From the need for speed in retail to the battle between retailer and technology, a new week means new trends in retail.
WHAT’S IN STORE THIS WEEK?
- Speedy deliveries and the price consumers are willing to pay
- How the perception of a home has changed forever
- The growing pains of adopting new technology in retail
- A look into excess savings and the impact on shopping trends
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:
Sales Statistics by Employee
When the end of the month comes and the numbers begin to get crunched, finding ways to efficiently sort through data is essential.
With the Sales Statistic By Employee tab, you can create a custom report for all your employees in one place to compare and contrast the sales and performance metrics of all of your employees.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
The price of speed
While at one point throughout the year BOPIS and Buy Now Pay Later was the most enticing deal you could offer consumers, speed and faster deliveries are now the hot commodities.
Not only is fast delivery a hot commodity, but it can also be the determining factor.
A recent study by furniture today found that consumers are willing to pay 1-5% extra for faster delivery on big-ticket items.
While a majority of people aren’t willing to pay up to 10% extra, a handful of people in the survey were willing to pay up to 16% extra to get their furniture quicker.
Of all the industries, mattress and home furniture were the leading items that consumers were willing to pay more for.
At the end of the day, it’s easier said than done to offer more for delivery if you don’t have the item in stock. Regardless, it’s nice to know that people are willing to pay more to get your goods quicker.
The home – reimagined
The pandemic changed the way people look at a lot of things. From sanitation to shopping online and picking up curbside, a lot of things changed.
One of the biggest changes in perception was a byproduct of lockdowns: The way people view a home.
A home went from a place where people sleep and shower to a place where a majority of their life was spent for over a year.
In 2020, nearly 77% of people took on at least one home improvement project, which is up 68% over 2019.
The new way people look at their homes has had a major impact on big-ticket retailers and will continue to drive people into stores for years to come.
Retail vs technology
As consumers begin to expect more from retailers when it comes to a seamless experience between online and physical stores, retailers are forced to rapidly adopt new technologies.
And as we all know, adopting new technology is never as easy or seamless as you would expect.
A survey by Forester consulting found that 94% of the 250 retail and manufacturing decision-makers surveyed said that they faced significant issues when initializing omnichannel capabilities.
Even once your omnichannel is up and running, only 36% of retailers say their inventory can keep up with the growing interest in Buy Online Pick Up In-Store.
No matter where you are at in your technology adoption, know you are not alone in the struggles faced along the way.
A look forward
We have reached a time within the year where both analysts and retailers are very optimistic about the future for big-ticket retailers.
A recent study found that consumers have put away nearly $5.4 trillion in excess savings. The extra savings combined with summer-weather ramping up has a strong impact on retail foot traffic.
Along with excess savings and the summer breeze, school re-openings across the country will leave parents across the country with extra time on their hands for the first time in over a year.
NOTEWORTHY NEWS
Social impact: Crucial ways to measure social media’s impact on your business.
Get inspired: 18 Movies every entrepreneur should watch to get inspired.
Bells and whistles: Why customers don’t care about your product’s bells and whistles.
RANDOM IRRELEVANCE
Congo: Mount Nyiragongo erupts in the Democratic Republic of Congo.
in review- the internet: How the internet has changedsince its creation in 1969.
AI creations: An AI-generated map of Dark Matter shows ‘bridges’ between galaxies.
Blood moon: Just last week I told you all not to miss the blood moon, and somehow I forgot myself. For those who also missed it, view pictures of the rare blood moon HERE.
