This year has been a year of making the most out of what you got. This has meant making more sales out of fewer customers than in years past.
For August 2021, thanks to salespeople doing what they do best, year-over-year same-month sales outperformed in multiple metrics despite fewer customers coming in.
It’s that time again, where we dive into the data from the previous month and see what we can learn about our foot traffic. Enjoy!
WHAT’S IN THIS WEEKS EDITION, YOU ASK?
- The furniture industry’s secret to beating August.
- The power of 4 extra minutes with a customer in the mattress industry.
- Get our upcoming research reports.
- Heavy-hitting mattress stories from The Fam that you don’t want to miss.
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 in August
Despite a drop in foot traffic, the furniture industry showed major strides compared to the same time last year.
The customers who did shop in-store came with their checkbooks ready, making the average ticket the star of the show in August. With an increase of 21% compared to the same time last year, August now holds the record for highest average ticket thus far this year in the furniture industry.
Last month, July 2021, had the highest conversion rate in 2021. August showed a similar trend with an average sales conversion of 37%, less than 1% off the yearly high.
As we all know, fewer customers coming into the stores puts more importance on each customer that does walk into the store. Salespeople in the furniture industry took this to heart and spent an average of 4 extra minutes with each customer in August 2021 compared to the same time last year. In contrast, July had 10% less foot traffic, and salespeople spent an average of 8 minutes more per customer.
Overall, the combination of more time with customers and a higher conversion rate resulted in average daily revenue of $19,387, only $400 off the yearly high in May.
A month to Remember
For the mattress industry, August was the month of the sales floor as salespeople made the most out of what they had.
Similar to the furniture industry, foot traffic was down as customers were near and far in-between. Despite a 14% drop YoY and a 3% drop compared to July 2021, the sales floor sold as if every customer was their last.
When it came to spending the extra few minutes required to make a sale, the mattress industry spared no time. On average, salespeople spent an extra 2 minutes with each customer. 2 minutes may not sound like a lot of time, but it only takes a few seconds to make the connection needed for a customer to cross the buying line.
Compared to the same time last year, sales conversion was up 6% and also saw a 15% increase compared to the previous month, July 2021. Although the average ticket saw a drop, a conversion rate of 75% resulted in an increase in daily revenue by 2%.
The Fam
Audio Stories
On this week’s episode of the Dos Marcos Mattress Podcast, they reminisce on their favorite audio stories from The Fam.
Mark and Quinn get it. Not everyone has the time or desire to read articles throughout the day. That’s why they created Audio Stories, every article on The Fam in audio form.
Listen to this Week’s Podcast to hear heavy-hitting mattress stories you won’t want to miss.
NOTEWORTHY NEWS
Virtual learning: 5 Advantages of Virtual Simulations for Developing Sales and Service Teams.
Ask retailers: What is in store for the future for furniture markets?
Buy-back: Ikea pilots Buy Back & Resell service in the U.S. as they strive to be a circular business by 2030.
Free publicity: How to transform media coverage into leads and sales.
RANDOM IRRELEVANCE
Wild Wild West: Plans for $400-billion new city in the American desert is unveiled.
McFlurry: McDonald’s broken ice cream machines are part of a Federal Trade Commission investigation.
Space photography: Space station astronaut captures a breathtaking view of the edge of the Earth.
TP revolution: Americans are beginning to stock up on toilet paper again.