March 8, 2021

Retail Traffic Trends #16: Average ticket up 15% in February

This week we look at how the mattress industry compared to last month and how the furniture industry has evolved since last February.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • See how the furniture industry has changed since last February
  • How the mattress industry compared to last month
  • Cost-effective marketing tools
  • Dos Marcos introduce us to the new home of the show: FAM.news
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Monthly Statistics
 

As you start each month, it’s always good to look at the previous month to see what went well and what needs to be improved upon.

The Monthly Statistic tab shows you a comparison of each month with the metrics that you select.

Monthly statistics can be compared at both a location and employee level.

FOOT TRAFFIC TRENDS

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

February furniture key metrics

February is yet another month that gives us hope that the retail industry is slowly returning to normal.

Conversion rate up 1%: Although the conversion rate is up 1% from February 2020, the furniture industry also saw a 4% increase from last month.

Average Ticket up 15%: Average ticket has stayed strong with a 15% increase year-over-year and a 6% increase from last month.

Daily Revenue down 4%: Average daily revenue went from $17,754 last February (2020) to $17,071 in February 2021. Compared to last month, average daily revenue saw a similar drop with a 5% decrease.

Daily Opportunities down 14%: Daily opportunities are the total shoppers who visit your store. Although most metrics rely on people coming into stores, an increase in sales conversion can level out the 14% decrease in foot traffic since February 2020.

New Prospects up 12%: As we’ve said in the past, new prospects are people who left the store without buying. We’ve seen 12% more customers leave the store without buying in comparison to last February and 30% more since last month.

February mattress key metrics

Unlike the furniture industry, the mattress industry was in the red in nearly all metrics despite an increase in new prospects — which is not a good thing.

Conversion rate down 2%: The mattress industry not only saw a 2% decrease compared to February 2020, but the conversion rate saw a 4% decrease compared to last month (January 2021).

Average Ticket down 3%: Although average ticket saw a slight decrease of 3% compared to February 2020, February has the highest conversion rate of 2021 so far. Given there have only been 2 months in 2021, a 5% increased compared to January 2021 is a good sign for the months to come.

Daily Revenue down 3%: If both conversion rate and average ticket are down, it’s an uphill battle to keep daily revenue afloat. Daily revenue isn’t the same as it was last year, but compared to last month, the mattress industry saw a 9% increase in daily revenue.

Daily Opportunities down 6%: Foot traffic still struggles to see the levels they were at in February 2020. Daily opportunities saw a decrease of 6% year over year and a similar decrease of 4% compared to January 2021.

New Prospects up 154%: As we’ve said, new prospects are customers who left the store without buying. To put the 154% into perspective, new prospects went from one customer to three customers in the last year. Thankfully, new prospects only saw an increase of 13% increase since January 2020.

DOS MARCOS MATTRESS PODCAST

This week the Dos Marcos Mattress Podcast introduces you to the new home of the show: FAM.news!! FAM=For All-things Mattress is the first-ever all audio media platform delivering you written and audio versions of every news source, article, and sleep education piece posted on the site.

NOTEWORTHY NEWS

Cost-effective marketing: 3 cost-effective marketing tactics that will help you get ahead of your competition in the furniture market.
 
Women in retail: The diverging impact of COVID-19 on women working in retail.
 
Buy now, pay later: How you can increase revenue and loyalty with buy now, pay later options.
 
Retail spending: Researchers predict 2021 to be the biggest sales year for retail since 2004.

RANDOM IRRELEVANCE

Banksy in flames: A blockchain company buys and burns a Banksy artwork to turn it into art of their own.
 
Hidden treasure: Although we all hope to find a golden treasure on the beach, a woman found $250,000 worth of whale puke while on a beach walk.
 
Experimental retail: A futuristic world of moving lifelike robots surround the latest flagship store for South Korean eyewear brand.
 
Dr. Seuss: Six Dr. Seuss books are dropped from publication after review finds imagery offensive.

Read More

March 1, 2021

Retail Traffic Trends #15: First-time homebuyers on the rise

This week we take a look at the effect first-time homebuyers have on retail and all things trending in the retail industry in 2021.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • First-time homebuyers and retail industry
  • How to use the changes in retail to your advantage
  • The new world of social commerce
  • Dos Marcos mattress podcast discusses how to stay relevant and how to gut check whether you’re falling behind.
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.

And, here’s what’s in next week’s edition: February in review

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Sales statistics (Day)

Seeing an overall view about how your stores are doing throughout the week or month is great, but sometimes you need to take a deep dive into a specific day.

 
The Sales Statistic by Day tab shows you every metric for each of your stores in a sheet that can be exported in multiple formats such as CSV or PDF.
 
For someone who loves digging into the data, the Sales Statistic by Day tab is a great tool for comparing specific days.

TRY DOORCOUNTS 3.0 90 DAYS FREE!
…and cure YOUR traffic blindness! 

Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation.  And if you already have Doorcounts, get an upgrade.

FOOT TRAFFIC TRENDS

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

Learning from the past

Many trends that emerged in 2020 due to the pandemic are going to be here to stay for a while to come — and this could be a good thing for retailers.
 
