Online Specialty Store Statistics | Digital Commerce 360

Specialty store consumers increased spending slightly in 2023

The median conversion rate for specialty retailers dipped slightly from 2022 to 2023, from 3.8% to 3.6%. Median monthly visitors increased, from 308,935 to 620,364. That’s about a 50% increase year over year. This fits with trends noted by Digital Commerce 360 in other retail categories, as online sales growth slowed and some consumers returned to stores as the pandemic waned.

Customers who did choose to shop online were willing to spend more than in the previous year. Median average ticket grew over the period, from $120 to $122. That is a very slight increase.

Online sales for specialty stores grew by about $1 billion

Online sales from all 75 category retailers in the Top 1000 nearly reached $29 billion in 2023, an increase of about $1 billion from 2022. Those sales made up 16.7% of total combined in-store and online sales in the category.

The top five retailers in the category saw some movement from the previous year. The specialty category is wide ranging, encompassing products from pet care to smoking products to medical supplies and books. Two pet retailers made the list this year, with Chewy taking the top spot as sales grew 10.4% in 2023. Two education companies, Follet Higher Education and Barnes & Noble Booksellers Inc., also made the cut. A-Mark Precious Metals Inc. rounds out the list, despite having the only negative sales growth in the top five.

Specialty retailer sales grew among older shoppers

Specialty online sales are divided across age demographics, as the category encompasses many types of products. However, the category gained ground with older consumers. Shoppers age 55-64 were responsible for 12.8% of sales in the category, down from 13.3% in 2022. Shoppers 65 and older were responsible for nearly 8% of sales in 2023, down from 9.8% in 2022.

Consumers between the ages of 25 and 44 make up more than 45% of specialty online sales. This age group makes up the bulk of customers at Chewy, the leader in the category.