August 31, 2021

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

August 29, 2021

Which People Counter is Best for Your Store?

Read the updated 2023 People Counter Report HERE.

people counter

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.

Book a Doorcounts Demo

Which people counter is best for you?

Based on the criteria below, 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.

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.

People 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.

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

August 25, 2021

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

August 17, 2021

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

August 17, 2021

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

August 9, 2021

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.

Read More

August 2, 2021

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?

Read More

July 26, 2021

Retail Traffic Trends #36: Old is new

Old is the new NEW.
 
After the last years have pushed the hand of many retailers to make the digital transformation, some retailers are seeing the benefits of going back to the old ways.
 
This week we examine why some retailers are seeing significant returns using old methods. Along with the resurrection of old methods, we take a look at the challenges that a new breed of customer brings to retail.

WHAT ELSE IS IN STORE THIS WEEK?

  • The importance of product information management.
  • Why retailers are returning to an old form of marketing.
  • How to sell to the new type of customers – Gen-Z.
  • Get our upcoming research reports.

NEW TO DOORCOUNTS THIS WEEK

Chat is now enabled!

The highly-requested chat feature is now back in action. You can now quickly chat a message to our support team and get a response from within Doorcounts.

As great as the chat feature is, we are aware that some companies do not want to have chat within Doorcounts. If you would like chat removed, please email or chat support and they will turn it off for you.

We look forward to chatting with you all!

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.

Product information management

When nearly any and every piece of information is available someplace on the internet, the least you can do is have customers learn about your product from your website -not a competitor.
 
A recent Digital Trends Report found that 79.1% of retailers are planning to use social media and digital marketing to enhance their customer experience and improve product knowledge.  
 
With going online comes beefing up the product descriptions across your different platforms. One of the easiest ways to lose a sale is to leave a generic product description that customers can easily gloss over. When in doubt, the Roy Williams method never fails.
 
Along with a well-written product description, product comparison is just as important.  Making it easier for customers to choose between two different products will make it less likely they get neither option. 

Old is new

Although we just discussed how 79% of retailers are taking more of a digital approach, many retailers are returning to their old methods.
 
Old methods, such as print advertising, have been around since Tiffany’s “Blue Book” in 1845. Since 1845, the medium has slowly taken the backseat to digital forms of advertising. Not only is print more expensive, but far fewer people read print than those who get their information online.
 
As many key players in the print world have gone digital, print advertising has become more appetizing for retailers to stand out.
 
Along with print, direct mail has seen a resurgence lately. Belardi Wong, a marketing agency, says 80-90% of their clients saw heightened response rates in the mail for both customer acquisition and retention within the last year.
 
At the end of the day, it is never too late to go back to the old ways and see the impact different mediums have on your business.

A new breed

After the millennials, Gen-Z is the next consumer segment to begin living on their own and starting their own lives.  This new generation of customers has unique sets of wants and needs, as well as a unique financial situation.
 
Most of Gen-Z have money saved from part-time jobs, gifts, and savings over the years without major expenses.
 
Where Gen-Z stands out is their desire for instant gratification.  You will not find many people in Gen-Z who are willing to wait weeks for a piece of furniture. When they want something, they want it now, not later.
 
Even though most people in this consumer segment have money saved, Gen-Z is very diligent about price checking on their phones and ensuring they can’t get a better deal elsewhere.
 
Read more about a salesperson’s experience selling to people in Gen-Z and the takeaways for selling to this new type of customer.

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

Croc revolution: Crocs revenue nearly doubles in Q2 as DTC and wholesale take off.
 
Dancing retail: TikTok to launch workshops to support small business growth.
 
Googles Kryptonite: Everything to know about Amazon’s $21 billion and growing advertising business.
 
Technology wins: Why you should ditch conversion rate optimization for customer experience optimization.

RANDOM IRRELEVANCE

Gold hunting: Keep an eye on which country is winning the most medals at the Tokyo Olympics.
 
Onward and outward:  SpaceX is awarded $178 million for NASA’s first mission to Jupiter’s moon Europa in 2024.
 
Ramsey’s dethrone: How Guy Fieri became the highest-paid chef on cable TV.
 
Terrifyingly impressive: Toyota’s basketball robot steals the show at the Tokyo Olympics.

Read More

July 20, 2021

Retail Traffic Trends #35: Retail’s bigger picture

Last week we took a look at the second quarter by sales volume and got a sneak peek into the differences between a small retailer and a global brand.
 
While taking a deep dive into key performance metrics is our bread and butter at Retail Traffic Trends, sometimes you need to sit back and look at the bigger picture.
 
This week we uncover the importance of small retailers and the big impact they are making on the retail sector in 2021.

WHAT ELSE IS IN STORE THIS WEEK?

  • A look into the data that shows the scale or retail in 2021.
  • Simple ways to use online orders to increase average ticket.
  • Marketing with consumer trust in mind.
  • 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.

Retail: the bigger picture

Sometimes while searching the internet you find an article or paper that is jammed pack with useful information.  This week, that article was Retail Statistics You Should Know by Small Biz Trends.
 
Although key performance metrics are important to watch, this week we take a look at data that captures the bigger picture of retail.
 
In Q1 of 2021, Non-e-commerce sales were 86% of total retail sales in the US during the quarter. Although it may feel like e-commerce is gaining momentum, shoppers are still adamant about shopping in physical stores.
 
62% of shoppers still prefer shopping in-store because they can see and feel the product themselves.  In the same survey, 49% of people prefer in-store because of the speed they can get their product compared to online shopping.
 