One of the more obvious trends was the shift to working for home for many people around the world. 4.7 million Americans already worked from home before the pandemic in 2019, and now a survey from Global Workplace analytics finds that 56% of the US workforce has a job that allows working from home.
 
While 56% of the workforce is in a position to work from home, only around 24% are still working from home in 2021.
 
For retailers in the furniture, mattress, and appliance industry, this is a very promising trend.

First-time homebuyers

A major influence of the furniture, mattress, and appliance industries is the housing market.
 
If people aren’t buying new houses, there isn’t a major rush for new furniture and appliances — although we have seen a decent rush from the increase of people working from home.
 
In 2020, there were 1.86 million first-time buyers who bought a home which resulted in a 9% increase in first-time buyers since 2019.
 
Although first-time homebuyers are not usually ones to get new or expensive furniture, with 24% of the workforce still working from home, people started looking for bigger homes in 2020.
 
In 2020, single-family home sales rose 6.3% while condominium sales decreased by 0.3%.

This week on Dos Marcos

This week our friends at Dos Marcos explain ways to stay relevant and how to gut check whether you’re falling behind.

Social commerce

Although shopping online isn’t anything new, the idea of shopping directly from a social platform without having to go to a third-party website is still relatively new.
 
Last year Shopify partnered with Tok-Tok as a way for people to order a product directly from Tok-Tok without having to leave the app.
 
The partnership allows Shopify merchants to create shareable content that turns their products into In-Feed video ads that will appear throughout the platform.
 
Similarly, Facebook released Shops in 2020,which adds an amazon-like marketplace to the biggest social media platform.
 
As the pandemic continues and social media continues to grow, the global social commerce market is estimated to increase at a soaring rate of 31.4%.

Brick and mortar tools

Although some of the digital and social commerce can be useful for the appliance, furniture, and mattress stores, there really is no replacing the brick and mortar stores.
 
There are now smart tools you can you to find the brick and mortar location that is best for your store.
 
Sometimes a building will just speak to you, but other times you really need to look at the data to see if the location makes sense for your company.
 
A great place to compare locations is Google Trends which allows you to search which areas produce more searches or compare terms by geographic location.

NOTEWORTHY NEWS

Go big or go home: Corsicana Mattress to build a 376,000-square-foot facility in their hometown.
 
Growth: The Covid vaccine triggers the fastest economic growth in over two decades.
 
Appliance global report: See how 2020 played out in the Household Appliances Global Market Report for 2021.
 
Future of durables: As consumers have already gorged themselves on durable goods such as TVs and furniture, see which items are on consumer lists.

RANDOM IRRELEVANCE

Get out while you can: Social distancing has resulted in the world’s largest snow maze nearly doubling in size.
 
Autonomous store: The world’s biggest camera-operated autonomous store has opened in Shanghai.
 
Mitten Bernie: Bernie Sanders’ mittens propelled $1.9M in Etsy sales last month.
 
Albino deer: A New Jersey man’s doorbell camera records a visit from a rare albino deer.
 

Read More

February 22, 2021

Retail Traffic Trends #14: Changing Consumer Perception

This week we take a look at the changing consumer perception and the factors affecting the retail industry in 2021.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • Financial relief and the effect on retail sales
  • The changing consumer perception in the furniture industry
  • Different ways to close the digital divide between online and physical stores
  • Dos Marcos mattress podcast explains creating a culture of ownership
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.

And, here’s what’s in next week’s edition: TBD

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Global Search

Finding the exact customer from a specific day or trying to find a specific order can be a time-consuming task.

In seconds with the Search tab in Doorcounts, you can search for a customer, a specific phone number, and an order number or date.

Within search, you can see all of the personal information added about each transaction such as what the customer was looking for or what their budget is.

TRY DOORCOUNTS 3.0 90 DAYS FREE!
…and cure YOUR traffic blindness! 

Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation.  And if you already have Doorcounts, get an upgrade.

FOOT TRAFFIC TRENDS

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

This week we take a deep dive into consumer behavior and end the factors that affected retail in 2021.

A shift in consumer behavior

From spending more time on leisure activities to an expectation for online and physical stores to coexist, the retail industry has seen a major shift in consumer behavior.
 
As we expected, the pandemic initially resulted in a major spike in online sales as people tried to limit their exposure.
 
 In 2021 there has been a shift from consumers exclusively shopping online to an expectation for online to be an extension of the physical store.
 
This is good news for retailers as it shows that consumers still want to shop in-store, but want to limit their time there.
 
Essentially, people want to find exactly what they want online and to be told exactly which store or location they can pick up the product. For retailers, this means having your website regularly updated with the inventory in-store.

US vs UK retail sales

While the US saw a 5.3% increase in sales in January 2021, the UK saw an 8.2% decrease. Why would this be?
 
Last month the second round of stimulus checks went out in the US.  As we know, if you give us Americans money, we will spend it.
 
It’s clear that there are multiple variables besides the pandemic that are affecting the retail foot traffic.
 
The UK, which received no financial relief within the last month, struggles to see constant foot traffic in their stores.
 
Compared to February 2020 before the pandemic was in full effect, retail sales volume is down 5.5% in the UK.
 
It is very likely that without the financial relief in the US, the retail industry would’ve seen a similar drop as the UK.

