Retail Traffic Trends #44: Holiday season predictions

With Q4 right around the corner, it’s time to quickly look into the pass to gather predictions for the 2021 holiday season.

Analysts were pessimistic going into the 2020 holiday season and were quickly proved wrong when holiday sales were up 5.8% compared to 2019 sales.

This year, with foot traffic increasing and retailers adapting to omnichannel, researchers are very optimistic about the 2021 holiday season.

WHAT ELSE IS IN STORE THIS WEEK?

  • How the hot furnishing industry outperformed other retail industries in August.
  • A sneak peek of what to expect for the 2021 holiday season.
  • Get our upcoming research reports.
  • Dos Marcos … waiting on this week’s podcast

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.

Holiday 2021 predictions

As Q4 approaches, researchers are expecting a big surge in holiday sales compared to 2021.

Last year, holiday sales saw a 5.8% increase compared to 2019. This year, researchers expect they could rise 7% to 9%, according to the latest projections from Deloitte. 

The predicted increase is a result of increasing foot traffic as the year continues and retailers’ ability to adapt to omnichannel solutions.

Even with high hopes for the 2021 holiday season, shipping delays and supply-chain issues are still top of mind for many retailers. In addition to rate hikes, many overseas supplies are encountering trucking and crate shortages.

Black Friday: future and past

For all of retail, August 2021 saw a 15.1% increase to 618.6 billion compared to $537.7 billion in August 2020.

More surprisingly, home furnishing was the second strongest performer of all the retail industries. Compared to August 2020, the home furnishing industry saw a 15.6% increase with $12.5 billion in sales for the month.

And in all honesty, home furnishing deserves the award for best performer of the month. The only industry to outperform them was “nonstore” retail, which could still consist of home furnishing.

THE FAM

The million dollar question

Put yourself in front of the judges on the hit ABC show, Shark Tank. Mr. Wonderful, also known as Kevin O’Leary, offers you the million dollar investment you are asking for if you can answer the following question: “What is the #1 skill needed to be successful in mattress sales?”


Do you know the answer? 

LISTEN TO THE PODCAST HERE.

NOTEWORTHY NEWS

Inflation: How inflation is hitting the online prices of everything from apparel to furniture.

Holiday preparation: Big-box retailers start stockpiling inventory in a bet on strong holiday sales.

Reshaping Retail: A look at what the future holds for brick-and-mortar retailers.

IPO: Mattress Firm confidentially files IPO papers this week.

RANDOM IRRELEVANCE

Cold as night: How the whitest paint on Earth could eliminate the need for air conditioning.

Save the trees: Officials wrapped the world’s largest treein protective foil to guard it against California wildfires.

Autumn equinox: The first day of fall 2021 is just around the corner with Autumn equinox coming this week.

Video: SpaceX civilian crew returns to earth after a 3-day trip in space.

Read More

Retail Traffic Trends #43: Customers plan their return

The great retail migration is coming.

Customers are just as eager as retailers are to get back to shopping at brick-and-mortar stores. With 71% of shoppers already shopping in-store at least once a week, customers are starting to get their toes wet before fully diving into in-person shopping.

This week we take a look at predictions for future foot traffic and prepare for what to expect for Black Friday 2021.

WHAT ELSE IS IN STORE THIS WEEK?

  • Foot traffic analysis and predictions for the future.
  • The evolution of Black Friday and what to expect this year.
  • Get our upcoming research reports.
  • Dos Marcos on how Miskelly’s Secret to Success it PTF.

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.

Customers plan their return

Although we don’t know when the pandemic will end, we do know that consumers are ready at a moment’s notice to return to their brick-and-mortar shopping.

In a recent survey by MorningBrew, 71% of respondents say they shop in-store at least once a week, which is up 1% from when the same survey was done in March 2021.

Looking forward, 63% of shoppers say they will do most of their shopping in person a year from now.  

More importantly, 25% of respondents say they are now buying big-ticket items in person, and 66% say they will be a year from now.  As we all know, no one chooses to buy big-ticket items without seeing them in person.

The pandemic forced the hands of customers into buying big-ticket items online, but consumers are now starting to feel comfortable going back to shopping in person.

Black Friday: future and past

What started as a one-day sale has transformed into a month-long promotion and sales event.

