From furniture for lease becoming the hot new commodity, to AI transforming how we forecast demand, the retail world is changing at a fast pace.

In the last few months, 27% of consumers shopped using a blend of physical and digital channels, making it increasingly important to have the data you need to understand where shoppers came from and where they are going.

THIS WEEK’S HIGHLIGHTS

  • DOORCOUNTS WEBINAR TODAY: Join us today at 12 pm EST for our weekly webinar. CLICK HERE TO REGISTER FOR WEBINAR.
  • Join us at the Las Vegas market: Come join us at booth 33 to join our team for a chat!
  • Retails AI assist: Using AI to turn data into future trends.
  • Webinar recap: Click HERE to watch last week’s webinar.

FOOT TRAFFIC INDEX

Here’s a look at last week’s foot traffic compared to the same time last year.

CLICK HERE to subscribe to Daily Foot Traffic Index

FOOT TRAFFIC TRENDS

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

Retail’s AI assistance

As we touched on last week, hybrid shopping has become increasingly popular with 27% of consumers shopping a blend of physical and digital channels in recent months.

One of the main benefits of a combined approach is all of the data derived from online shopping.  Unlike at physical locations, it is hard to tell where the shopper came from or what drove them to go to that location.

Over the last few years, new AI integrated software have started to allow retailers to better understand their data and analyze trends. 

In a recent blog post, Google recommended retailers harness data and AI for demand forecasting with its Vertex AI solution and highlighted additional technologies designed to help retailers compete in a turbulent market.

As supply chain issues continue to cause all of us troubles, being able to more accurately predict future trends will help ease some of the shipping nightmares.

Furniture on lease

After testing in 6 different markets, Ikea is seriously considering offering furniture for lease in all of their stores across the country.

Renting office furniture has a long history, but remaining residential furniture is a new trend we are beginning to see.

Ikea’s trial found that younger generations, who are more mobile and on the go, showed strong interest in leasing furniture as they have no idea when they will be moving next. Conversely, the trend also appealed to people who do not have the money to furnish their entire house but want nice pieces of furniture in their home. 

For retailers, furniture for rent extends the life of furniture and offers a way to continue making money off of the same piece of furniture without selling it.

As Ikea is on the path to becoming a circular business by 2030 by using recycled and reused materials, furniture for lease is a step in the right direction when keeping sustainability in mind.

Retail Snippets

Best of NRF 2022: Top 10 Takeaways from the National Retail Federation conference.

Change of expectations: 5 ways buyer expectationswill change retail in 2022.

Hidden in the data: Retail sales rebound but challenges remain, data finds.

New avenues: 7-Eleven introduces a subscription delivery service.

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