This week on Dos Marcos

this week our friends at Dos Marcos explains creating a culture of ownership and why you shouldn’t train salespeople to get things right.

Leisure time

Another shift in consumer behavior is consumers spending more time on leisure activities such as self-care, mental health, and physical wellness products.

 
This shift is a result of people spending a significantly more amount of time at home over the last year.
 
For the first time in ten years, the amount of time people spend watching television is up.
 
Thankfully for the furniture industry, more time spent watching tv means more time realizing how uncomfortable your couch is.
 
As always, we will keep you updated as consumer behavior continues to change.

Pandemic actions and consumer perception

As the pandemic continues, consumer perception of stores is changing depending on the actions and messaging of retailers.
 
A study that polled 2,000 retailers in the US and UK found that 86% of people have changed their perception and 70% have changed their behavior toward certain companies because of the pandemic.
 
While some customers want to feel as safe as possible, others want to feel like they can have a normal shopping experience.
 
There’s no right or wrong solution to consumer perception, but you can never go wrong with being clear with your customers about what you are doing in the current retail environment.

NOTEWORTHY NEWS

The other side: What to expect in retail as more and more of the population become vaccinated.
 
Furniture industry: A recent survey from the Furniture Industry Index state suggests the state of the furniture industry continues to improve.
 
Tik Tok to sales: A viral Tik Tok helped a soda brand increase its sales 200% in just one day.
 
Winter in retail: As a winter storm sweeps across the United States, see the effect the snowy conditions had on retail.

RANDOM IRRELEVANCE

Future of endangered species: Scientists have cloned the first U.S. endangered species from the genes of an animal that died more than 30 years ago.
 
Lincoln in the snow: A man from New Jersey created a life-size snow sculpture of the Lincoln Memorial.
 
Act of kindness: A Houston furniture store offers shelter after a winter storm causes many people to search for a warm place to sleep.
 
Three mile: A 90-year-old Seattle woman trudged three miles through 10 inches of snow to get her vaccine shot.

Read More

February 15, 2021

Retail Traffic Trends #13: Valentine’s Day key metrics

This week we how Valentine’s Day key metrics compare over the years and the relationship between mattress sales and Valentine’s day.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • See how Valentine’s Day key metrics compare over the years
  • The relationship between mattress sales and Valentines day
  • Different ways to close the digital divide between online and physical stores
  • Dos Marcos mattress podcast share..
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.

And, here’s what’s in next week’s edition: TBD

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Podium integration
 

In the retail industry, getting a customer review quickly after the engagement is over can greatly enhance the review.

With Podium integrated into Doorcounts, you are able to request a customer review with the click of a Button as soon as the customer leaves the store

10 MATTRESS GALAXY PREDICTIONS FOR 2021 AND BEYOND

As a proud sponsor of the Dos Marcos Mattress Podcast, see how they use Doorcounts foot traffic data in their highly anticipated 2021 predictions episode.

FOOT TRAFFIC TRENDS

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

Although Valentine’s day is more known for flowers and chocolates these metrics may change your mind.

Valentine’s day key metrics (furniture industry)

This week we see the effect love has on buying furniture (probably not as strong as the effect on the mattress industry).

Conversion rate up 3%: Although the conversion rate is down 4% from Valentine’s day 2020, the furniture industry saw a 9 increase Valentine’s day 2019 to 2020.

Average Ticket up 29%: Salespeople don’t mess around on Valentine’s day. In 2020, salespeople converted 25% more sales on Valentine’s day than in 2019, and they converted 29% more this year.

Daily Revenue up 33%: Average daily revenue usually sees a spike on weekends, but nothing like the spike on Valentine’s day. Average daily revenue was up 33% this Valentine’s day and was up 75% in 2020 compared to Valentine’s day 2019.

Daily Opportunities up 12%: Daily opportunities are the total shoppers who visit your store. When you thought your significant other was buying flowers, they may in fact have been looking at furniture. Foot traffic was up 12% on Valentine’s day 2020 and was up 35% the previous year.

New Prospects up 45%: As we’ve said in the past, new prospects are people who left the store without buying. Unfortunately, we’ve seen 45% more customers leave the store without buying in comparison to last Valentine’s day and 80% more since Valentine’s day 2019.

TRY DOORCOUNTS 3.0 90 DAYS FREE!
…and cure YOUR traffic blindness!

Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation.  And if you already have Doorcounts, get an upgrade.

Valentine’s day key metrics (mattress industry)

The mattress industry may need to declare Valentine’s day as one of their biggest sales days of the year after looking at these metrics.

Conversion rate up 3%: Yes. You are seeing that right. The mattress industry had a conversion rate of 93% this Valentine’s day and was only up 3% from last Valentine’s day. When you compare Valentine’s day 2019 to 2020, you still only see a 2% increase. Valentines day = new mattress day

Average Ticket up 30%: In 2020, Valentine’s day saw a 1% decrease from 2019. This year Valentine’s day is back in full effect and resulted in a 30% increase in average ticket.

Daily Revenue up 83%: An increase of any other sales or performance metric is great, but the bottom line is normally how much money is being made. On Valentine’s day, the mattress industry saw an increase of 13% in 2020 and an 83% increase in 2021.