Whether it was social restrictions that pushed this change or it was the natural progression of the holiday, the jam-packed lines and fights over popular items are becoming something of the past.

Now that deals have to compete with Cyber Monday the following week, Black Friday sales start early and last through Cyber Monday in hopes of winning the sale over the digital rival.

Despite the hype around Black Friday, Cyber Monday sales have exceeded Black Friday sales for the last 7 years.

Looking forward to Black Friday 2021, Retailers may be able to capitalize on people looking for the experience more than a good price. As we discussed earlier, customers are counting down the days until they can fully return to shopping in brick-and-mortar stores.

THE FAM

Miskelly’s Secret to Success is PTF.

In this week’s Dos Marcos Podcast, Mark and Quinn discuss Quinn’s visit to Miskelly’s Furniture–discussing how they rolled out the red carpet for his arrival and then discussing how our name ended up in lights.

They also overview the secret ingredients to their culture and how you can implement them little by little and create a lasting impact for both your employees and your customers.

LISTEN TO THE PODCAST HERE.

NOTEWORTHY NEWS

Report: Personalization and advanced analytics top list of retail initiatives for 2021.

Ask retailers: 7 simple yet effective strategies to sell morethan your competitors.

Stay sharp: An entrepreneur’s handbook to getting more done every day.

More for less: How to shorten your sales cycle and convert more leads.

RANDOM IRRELEVANCE

Climate change: A firm raises $15m to bring back woolly mammoth from extinction.

NASA: Mars rover rocks reveal ‘potentially habitablesustained environment’.

Micro-photography: Nikon Small World Photomicrography 2021 – pictures impossible to see with the human eye.

Pepsi goes analytical: PepsiCo is launching Pepviz Data Science practice for retail partners.

Read More

Retail Traffic Trends #42: August fights back.

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.

CLICK HERE to subscribe to Daily Foot Traffic Index

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.

Read More

Retail Traffic Trends #41: Location is key

There’s a lot that’s changed in the retail industry in the last few years, but one thing that hasn’t changed is the significance of a store’s location.

Whether it be a mattress store closer to a customer’s home who wants to try it first, or a furniture store serving as a distribution center for online sales, physical stores are still very much alive and well. At the end of the day, the changes we can always count on are how and what customers are purchasing within the walls of a brick-and-mortar showroom and the different ways they can buy.

They say the more something changes the more it stays the same, that’s why we are dedicating this week’s newsletter to “new” trends that may look familiar to you.

WHAT ELSE IS IN STORE THIS WEEK?

  • Why retail locations matter now more than ever.
  • Inside the growing rental furniture industry.
  • Get our upcoming research reports.
  • How the furniture industry has made a 180 in the last few years.

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.

Location remains key

No matter how many sales come from online vs in-store, the location of your store still holds major importance.

Dick’s Sporting Goods, which has over 850 stores, has long used geographic data to ensure they choose a location with maximum foot traffic.

Dick’s is not only choosing locations based on foot traffic but also considering which areas would best work as some sort of distribution center.  In the first 3 months of 2021, 70% of Dicks online orders were fulfilled at their storefronts.

As shopping habits continue to change, the patients of shoppers stay the same. Consumers continue to want their goods as fast as possible, which in most cases the fastest option is to buy online and pick them up in-store.

Physical locations are not going anywhere, but rather their purpose has evolved into being the perfect pairing for online sales.

Furniture on rent

The furniture on rent market is about to see a major boom. The industry has had growing popularity in the Netherlands over the past few years, where there are over 3 million dwelling rentals.

Millennials and Gen-Z have shown major interest in furniture rentals as they have less money and interest in spending money on home furnishing.

The furnishing on rent market has received over $100 million in investments from various investor archetypes in 2021. As home assets continue to rise in price, the demand for furniture rentals will continue to grow.

In the coming years, the US is expected to account for 30% of the worldwide furniture rental market. 

The future of the mattress industry

The mattress industry, which has essentially been around since the 37th century BCE when the Persians made goat-skin water beds, has come a long way.

While the US furniture market is worth around 17.3 billion, the global furniture market is now worth $81 billion. The mattress industry revenue grew by 8.3% year over year in 2020 and is expected to grow an additional 3.9% in 2021.

