This week we discuss the effect a blocked canal has on retail and the rising demand for big data analysis in retail.

WHAT’S IN STORE THIS WEEK?

  • The rising tension between retailers and landlords
  • A blocked canal’s effect on retail
  • Why more retailers are becoming data-driven
  • 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 – No Sale Reason

Why do customers leave your store without buying?

Finding points of friction within the customer experience and improving upon them is one of the simplest ways to increase your sales conversion.

The No Sale Reason tab shows a pie chart breaking down all of the reasons for no-sales. The tab shows the top reason for no-sales for the company as a whole and each store by itself.

FOOT TRAFFIC TRENDS

Industry insights so you can convert your foot traffic into more sales.

Supplier diversity

Having diversity within your supply chain has become increasingly important as inventory levels continue to lag in 2021.  
 
On top of low inventory levels, we’ve seen how a single ship can completely halt the traffic of the Suez Canal, which is responsible for 12% of the world trade.
 
The fact that one ship stuck in a canal across the country could be the downfall of millions of businesses is a very scary thought for many retailers.
 
Shipping logistics have advanced to the point where many businesses have implemented just-in-time manufacturing to limit costs and increase profits.
 
Many retailers stopped storing products in storage facilities or warehouses because they believe they can simply have the product shipped to them at a moment’s notice.

Retail vs landlord

As retailers struggled to pay rent with little to no traffic throughout the greater parts of 2020, some landlords began charging retailers a percentage of their monthly sales rather than a fixed amount.
 
What started as a way to help retailers be able to pay their rent has turned into a battle between retailers and landlords over what is considered a sale.
 
For example, should an online sale be considered a sale if the physical location of the store played no part in the sale?
 
The grey area of sales only gets more complicated when customers buy online and pick up in-store.
 
Both landlords and retailers can make equally compelling arguments, which is why it’s incredibly important to clear up the grey area before the bridge starts to burn.

Big data analysis

As readers may or may not know, we at Doorcounts are big on retail data.
 
More and more retailers are using data to drive decisions, better understand the customer journey, and turn their foot traffic into more sales.
 
As reported by Valuates, Big data analytics was valued at 4.43 billion in 2019 and is expected to reach nearly 18 billion by 2027.
 
Retailers cannot solely rely on gut instinct for big decisions. Especially when more and more of the competition is relying on data to better understand the customer experience.
 
If you haven’t started using data to better understand what is happening in your store, try Doorcounts 3.0 free for 90 days or give us a call and learn how we can customize the system for your business.

AI is no joke

Let’s be real – Artificial intelligence is an intimidating concept.
 
It wasn’t until recently that I could even wrap my head around the fact that AI is a real thing, not just something you see in a  sci-fi movie.
 
Artificial intelligence has advanced to the point where retailers are using AI to improve their business.
 
AI allows businesses to optimize their inventory and price levels by comparing to the local market and industry foot traffic trends.
 
Retailers have also used AI to Increase Contactless Retail Within Physical Stores by automating a process that usually required manual input.
 
It is worth taking a look and see how AI can be used to improve your business.

NOTEWORTHY NEWS

Suez canal: The latest update on the boat stuck in the Suez Canal.
 
Social responsibility: Ashley Furniture Releases First-Ever Corporate Social Responsibility Report.
 
Level up: A look at the new way retailers use property data to stay ahead of the game.
 
Livestream marketing: As retailers begin to embrace live-streaming, the live-streaming market is expected to reach $11 billion in 2021.

RANDOM IRRELEVANCE

Silicon of the future: After 70 years of allowing tech to get smaller and smaller, silicon may have finally met its match.
 
For the love of nurses: Banksy sells artwork, “nurses as superheroes” for $23 million in support of nurses.
 
Petty business: 90,000 greasy pennies dumped on Georgia man’s drive as final payment after quitting his job.
 
NW light show: Debris from Space X’s latest launch resulted in a brilliant light show for people in the Pacific North West.