Daily Opportunities up 45%: Although people normally are in a panic to get presents on Valentine’s day, people made time for mattress stores this year. Daily opportunities on Valentine’s day saw an 11% increase in 2020, followed by a 45% increase this year.

New Prospects up 0%: As we’ve said, new prospects are customers who left the store without buying. In the last three years, there have been 0% new prospects on Valentine’s day.

NOTEWORTHY NEWS

Retail projections: CGP forecast predicts retail sales to rise 8% in 2021.
 
Digital divide: Changing consumer behavior has resulted in customers expecting an integrated experience between virtual and physical stores.
 
Malls reimagined: As more and more malls struggle to get people in the door, see how malls are repurposing their spaces.
 
Data disconnect: As more and more retailers are using data to justify business decisions, retailers struggle to capture the entire customer journey.

RANDOM IRRELEVANCE

This week in pictures: From Brady tossing the Lombardi trophy to a bear on the loose.
 
Art of nature: See an astonishing hummingbird sculpture made by Mother Nature.
 
Bitcoin: The cryptocurrency continues to rise over $50,000 as more Wall Street firms begin to adopt the currency.
 
Armageddon: A massive asteroid will flyby the earth next month, this may be the break Ben and Bruce have been waiting for.

Read More

February 7, 2021

Retail Traffic Trends #12: Daily revenue up 22% in January!

This week we look at January metrics and how the mattress industry stayed positive with less foot traffic in January compared to last year.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • See how the furniture industry blew last January out of the water
  • How the mattress industry stayed positive with less foot traffic in January compared to last year
  • Hacks for marketing in retails
  • Listen to Dos Marcos Mattress Podcast and get their predictions for 2021
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0

And, here’s what’s in next week’s edition: Valentines day edition

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Sales Statistics By Location
 
As a multi-store location, one of the hardest tasks can be getting all of the information you need from each store in one location.

With the Sales Statistic By Location tab, you are able to create a custom report for all your stores in one place to compare and contrast the sales and performance metrics by location.

FOOT TRAFFIC TRENDS

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

The January numbers are finally in and it is time to take a look at how January stacked up against last January and last month.

January furniture key metrics

January 2021 was a good month to be in the furniture industry with every metric being in the green in comparison to January 2020.

Conversion rate up 3%: Although the conversion rate is up 3% from last January, the furniture industry saw a 4% decline from last month.

Average Ticket up 8%: Average ticket has stayed strong with an 8% increase year-over-year and a 3% increase from last month.

Daily Revenue up 10%: Average daily revenue went from $16,256 in January 2020 to $17,940 in January 2021. As usual, December 2020 sales were relatively slow with average daily revenue at $13,342.61 followed by a 34% increase in January 2021.

Daily Opportunities up 4%: Daily opportunities are also known as foot traffic. As we know, most of these sales metrics rely on people walking into stores. Thankfully, we’ve seen a 4% increase in foot traffic since last January and a 37% increase since last month.

New Prospects up 35%: As we’ve said in the past, new prospects are people who left the store without buying. Unfortunately, we’ve seen 35% more customers leave the store without buying in comparison to last January and 47% more since last month.

January mattress key metrics

Similar to the furniture industry, the mattress industry stayed positive in nearly all metrics despite seeing a drop in foot traffic.

Conversion rate up 7%: The mattress industry increased conversion rate 7% from last January, a time before social distancing was normal. Not only that, but the conversion rate saw a 12% increase from last month.

Average Ticket up 11%: Average ticket not only saw an 11% increase from the same time last year, but also an 11% increase from last month.

Daily Revenue up 22%: An increase of 22% in daily revenue compared to January 2020 is a small fraction of the increase seen in the last month. And in comparison to the previous month, December 2020, the mattress industry saw a 46% increase in daily revenue.

Daily Opportunities down 10%: Despite most key performance metrics being in the green, foot traffic just isn’t the same as it was last January. Daily opportunities saw the same drop of 10% compared to December 2020. On the bright side, the other metrics prove salespeople can work with what they have and are still turning foot traffic into more sales.

New Prospects up 125%: As we’ve said, new prospects are customers who left the store without buying. To put the 125% into perspective, new prospects doubled from one customer to two customers in the last year. Thankfully, new prospects only saw an increase of 12% increase since December 2020.

10 MATTRESS GALAXY PREDICTIONS FOR 2021 AND BEYOND

As a proud sponsor of the Dos Marcos Mattress Podcast, see how they use Doorcounts foot traffic data in their highly anticipated 2021 predictions episode.

TRY DOORCOUNTS 3.0 90 DAYS FREE!
…and cure YOUR traffic blindness!

Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation.  And if you already have Doorcounts, get an upgrade.

NOTEWORTHY NEWS

Retail stock: See which retail stocks are worth keeping your eyes on in February.
 
Marketing in retail: All marketing strategies went out the door in 2020.  See which marketing trends to know in 2021.
 
A greener world: As more and more states try to achieve zero waste, lawmakers are making it easier to recycle old mattresses.
 
Consumer behavior: An ever-changing retail landscape has resulted in a shift in consumer behavior.

RANDOM IRRELEVANCE

Win a trip to space: A Super Bowl ad offers a seat on the first all-civilian spaceflight later this year.
 