The pandemic resulted in a surge in demand for home furnishing, which piggybacked off the surge brought by online mattress sellers in 2018.

While only 27% of consumers had a preference for online mattress shopping in 2016, the emergence of retailers such as Casper has resulted in 47% of consumers shopping for mattresses online in 2020.

Although there has been an increase in interest in buying mattresses online, location is still key. When consumers are in the mood to buy, mattress stores will continue to be their fastest option.

THE FAM

How to Handle “Walk-in” Customers and Convert Them to Buyers

This week our friends over at The Fam take a deep dive into how to make the most out of walk-in customers.

 

Cathryn Clark, vice president of Columbus Mattress Wholesale asked in a mattress industry Facebook group how to handle an influx of customers after moving to a new store location.

Her post was overwhelmed  with responses from retailers alike.

Steve Houk, owner of Boise Mattress gave one of the simplest and to-the-point answers: treat them like you would your other customers. Stew Segura, co-owner at Mattress Doctor Lafayette, says to do it ask the right questions.

Click Here to read the full article.

NOTEWORTHY NEWS

Selling re-imagined: Shopify introduces shopping tab to TikTok.

Shop-in-shops: As malls continue to decline, brands turn to shop-in-shops to get in front of new customers

Double-edged sword: More retail workers are quitting than ever, but more stores are opening than expected.

High-velocity SKUs: Home Depot improves inventory depth with a focus on high-velocity SKUs.

RANDOM IRRELEVANCE

A ‘pet’ peeve There’s now a dog bar in London serving canine cocktails.

Hurricane Ida: One million people in Louisiana are without power as Hurricane Ida hit Louisiana.

Space travel: SpaceX launches ants, avocados, and a robot to the space station.

Wearable muscle: Synthetic biology enables microbes to build muscle, making clothing stronger than Kevlar.

Read More

Which People Counter is Best for Your Store?

Getting a new people counter for your store is an important decision to make. 

Whether you are a “mom and pop” with a single store or a 50 store chain, there is a wide range of options available.

Some of the variables to consider when selecting a system are total daily traffic, average sale value, and salesperson engagement level. Lets take a look at each of these variables and why they are important:

  • Total daily traffic – certain systems are designed for high-traffic environments like malls and large department stores. Depending on your level of traffic, you may be only interested in the raw count vs details about the customer experience in your store.
  • Average sale value – Typically, the larger the ticket, the more engagement required from a knowledgeable salesperson. In this situation, you want to track every step of the customer experience from the moment they walk into your store, talk to your salesperson, and beyond.
  • Customer engagement level – Depending on the two variables above, average daily traffic and average sale value, will determine your salespeople level of engagement with the idea that higher ticket items require more engagement than lower ones.

Other important variables you should consider include API connectivity, customer relationship manager, location tracking, and the technology used.

People counting device vs. people counting system

First, you need to understand the different types of traffic counters.  There are basic traffic counting devices, and then there are full-on traffic counting systems.

  • People counting device – Strictly gives you a number of how many people walked through the door.
  • Sales engagement system – This aggregates the data from above and includes the result of the interaction with your sales team and any follow-up required.
  • People counting system – Typically gives analysis and reporting on key performance metrics about your foot traffic.

Traffic counting technology

When it comes to traffic counting technology, there is a wide array of options to choose from. Here is a shortlist of the most popular:

  • Thermal imaging -Thermal imaging provides extremely accurate counts and hides personal identifying information due to the images not showing customer’s faces
  • Motion sensors – New algorithms allow for motion sensors to identify if a customer is entering or exiting a store.
  • AI-based tracking systems – AI-based tracking systems are the newest technology in the people tracking realm. AI tracking uses machine learning to improve the counts as time goes on.
  • Proximity tracking technology – Proximity tracking allows for heat-mapping of a store and allows for que-time tracking.
  • Wifi location tracking / mobile device tracking – Every phone has a unique MAC address that allows for customer experience tracking (ie, where did the customer come from)
  • Camera tracking – Door counters that use a camera often are paired with motion sensors within the camera to accurately track counts and an image on the up-board so salespeople never miss a sale.

Which people counter is best for you?

Based on the criteria above, we have identified some options for your consideration as you try to find the best people counting system and turn your data into better insights about your business.

