What separates a good month from a great month?
As we start the second week of August, it’s time to sit back and pat ourselves on the back for a record-breaking month in the retail industry.
In July, both the furniture and mattress industry saw yearly highs in multiple metrics as foot traffic increased and salespeople continued to convert more sales.
WHAT’S IN THIS WEEKS EDITION, YOU ASK?
- The power of 4 extra minutes spent with a customer.
- Emerging technologies are helping retailers expand their community of loyal customers.
- New ways retailers are putting a physical twist on digital selling.
- Get our upcoming research reports.
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Furniture’s July sprint
As summer heatwaves continue, the furniture industry carries on with its summer momentum.
Foot traffic saw a relatively significant drop of 23% compared to July 2020, but see a 16% increase compared to last month (June 2021). We would like to assume that the drop in traffic is a result of people staying inside on hot days, but regardless, salespeople in the furniture industry pushed on.
Compared to last July, salespeople are converting 9% more sales, which resulted in a daily revenue increase of nearly 1%. While the 1% doesn’t seem like much, it’s quite impressive considering the lack of foot traffic relative to last year.
Converting more sales doesn’t come without the effort and time put in by the people on the sales floor. In July, salespeople spent an average of 38 minutes with each customer, which is up 5% compared to July 2020, and also up 5% compared to June 2021.
A month to Remember
For the mattress industry, July was filled with green grass and even greener metrics.
The mattress industry saw major increases in nearly every metric compared to both July 2020 and June 2021. One of the biggest increases was in daily revenue, where July saw a 38% increase compared to the same time last year, and a 43% increase compared to last month (June 2021).
Unlike the furniture industry, the revenue increase did not come from an increase in conversion rate, but instead, a rush of foot traffic.
Foot traffic increased by 18% year-over-year, and 35% month-over-month. The 18% increase gives July the highest foot traffic of 2021 so far.
As more customers walk into the store, salespeople continued to take the time necessary to make a sale. Compared to last July, when the mattress industry had 18 less foot traffic, salespeople spent 5% more time with customers, which adds up to around 4 extra minutes.
As we all know, those 4 minutes can be the make or break moment for connecting with the customer and making a sale. Not only that, but those 4 extra minutes could easily be the differentiating factor that increased the average ticket in July by 21% compared to the same time last year.
Overall, July was a month to remember for the mattress industry.
Get our upcoming research report:
Building a high-performance sales team
There is data that clearly points to better sales results. The question is, can you see it from anywhere, on any device? Either way, our upcoming research report will give you the insights you need to win.
Here are some of the top questions we answer for YOU!
- Do follow-up sales have a higher average ticket than first-visit in-store sales?
- How does closing out follow-up tasks make a big difference?
- Why in-home visits for furniture stores are essential?
- Do active Doorcounts users perform better than the rest?
If you have Doorcounts, chances are you probably know the answers to these questions. The sales game is more competitive than ever. But, there are always ways to dominate when you have the right data and know how to use it.
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