Mattress Mack: The owners of a mattress store put it all on the line with a $3 million bet on the Buccaneers.
 
Cheese rush: Football fans are expected to eat nearly 20 million pounds of cheese over the Super Bowl weekend.
 
The gaming dream: After skyrocketing nearly 1600% in January, GameStop drops below $50 a share.

Read More

February 2, 2021

Retail Traffic Trends #11: Better data through the 3 C’s of clarity

This week we take a break from looking at data to the 3 c’s of clarity and how to better understand and analyze your numbers.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • See how comparison, contrast, and context lead to better insights
  • Why averages lie to you and how to see the big picture
  • Synthetic wood that grows in any shape you desire
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.

And, here’s what’s in next week’s edition: January Year-Over-Year review

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Open Floor Plan

When your store gets busy, it’s easier said than done to stick to the rotation of the upboard.

When Open Floor Plan is enabled, every customer that walks through the door is automatically unassigned. This way, any salesperson can help a customer without any confusion over who’s responsible.

FOOT TRAFFIC TRENDS

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

This week we take a break from number crunching and give you our perspective on how to better understand your performance data and to maximize your growth by applying the 3 C’s of clarity.

THE 3 C’s OF CLARITY

If you put one foot on a block of ice and one foot on fire your average temperature should be just right.

This silly analogy speaks to the problem with data (especially averages). Without comparison, contrast, and context the performance data about your business tends to lack meaning or it can even be misleading.

Unfortunately, you can no longer afford to not know everything about how your business is operating and how to maximize growth.

The good news is there are many powerful analytical tools to help you understand your data—like Domo, Tableau, and my favorite, Phocus. But the latest analytical tools will be of little use if you fail to see your data through a growth mindset.

In her book, Mindset, Carol S. Dweck, explains the concept of fixed versus growth mindset. Here are a few examples:

1. Stick with what’s known vs embrace change
2. Our failures define who we are vs our failures are just temporary setbacks
3. Intelligence and talent are fixed vs Intelligence and talent can be developed
4. Putting forth effort is worthless vs effort is the path to mastery
5. See the success of others as a threat vs views other’s success as a source of inspiration

Just Google fixed vs growth mindset and you’ll see all sorts of charts, quizzes, and what not to help you learn more about the idea and about your mindset. And definitely read the book.

An easy way to avoid seeing your date through a fixed mindset is to apply the 3 Cs. This simple formula will ensure your data reveal the information you need to grow your business:

Comparison + Contrast + Context = Clarity

Together comparison, contrast, and context have the power to light up the universe. But apart they do little to reveal what is unseen. Let’s examine each of them in their own context and see why.

Compare what’s similar
A comparison is to look for similarities.
President Theodore Roosevelt said, “comparison is the thief of joy”. What he meant is, rarely are comparisons fair. Rarely do we compare “apple to apples”. In fact, the opposite is true. Typically when we compare ourselves to others, we compare our worst to their best. And when comparing data, we tend to value the familiar over new information.

Contrast to show the difference
To contrast something is to show the difference. In investing, diversity is mixing different asset classes that act differently during different market cycles to manage risk. This is an example where contrast is essential. On the other hand, if you want to accelerate growth, choose comparison over contrast to combine similar investments in a concentrated fashion.

Combine comparison and contrast with context for true clarity


If data is king, then context is god (figuratively speaking of course). Context is the circumstances that form the setting in which your data can be fully understood and assessed. Context analysis is a method of analyzing the environment in which a business exists. A good example is called SWOT analysis which stands for strengthens, weaknesses, opportunities and threats, and is incomplete without comparing and contrasting key data.

The bottom line is, your understanding of how your business is running and how to grow is the difference between success and failure. Without the essential data about your business, you are truly lost.

So if find yourself adrift in a sea of data with no sense of direction. Just remember to align the lenses of comparison, contrast, and context, and set your course for greater understanding and serious growth.

And if by chance, you happen to try the fire and ice experiment, I’d love to hear the results.

TRY DOORCOUNTS 3.0 90 DAYS FREE!
…and cure YOUR traffic blindness!

Although we have fun with the concept of Traffic blindness, losing sales is no joke.
 
Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation.  And if you already have Doorcounts, get an upgrade.

NOTEWORTHY NEWS

Customer Reviews: We all know how important reviews can be to our businesses. Learn how to maximize user content and customer reviews to increase conversion and sales.
 
Lab-grown wood: Why cut down trees when you can grow wood in the exact shape you want?
 
Nation Retail Federation: See what will be the talk of the week at this year’s NRF.
 
Silver lining: Silver dealers scramble to find supplies as the demand for silver skyrocketed in the last week.

RANDOM IRRELEVANCE

GameStop mania explained: See how a group of “kids” on Reddit were able to raise the price of GameStop stock by 1500%.
 
Bet on your traffic: The Super-bowl weekend is a sport-betting weekend like no other, and this year, betting on foot traffic may be the most popular bet.
 
Tuna sandwich — but hold the tuna: Lawsuit discovers that Subway’s tuna sandwich does not contain any tuna?
 
AI mattress: Bryte has released an AI-powered mattress with over 100 self-adjusting springs for a better sleeping experience.