We have identified many people counter solutions that range from basic counts to robust real-time and future data analysis. These were chosen to help the customers we seek to serve and the criteria we mentioned above.

The following people counters have a wide range of pricing,  which makes it even more important that you choose the right system that meets the needs of your business. We have provided links for each people counter listed below for your convenience.

Blix

Blix Traffic sensors detect anonymous smartphone signals to provide detailed foot traffic, customer experience, and location analytics data.

Unlike traditional people counters, Blix Traffic measures spaces, not doors, and is up and running in minutes.

Dor

Dor utilizes thermal censoring and can be set up in seconds with a simple peel and stick.
This system gives you actionable data such as conversion rate, foot traffic, and effectiveness of advertising that can be accessed on any device, by any person in your organization.

DOR is best for retailers who aren’t looking for an up-board solution, but rather analytics to better understand the customer experience.

Trafsys

Trafsys provides three different options for their tracking: video-based door sensor, 3d overhead sensor, or a thermal imaging people counter.

In contrast to other people counter’s listed, Trafsys provides real-time occupancy tracking software rather than a traffic-counting software.

Trax sales

Trax sales use a photo up-board system and track metrics such as closing ratios, real-time occupancy, average time spent with customers, customer information gathered, and the percentage they’re above or below the store’s goal.

V-count

V-count uses Ai-based tracking in a sensor placed on the ceiling. The artificial intelligence is able to track que time, heat map the store, and track multiple key performance metrics.

V-count is able to track occupancy levels which have become a highly requested feature for all traffic counters during the pandemic.

Ai-based tracking combined with night-vision results in 99.9 count accuracy.

Who’s up

Who’s up uses proximity technology to keep the sales team in the designed area for receiving new Ups. This is primarily used in the automotive industry and uses features such as:
Sales team bi-directional messaging for instant communication.
Notifications of empty Batter’s Box (no reps in Up designated area).
Simple Check-In, Check Out for reps.
Configurable sales process steps and actions.
CRM integration.
Test Drive route tracking and capture.

In addition to the up system, Who’s Up has a customer relationship management system built-in.

At a glance

While one system may work great under certain circumstances, it might not be the best option for your store. We made this grid to give you a snapshot of some basic options you should keep in mind. We encourage you to visit each of these websites and make an educated decision.

In a nutshell

Where most people counters track and analyze foot traffic, we help your teams sell more…

That’s if you’re a  multi-store, large-ticket, brick-and-mortar retailer who wants to grow. We believe the more informed you are about your options, the more you will appreciate what we have created.  Again, every system is designed for a set of unique circumstances and when this is understood, you are more likely to find the people counting system that is right for you.

Obviously, we would love to have you as a Doorcounts customer, but only if it is the best option for your business.

CLICK HERE TO LEARN MORE ABOUT DOORCOUNTS 3.0

Read More

Retail Traffic Trends #40: Consumers take their revenge

As customers continue the trend of spending more than they usually do, sales have been hotter than H-E double hockey sticks. Some people call it revenge shopping, which is making…

Read More

Retail Traffic Trends #39: Retail analytics moves to the forefront

After a what’s turning out to be a record year, it’s onwards and upwards to see what the future holds for retail analytics.   

This month, many of you will be attending your first in-person conferences in more than a year and a half.  If we don’t see you there, say hi to everyone and have fun learning new things.

Or, even better, have fun unlearning a thing or two. 

And, if you don’t know what we mean, be sure check out the video below about how to learn something new that you thought you already knew.

WHAT ELSE IS IN STORE THIS WEEK?

  • What’s in store for the future of retail analytics.
  • Cognitive bias and the “Backwards Brain Bicycle”
  • Get our upcoming research reports.
  • DC features and enhancements 

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.

What’s new with Doorcounts

BrandSource: Next week Doorcounts will be attending the Brandsource National Buying convention in Nashville Tennessee on August 23-24th.

We look forward to showing everyone how to turn your foot traffic into more sales with as little as three clicks.

If any of you will be attending or are near Nashville, we would love to see you in person!

DC User Interface update: This Thursday we will be releasing our highly-anticipated dashboard refresh. You will now be able to see in-depth reports about your store(s) on one convent and powerful page.

