) Even though follow-ups are essential for convincing customers to purchase your product, more than half of the respondents said they prefer buying from sales representatives who aren’t too pushy. Salespeople have a reputation for hassling potential consumers, and these figures show that they would improve their chances of making a sale if they change their approach.  70% of businesses agree that retaining customers is cheaper than acquiring new ones.  (Invesp) Prospecting statistics reveal that even though most newly established businesses have to focus on acquiring new customers, the long-run focus should be on retaining them. Namely, it costs five times as much to gain a new buyer than to keep an existing one. Unfortunately, despite the convincing figures in favor of focusing on retention, only 40% of companies and 30% of agencies cultivate the same approach to acquisition and retention.  The American auto industry was showing signs of recovery in the summer of 2021, with nearly 1.2 million cars sold in July. (Goodcarbadcar) Following a sharp decline that saw sales plummet from 17 million in 2019 to just a little over 14.5 million in 2020, the car industry started showing signs of recovery by mid 2021. But according to United States car sales statistics, the positive trend failed to extend into the spring, with only 589,743 automobiles sold in October. Those are the lowest monthly sales figures in years.  California accounts for the highest number of car sales in the US. (Statista) Research from 2019 shows that the state of California registered more than 14.8 million automobiles that year alone. The state is also the biggest market for electric vehicles, plug-in hybrids, and for used car sales. Statistics by state reveal that Texas had the second-highest number of automobile registrations, with just over 8.3 million cars registered. Texas is followed by Florida (7.8 million) and New York (4.4 million). Handgun sales in the US in 2020 rose by 65% compared to 2019. (Statista) The US gun industry is having a good pandemic, with Americans buying handguns in record numbers. Research shows that in October 2020, around one million handguns were sold, marking a 65% increase compared to the same period in 2019. Gun sales statistics also reveal a spike in handgun sales in June 2020, when 1.511.710 items were sold. The American trade book market recorded a 9.7% increase in revenue in July 2021. (Association of American Publishers) During the pandemic-induced global lockdowns, many people turned to books. Perhaps unsurprisingly, book sales generated $750.7 million in revenue in July 2021. Reading once again became a favorite pastime in many American households, who contributed to the 9.7% growth in this sector, compared to July of 2020.  According to book sales statistics, eBook revenues in July 2021 went down 16% compared to the same period last year. Meanwhile, Paperbacks went up by 30%, generating $274.3 million in revenue. Video game sales amounted to $4.93 billion in July 2021, marking a 5% year-over-year increase. (Statista) Video games had a huge 2020 with more people than ever buying and playing games during the pandemic. Sales soared to $177.8 billion - an increase of 23.1% from 2019. The future looks equally promising, with some forecasts suggesting that the global gaming market will be worth $268.8 billion by 2025. Video game sales statistics for the US market in 2021 show that the industry is maintaining its upward trajectory. 2020 has seen a significant decline in draft beer sales, while canned beer sales went up. (NBWA) The forced closures of bars and restaurants during the pandemic had a significant impact on alcohol sales. Draft beer’s share of total volume declined from 10% in 2019 to around 6% in 2020. Beer sales statistics also show that demand for canned beer rose from 60% in 2019 to 67% in 2020. At the same time, sales of beer in glass bottles remained relatively unchanged, accounting for 29% of the market share in 2019 and 28% in 2020. Toilet paper sales in the US spiked by 845% in 2020. (Business Insider) Toilet paper hoarding in 2020 resulted in a spike in sales of 845% in March 2020, compared to 2019, with a total of $1.45 billion sold in a single month. In March 2020, 73% of all grocery stores ran out of toilet paper. By May, that figure dropped to 48%. Toilet paper sales statistics in 2020 exposed a somewhat disturbing and equally commercial side of consumer behavior in times of crisis.  Girl Scout cookies sales amount to around $800 million during each cookie season. (Girl Scouts) Selling Girl Scout cookies has been a tradition in the US since 1912 and has become a lucrative business for many. Girl scouts sell about 200 million boxes of cookies each season and earn nearly $800 million in revenue. According to mouth-watering girl scout cookie sales statistics, the most popular variety is Thin Mints, followed by Samoas, Caramel deLites, and Tagalongs/Peanut Butter Patties.  Sales: the Bottom Line In the choppy waters and hazy horizons of the pandemic-hit world, steering your business in the right direction isn’t easy. There are many challenges facing sales teams and managers, especially when it comes to locking down customers and promoting products and services. On the other hand, some industries are doing better than ever. Business sales statistics show that demand for canned beer, video games, and guns has never been higher. But that doesn’t change the fact that the future is uncertain for everyone, and the new business world is yet to shape out.
By Danica Djokic · November 10,2021

Leave your comment

Your email address will not be published.


There are no comments yet