One stat that caught my eyes was that 56% of shoppers are more likely to buy if the salesperson simply remembers their name.  The customer’s experience can be night and day by the small act of listening and making them feel heard.
 
I would recommend everyone to take a look at the article above because it is jam-packed with actionable data you can implement in your business.

Small retailers take the win

Small retailers don’t sell at the same level as major corporations but pack a major punch when it comes to other metrics.
 
For starters, small retailers are not small when it comes to contributing to the economy. A recent report by score.org breaks down the importance of retailers with less than 50 employees.
 
Small retailers employ 39.8% of all retail employees. In addition, retailers with less than 50 employees make up 98.6 of all retail firms, adding up to nearly 131,470 small specialty retail stores in the US in 2021. 
 
The title of small retailer does not do justice for the impact and scale of the group as a whole.  As they say, there is always power in numbers, and small retailers more than have the numbers.

Using online orders to increase average ticket

While one would usually assume that in-store visits result in higher average tickets, the potential value of the sale can be significantly higher when the right strategies are used.
 
First, we have to understand why shoppers are shopping for your product online in the first place. 65% of consumers conduct online product research before entering a store. With that, shoppers are more likely than not to go on your website before entering a physical store.  
 
If you can chat or communicate with customers when they are in the research phase, the more likely they are to buy from you.
 
A simple yet effective way to increase your average ticket online is to introduce or raise your free shipping threshold. There have been endless psychological studies that show how much people love free shipping. Sadly, I’m guilty of spending more on a product that has free shipping than I am to buy a cheaper product with a shipping cost.

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

Loyal customers: The keys to building a modernized loyalty & rewards program.
 
Sustainable retail: 5 reasons you should adopt a circular economy business model.
 
King of shipping: How Maersk dominates the global shipping industry.
 
Technology wins: June retail sales show the importance of retail technology innovations.

RANDOM IRRELEVANCE

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National Ice Cream Day: Where to score free or discounted treats on the big holiday.
 
Flaming weather: The Bootleg Fire in Oregon is so large, it’s creating its own weather.
 
The second sighting: After capturing the first photo of a black hole, the Event Horizon Telescope zooms in on a second.

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July 12, 2021

Retail Traffic Trends #34: Q2 2021 Metrics by sales volume

What separates the big leagues from the minor league or the leaders from followers?
This week we take a look at the second quarter metrics by sales volume to see how those who are selling at maximum potential compare to those who need an extra push.
 
At the same time, we take a look at what improvements can be made to bridge the gap between mom and pops stores and major franchises.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • Join Podium and The Fam’s upcoming webinar.
  • The relationship between time with customers and foot traffic.
  • The mattress industry’s payoff for gathering customer information.
  • Get our upcoming research reports.

JOIN:
The FAM X PODIUM webinar

During this first-ever webinar, The FAM tells you the story of a rogue delivery driver who stumbled across Podium and single-handedly generated $11,000 in sales in one month (spoiler: his boss couldn’t figure out where the money was coming from).
 
ALSO: How more creative retailers are using world-class communication, texting, appointment reminders, and text-to-pay to boost sales, serve customers, and earn repeat business!
 
REGISTER FOR 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.

Q2 Furniture by sales volume

After sorting all of the stores in Q2 by sales volume, we can see how each metric plays a role in certain stores selling a significant amount more than others.

Metrics in green signify the high for the quarter, while red displays the low for the quarter. Not surprisingly, the top 33% had a quarterly high for each metric.

The major difference between the top percentile and the middle percentile is not conversion rate, but foot traffic. Both the top and middle percentile have a comparable conversion rate, but the top percentile saw 38% more traffic than the middle.

Not only did the top percentile see the most foot traffic, but the salespeople in those stores took the extra time needed to make a sale. When your store gets busy, it’s easier said than done to fully engage with every customer. Even with more foot traffic than the other percentiles, the top performers left no stone unturned when it came to spending time with customers.

Lesson to be learned: Don’t rush your customers. Taking the time to get to know them and their wants will go far when trying to get the most out of every sale.

Q2 Mattress by sales volume

Unlike the furniture industry, the top percentile is not the record-holder for each metric.

For the mattress industry, the middle percentile was able to hang with the top dawgs when it came to getting customer information and spending an ample amount of time with customers.

The more time spent with customers, the more likely salespeople were to gather customer information for potential sales. The middle percentile spent the most time with customers and as a result, gathered the most customer information.

Even if the middle percentile did not have the same level of sales as the top, they have a higher potential of future sales as a result of the extra time spent gathering customer information.

The differencing factor for the top percentile was not foot traffic as we saw in the furniture industry, but instead, the average ticket is where the difference was made.

The top percentile had a 16% higher average ticket than the middle percentile, and a 28% higher average ticket than the bottom percentile.

NOTEWORTHY NEWS

Aflac duck: How Aflac’s duck commercials ‘doubled its business in three years.

Foot traffic race: Nashville/Memphis leads increases in bi-weekly foot traffic monitor.

Retail’s new form: Why the future of online retail will have a resemblance to QVC.

Hybrid work: Apple is the latest company to test hybrid retail worker schedules.

RANDOM IRRELEVANCE

Free-ritos: Chipotle to give away 130,000 free burritosduring NBA Finals.

Bitcoin in action: Sotheby’s sells a diamond for $12.3 million in crypto, the most expensive digital currency transaction ever.

Fake reviews: Why Amazon is now letting sellers reply to negative reviews.

Murraya: Who won the National Spelling Bee and what was the winning word?

Read More

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