In addition to the new dashboard, the update includes other new features and enhancements, including but not limited to:

  • Daily Sales Process – You can now enter sales/customer information into floorboard at a later date. This can be done through API, an excel upload, or a manual entry.

  • CRM – increased speed and reduced load time.
  • Scheduled actions – Filter scheduled actions and the action calendar by location or salesperson.

We look forward to showing you everything we planned for the future!

retail analytics

It’s no surprise that we at Doorcounts are big fans of retail analytics. And as it turns out, we are not the only ones.

A recent report found that the worldwide retail analytics industry is expected to reach $23.8 billion by 2027. The major jump in market size is mostly driven by retailers growing adoption of new technologies such as AI and retail clouds that help better predict what is to come in the retail industry.

In 2020, the software segment accounted for the largest share of the market with many retailers starting to utilize retail software to follow up with every customer and better understand the customer experience.

If you are already a Doorcounts customer, then it is more likely than not that you understand the power of using analytics to make better business decisions.

If you are not a Doorcounts customer and are looking to learn more, hop on a quick demo to see why you need Doorcounts in your business.

Cognitive bias and the “Backwards Brain Bicycle”

Check out this video from Smarter Every Day about the “Backwards Brain Bicycle” and how our brains work when we have to relearn something we think we already know.

It’s especially meaningful, given the speed of change businesses are experiencing due to the convergence of technology and its impact on human potential.

When something is easy, people say it’s like riding a bike. For some people, learning to ride a bike was not easy, but once they learned how to ride a bike the saying applied.

That’s until things change and you must unlearn something familiar and relearn something new.

This is where cognitive bias kicks in…
 

According to verywellmind.com, “A cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them, and it affects the decisions and judgments that they make.”


Read the entire article on our blog.

NOTEWORTHY NEWS

Consumer relationship: Build a stronger brand-consumer relationship using social media.

A new era of currency: Walmart is hiring a ‘cryptocurrency lead‘ to develop digital currency strategy and Products.

Test of time: How do retail furniture prices stack up over the years?

retail and e-commerce: The divergence between convenience and luxury.

RANDOM IRRELEVANCE

Cool tech: Audi unveils a shape-shifting concept car.

Banksy’s back: Banksy confirms he is behind ‘spraycation’ artworks in British coastal towns.

Alaska: Three volcanoes are erupting simultaneously on the Alaskan island chain.

Sudoku: The man who created the infamous Sudoku puzzle, Maki Kaji, passes away at 69.

Read More

Cognitive bias and the “Backwards Brain Bicycle”

Check out this video about the “Backwards Brain Bicycle” and how our brains work when we have to relearn something we think we already know.
 
It struck me as especially meaningful, given the speed of change businesses are experiencing due to the convergence of technology and its impact on human potential.
 
When something is easy, people say it’s like riding a bike. For some people, learning to ride a bike was not easy, but once they learned how to ride a bike the saying applied.
 
That’s until things change and you must unlearn something familiar and relearn something new.
This is where cognitive bias kicks in…
According to verywellmind.com, “A cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them, and it affects the decisions and judgments that they make.”
 
To learn something new you must free your brains from the existing cognitive bias, but the only way to do this is to re-designate the bias–forget the old way to make room for the new way.
 
As the experiment in the video shows, it is easy over time for our thinking to get into a rut. But with enough practice/repetition, new paths will form to make what was hard to do easy.
 
In the beginning any distraction can throw your brain off, back into the old algorithm and, with concentration, you can pick up where you left off. This is because “knowledge is not understanding”. And understanding is acquired through practice, which takes time.
 
The moral of the story is, it is one thing to learn something new and another to unlearn something in order to relearn something in a new way.
 
Either way, it’s always good to take special care when you ask your teams (and customers) to learn something new about your business, because a cognitive bias may exist that can alter the outcome you desire.
 
Here’s the video from www.smartereveryday.com:

Read More

Retail Traffic Trends #38: Retail’s Record-Breaking Month

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.

CLICK HERE to subscribe to Daily Foot Traffic Index

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.

 
SIGN UP TO RECEIVE THE REPORT WHEN IT’S RELEASED.

NOTEWORTHY NEWS

The ‘Phygital’ World: How retailers are reinventing the in-store experience digitally.