Read More

January 26, 2021

Retail Traffic Trends #10:The problem with averages and why they matter

How does the Time With Customers correlate with other key performance metrics in your business like Sales Conversion and Average Ticket?

This week we are taking a look at why averages lie to us. But, if we look at averages through the right lens, they can be a powerful tool to help us grow.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • Google announces product discovery tools for retail.
  • See how the new mask mandate will affect brick-and-mortar retailers.
  • Turn your foot traffic into more sales with a 90-day free trial of Doorcounts 3.0.

And, here’s what’s in next week’s edition: January Year-Over-Year review and more.

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

Sales vs Opportunity

Seeing your conversion rate can be a great way to see how your salespeople or store as a whole is performing. Unfortunately, you don’t get to see the whole picture when looking at sales conversion alone.

Since sales conversion is simply sales divided by opportunities, The Sales vs Opportunity tab allows you to see the breakdown of how the sales conversion played out for each store or salesperson.

FOOT TRAFFIC TRENDS

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

This week we take a deep dive into the relationship between Time With Customers, Conversion Rate, and Average Ticket.

Time with customers vs conversion rate (Furniture 2020)

We’ve looked at conversion rate many times throughout this year, but never before have we seen it directly compared to time with customers.

In 2020, time with customers had a positive correlation to conversion rate. As salespeople spent more time with customers, they converted more sales. Similarly, as salespeople spent less time with customers, fewer sales were converted.

DUH… Probably didn’t need a chart to tell us that.

Time with customers vs average ticket (Furniture 2020)

Although time with customers and average ticket have very similar trends, they are not exactly correlated.

As time with customers took a sky fall during lockdowns in April, the average ticket continued to slowly rise. The lesson here is success is about our ability to adapt to what’s happening in the marketplace.

Time with customers vs conversion rate (mattress 2020)

Similar to the furniture industry, time with customers and sales conversion showed signs of correlation in 2020.

They say that a rising tide lifts all boats and a low tide has the opposite effect.

Interestingly enough, at times the two metrics have a strong correlation, while other times correlation was low.

From January to June the two metrics follow a very similar trend. As soon as July came around, the relationship between time with customers and sales conversion was not necessarily meaningful–but still fun to observe.

Time with customers vs average ticket (mattress 2020)

In contrast to furniture, the correlation between time with customers and average ticket is not nearly as strong in the mattress industry.

What we found interesting here, was when time with customers completely dropped in April, average ticket only dropped by 12.5%. It’s clear that the power of face-to-face selling is still alive and well.

TRY DOORCOUNTS 3.0 90 DAYS FREE!
…and cure YOUR traffic blindness!

We’ve updated our “mockumentary” style video on traffic blindness and how YOU can recognize the early signs of this silent killer of sales. 
 
Although we have fun with the concept of Traffic blindness, losing sales is no joke.
 
Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation. And if you already have Doorcounts, get an upgrade.

NOTEWORTHY NEWS

Google Cloud for retail: Google Cloud introduces product discovery tools for retailers.
 
LiveSmart: In a time where sanitation is top of mind, Culp has released new anti-bacterial fabric protectors.
 
Masked retail: See how Biden’s new mask mandate will affect retail.
 
Retail sales: Even with foot traffic slowly returning to normal, retail sales decline for the third month in a row.

RANDOM IRRELEVANCE

Chat from the dead: Microsoft has been granted a patent that will allow them to build chatbots out of dead people’s data.
 
Bundled Bernie: The internet goes crazy over these Bernie Sanders “cold-memes.”
 
Snow — In the Desert?: See the extraordinary pattern left after the Sahara Desert saw snow for the second time in 42 years.
 
SpaceX: SpaceX has launched a record-breaking 143 spacecraft into space this week.

Read More

January 19, 2021

Retail Traffic Trends #9: See the future with better data

20/20 is a term that is used to measure clarity or sharpness of vision. With a focus on the future, we have a few tips that we hope will give you 20/20 vision in 2021.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • See how your team can start the year with 20/20 vision
  • Target’s key to thriving in the ever-changing retail environment
  • Eat dessert guilt-free in front of your furry friends’ thanks to Ben and Jerry’s new frozen dog treats
  • Cure traffic blindness with a 90-day free trial today

And, here’s what’s in next week’s edition: Foot traffic and stock market correlation 

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

The Executive View

Imagine getting a daily overview of your foot traffic as it’s happening.

The Executive View is intended for managers to see a quick report of all the opportunities and sales made for each store. While the tab looks similar to the upboard, instead of showing photos of customers, it displays the breakdown of the sales vs opportunities.

FOOT TRAFFIC TRENDS

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

This week we take our first look forward into 2021 and see the ways we can start the year on the right foot.

 

20/20 vision

 
Last January we took a look at how we could all begin the year with 20/20 vision of our businesses.
 
The same knowledge we preached a year ago is still relevant to today.
 
You know that thing where you become aware of something—an unfamiliar word, item, image, or action—and then see it again and again, seemingly everywhere you look. It’s called the Baader-Meinhof Phenomenon.

…It works in the other direction, as well.

Troxler Fading is an optical illusion where, if we are presented with a steady image in our peripheral vision, we eventually stop seeing it over time.

