This week we explore the mystery of abandoned shopping carts and the solution to lost revenue.
WHAT’S IN STORE THIS WEEK?
- The return of “stores within a store”
- A solution to loss revenue
- The effects of a thriving homebuilding industry
- Dos Marcos mattress podcast introduces FAM – For all things Mattress
- Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
DC FEATURE OF THE WEEK
This is where each week we highlight a feature within Doorcounts. This week’s feature is:
Sale Performance – Add-on Items
Add-on items are a great way to increase your average ticket and complete a customer’s purchase.
Tracking your add-on items is essential for being able to see if the items are priced appropriately enough to get customers over the buying line.
The Add-On Items tab lets you can see the percent of transactions as a whole that add-on items represent and also the percent of specific sales.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Store within a store
The old trend of having a store within a store is making a comeback.
As stores struggle to reach similar foot traffic as they’ve seen in the past, having another store in your store increases product knowledge and foot traffic.
Target has announced they are expanding their “apple stores” within Target with the hope that people go to Target for both their grocery shopping and electronic needs.
Having a kiosk or a store within a store allows you to have an expert on a product that you already sell (such as a Tempurpedic mattress) and reassures customers of their purchases.
Solution for lost revenue
In Q2 of 2020, salesforce found that 85% of shoppers abandoned their cart without buying.
As marketers struggle to find ways to get consumers to revisit their cart, buy now pay later may be the solution they have been looking for.
Buy now pay later gives customers flexibility and relieves any post-purchase regrets.
After rolling out buy now pay later, Klarma, a service provider, saw a 30% increase in sales conversion.
Not only does it increase conversion, but buy now pay later has seen to be an attraction that brings customers to physical stores and can increase the average ticket by up to 200%.
FOR ALL THINGS MATTRESS
Our friends at Dos Marcos are proud to announce The FAM is now the new home for the Dos Marcos Show (and much more).
From inspiring stories about retailers to podcasts, news, articles, and all things mattress.
Homebuilding
Although most industries have been majorly affected by the pandemic, the home-building industry has seen few bumps in the road.
Aside from April and May of 2020, the home-building industry has been nearly unfazed.
More homes being built means more homes on the market. In January 2021, new home sales jumped 4.3% month over month.
At the same time, the furniture industry saw a 10.4% increase in daily revenue.
New homes, compared to old homes that are newly on the market, require much more furniture and have a direct impact on the furniture, mattress, and appliance industries.
Bridging the divide
As we have said in the past, a seamless transition between online and physical stores is becoming increasingly important.
This is easier said than done, but more and more tools are becoming available to bridge the divide.
One of the more unique solutions we’ve come across is Shopitelligence. (No ad here, just intrigue.)
Shoptelligence, an AI-based platform that helps shoppers discover more of a retailer’s assortment by providing interactive rooms around any item a shopper is viewing, has become one of the more popular omnichannel solutions.
In 2021, Shoptelligence users have used digital cross-category merchandising that has lifted order size by up to 49 percent.
No matter how you do it, bridging the digital gap should be on the to-do list for retailers.
NOTEWORTHY NEWS
Boomin’ furniture: Booming furniture sales mean ‘unprecedented’ delays for sofas and desks.
Precision fibers: A supplier of coated fabrics offer alternative to hard-to-get foams.
Metro foot traffic: Metro areas show increase in consumer foot traffic across the board.
Stimulated retail: After a wave of foot traffic in January due to another round of stimulus checks, when to expect the next rush of foot traffic.
RANDOM IRRELEVANCE
Gone Bananas: Reddit investors ‘adopt’ 3,500 gorillas in less than a week.
Volcanic Iceland: After being dormant for 6,000 years, A volcano in Iceland comes to life.
Trapped in ice: Scientists discover Antarctic marine life trapped under ice for half a century.