A new era of showroom: How an outdoor furniture brand Outer grew its unique showroom model.

Keeping customers loyal: See which technologies are being used to stay in touch and grow your community of loyal customers.

A new twist: ‘Junk Sleep’ ad campaign provides a refreshing spin on selling mattresses.

RANDOM IRRELEVANCE

The price to pay: The Tokyo Olympics Cost $15.4 Billion. What else could that buy?

Checkmate: A New Jersey 12-year-old is the world’s youngest chess grandmaster.

A fried dream: KFC is opening a pop-up hotel where guests have their own ‘press for chicken’ button.

Million-year-old question: The origin of the dinosaur-ending asteroid has possibly been found.

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Retail Traffic Trends #37: Read your customers minds’

Do you ever wish you could read your customers minds’?
 
Although not everyone is a fan of the digital shift the retail industry has made, it’s hard not to love all the information you can gather with little to no work with digital selling solutions.
 
This week we take a deep dive into how digital solutions such as e-commerce and virtual showrooms give retailers an abundance of information about what the customer is interested in.

WHAT ELSE IS IN STORE THIS WEEK?

  • Using digital solutions to pick your customer’s brains. 
  • How to build a community of loyal customers through your customer experience.
  • Retailers’ solutions to increased wait times and shipping delays.
  • 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.

Pick your customers minds’

While going virtual was a total 180-degree turn for most retailers, the tracking and information gathering available with online selling allows retailers to see into the minds of their customers.
 
Live-stream selling events, online sales, and virtual showrooms give retailers a surplus of information that is not nearly as easy to get with in-person visits. The time a customer spends looking at a specific product, related products viewed, and items sitting in a customer’s cart are all examples of a situation where a surplus of information is gathered.
 
Interests, price range, and customer expectations are all metrics that are almost instantly gathered through most forms of digital selling and marketing.
 
In contrast, in-person sales require salespeople to be asking the correct questions to gather the required information. Which as we all know, can be easier said than done.

Winning loyal customers

As stores continue to open and online sales continue to come in, it is key to marry your online and in-store experience to win loyal customers.
 
A recent survey found that 73% of customers believe that a good in-store visit is the most important factor influencing their brand loyalty – We’ve all experienced that “one” bad experience with a salesperson that makes you never want to buy from that store again.
 
In the United States, even when people love a company or product, 59% will walk away after several bad experiences, 17% after just one bad experience. Not surprisingly, but every single visit with a customer has great importance as it easily could be their last if they have a bad experience.
 
For the online world, making sure to find “trouble points” or the point in which most customers abandon their cart, will be key to enhancing your online customer experience.

Retailers vs. shipping delays

Since the beginning of the pandemic, shipping delays and wait times have been a sore subject for retailers alike.  
 
As many of you know, half the time it wasn’t due to a product shortage, but a shortage of shipping containers to get the product to your store and customers. Even once you get a container, the prices have skyrocketed.
 
While all this is very common knowledge, knowing how other retailers are handling the situation will give you more ideas on how to deal with frustrated customers. For larger retailers, solving the wait times can be as easy as biting the bullet and paying the increased price. But for smaller retailers, it’s not that easy nor simple.
 
Certain groups such as the AAFA have pointed out policy solutions to help monitor how the Federal Maritime Commission charges retailers in hopes of giving smaller retailers a solution for the delays and price increases.

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 are essential for the furniture industry?
  • 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.
 
 

NOTEWORTHY NEWS

Building a sales team: 9 of the biggest mistakes made making when building a sales team.
 
The show goes on: Why Americans aren’t cutting back on spending — even with rising inflation
 
Retail’s next challenge: What the delta variant already means for retail.
 
Catalog facelift: Ikea tracked 1.4 billion click-throughs to their first digital catalog with a reach of more than 2.8 million.

RANDOM IRRELEVANCE

Dubai’s weather machine: It’s so hot in Dubai that the government is artificially creating rainstorms.
 
Power in numbers: 1 out of every 153 American workers is now an Amazon employee.
 
A piece of cake: Prince Charles and Princess Diana’s wedding cake from 1981 to go up for auction.
 
Olympic medals: How much are the Olympic medals worth in 2021?

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