So if we tend to over-see at first, and stop seeing once something‘s too familiar, how do we see what we need to see to improve?

The answer is to see differently.

How, you ask?

Here’s three ways to start.

Find your blindspot

 

There are things we cannot see without the help of another point of view. This point of view can be through the eyes of another person, or through the lens of a device designed to help us see what the naked eye cannot.

This also works in reverse.

We may be unaware of how we are seen–how what we are doing is affecting our results and the lives of others.

Another possibility is that we are choosing not to see something. Maybe because if we did, we would have to make an uncomfortable change.

 
Read more about how you can find your blindspot.

TRY DOORCOUNTS 90 DAYS FREE!
…and cure YOUR traffic blindness!

We’ve updated our “mockumentary” style video on traffic blindness and how YOU can recognize the early signs of this silent killer of sales.

Although we have fun with the concept of Traffic blindness, losing sales is no joke.

Get your 90-day free trial today and start turning your foot traffic into more sales, with no obligation. And you already have Doorcounts, get an upgrade.

NOTEWORTHY NEWS

Microsoft Cloud for retail: Microsoft has announced that they will now be collecting meaningful data for retailers.
 
On target: See how Target has continued to thrive throughout the ever-changing retail environment.
 
Unbreakable industry: Despite numerous roadblocks in the last year, see why the retail industry is here to stay.
 
Invest in the future: Ashley Furniture has made its single largest investment as they plan to minimize inventory carry costs for customers.

RANDOM IRRELEVANCE

ET — phone home: The CIA has released an entire collection of UFO-related documents.
 
The final guess: the programmer has two guesses left to access his digital wallet with 7,002 bitcoin worth around $260 million.
 
Joe the bird: Australia plans to kill an American pigeon that made its way to Australia from Oregon, nearly 8,000 miles away.
 
Dessert — for dogs: Now your furry friends can enjoy dessert with you thanks to Ben and Jerry’s new frozen dog treats.

Read More

January 11, 2021

Retail Traffic Trends #8: 2020 retail data

Despite 2020 being a crazy time for the retail industry, there’s much to be learned from 2020 retail data.

With 2020 in the rearview mirror, objects are rapidly becoming further away than they appear.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • See how 2020 retail data compares to 2019
  • There is a new and enhanced algorithm for the Daily Retail Traffic Index
  • Watch this video on traffic blindness and see what you can do about it
  • Online furniture stores to keep your eye on in 2021
  • No more homeless mice thanks to the makers of mice-homes in the streets of Europe

And, here’s what’s in next week’s edition: 2021 better habits
A new year is always a good excuse to scratch our heads and see what we can be doing better.

FOOT TRAFFIC INDEX

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

DC FEATURE OF THE WEEK

This is where each week we highlight a feature within Doorcounts. This week’s feature is:

The Excludes tab
Excluding photos can be a great way to keep your counts as accurate as possible, but for a manager, it can be seen as an excuse for salespeople not to help a customer.

To see exactly where the excludes are coming from, the charts filter by Exclude reason, location, salesperson, and by time threshold.

FOOT TRAFFIC TRENDS

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

No-one in their right mind could have predicted how 2020 would have played out for the retail industry. As we look back at the key insights, let’s remember that 2020 was in no way a normal year.

2020 retail data (furniture)

Despite everything that was thrown at the retail industry this year, it appears that 2020 was the year of buying furniture.

Conversion rate

Overall, the furniture industry saw a 0.56% decrease in conversion rate over 2019. Conversion rate stayed extremely consistent though out 2020 with only a minor drop in October. As we’ve said before, we salute furniture salespeople’s ability to convert during a pandemic.

Daily average ticket

The two-year high for daily average ticket was $2,077 in November 2020, with the low being $1,707 in March of 2020.

Throughout the last two years, daily average ticket has only fluctuated around $300 — pretty impressive. Overall, daily average ticket saw a 0.81% increase in 2020.

Daily revenue

Daily revenue is where we really get to see the effects of the pandemic and lockdowns throughout retail. In April of 2020, we can clearly see the massive impact the first round of lockdowns had on the furniture industry.

Although daily revenue dropped to $3,553 in April, the furniture industry made a remarkable comeback in the months to come with September seeing a daily revenue of $18,924.

Compared to 2019, the furniture industry saw a 9.82% increase in daily revenue.

Daily opportunities

Similar to daily revenue, the furniture industry saw a major drop in foot traffic in April of 2020. Compared to last April when everything was peachy in the world, the furniture industry saw a 55.49% decrease in foot traffic.

Thanks to customers continuing to shop in the months to come, the furniture industry surprisingly ended the year with an 11.76% increase in foot traffic.

New prospects

As we’ve mentioned before, new prospects are another way to say shoppers who left the store without buying. To see new prospects decrease year over year would be a major plus.

In 2020, the furniture industry saw 25.97% fewer people leave their store without buying.

2020 retail data (mattress)

In 2019, most mattress customers had begun to upgrade to Doorcounts 3.0 with full performance metrics vs the previous version with traffic counting only. It is not until June of 2019 that we start to see the data necessary to provide meaningful insights.

Conversion rate

Compared to 2019, the mattress industry saw a 47.77% increase in sales conversion. (Most stores had just started using Doorcounts 3.0 with full performance tracking in May of 2019, which may have resulted in a lower than average conversion rate)

Average ticket

Despite most mattress customers being new to Doorcounts 3.0 in 2019, most customers were able to enter their sales data right away.

Average ticket stayed extremely consistent over the last two years with the mattress industry seeing a 2.29% increase in average ticket in 2020.

Daily revenue

Similar to the furniture industry, the mattress industry saw a major drop in daily revenue in April 2020 as lockdowns began.

Daily revenue saw its 12-month (2020) low in April with a daily revenue of $213, with the high being $3,690 in August.

Compared to 2019, the mattress industry saw a 17.13% decrease in daily revenue.

Daily opportunities

Unlike other metrics, daily opportunities in the furniture industry saw their biggest drop in May of 2020 with an average foot traffic of one person.

While foot traffic saw a major jump in the summer months of 2019, 2020 did not have the same result.

Overall, foot traffic dropped 64.13% in the mattress industry compared to 2019

New prospects

As we’ve mentioned before, new prospects is a euphemism for shoppers who left the store without buying.

Due to people limiting their exposure and shopping trips in 2020, most shopping trips resulted in people making a purchase.

Throughout 2020, the mattress industry saw 88.85% fewer people leaving their store without buying.

How much money are you losing because of traffic blindness?

NOTEWORTHY NEWS

A look back: With the ever-changing rules and regulations, see the effect that 2020 had on retail.
 
NY Brick-and-mortar: Many small business closing in New York throughout 2020 has resulted in historic-lows for retail rent in New York.
 
Online Furniture: See which online furniture retailers to keep your eye on in 2021.
 
Illegal mattress sales: Selling your old mattress might not be as easy, or legal, as you thought.  See your state’s guidelines for selling used mattresses.

RANDOM IRRELEVANCE

Future of TV: Now that TV’s have gotten as thin and crisp as they can get, manufacturers are finding a way to make TV’s invisible.
 
Colliding galaxies: For all us of space geeks, the Hubble telescope has released photos of multiple galaxies colliding.
 
Greener future: In a time where climate change has taken the back seat to other issues, see how Saudi Arabia plans to build a car-free city with zero emissions.
 
Mice World: Watch a group in Europe make small homes for mice to live in throughout the streets.

Read More

January 4, 2021

Retail Traffic Trends #7:December key metrics

With the entering of 2021, it’s time to look back on December key metrics and analyze what needs to be done for the year to come.

Although not much has changed besides the inability to write dates down, a new year is always a good excuse to start new.

WHAT’S IN THIS WEEKS EDITION, YOU ASK?

  • December key metrics: One last look back.
  • Updated Retail Traffic Trends: new and updated formula.
  • The regulars: Everything you’ve come to expect from Retail Traffic Trends.

And, here’s what’s in next week’s edition: 2020 wrapped
For the very last time we will. be taking a deep dive into the key metrics of retail of 2020.

FOOT TRAFFIC INDEX

We figured there was no better time than now to improve our daily count formula. We realized that not every company has the time to exclude every salesperson or Fedex guy that walks through the store, which results in an average count that is higher than normal.

With that in mind, we’ve improved our formula to better capture the average counts for each day.

DC FEATURE OF THE WEEK

 
Revenue per opportunity: This feature displays the amount of revenue per opportunity for each store for the time period selected.
 
When an individual store is clicked, two graphs will display.  One chart will display the revenue per opportunity at the employee level, and the other displays the revenue per opportunity per day for the store selected.

FOOT TRAFFIC TRENDS

This week we are taking a deep dive into how this December compared to last year in both the furniture and mattress industry.

December key metrics (furniture)

It’s hard to put to words how much has changed since December of last year. Despite the lockdowns and COVID protocols placed on the retail industry, the furniture industry was able to end the year without any major drops. 

Conversion rate down 10%: This December had a completely different vibe than last year. With that being said, seeing only a 9.69 percent decrease in sales conversion actually sounds pretty good.

Average Ticket up 7%: Going out less has resulted in people spending more money on each visit they make. Rather than making multiple trips, customers are making the most out of every shopping trip they make.

Daily Revenue down 7%: Although people are spending more on each visit they make, a decrease in foot traffic has resulted in a 7.32% decrease in daily revenue from December 2019.

Daily Opportunities down 1%: Can we get a round of applause for the furniture industry? Despite numerous restricts on the retail industry, the furniture industry was able to skate by with only a 1.05% decrease in foot traffic.

New Prospects up 6%: New prospects are also known as people who leave the store without buying. To our surprise, nearly 6% more people left furniture stores without buying compared to December 2019.

December  key metrics (mattress)

Unfortunately for the mattress industry, there isn’t a ton of green to go around — and by green, we mean positive change. Fortunately for us all, we can now leave 2020 in the past.

Conversion rate up 5%: If we had to choose one metric to be positive, we’d probably choose conversion rate. Compared to last December when the thought of a lockdown was preposterous, a 4.73% increase in conversion rate is quite impressive.

Average Ticket down 9%: Although the furniture industry saw a 7.49% increase in average ticket, it appears that add-on items were not as popular this year for the mattress industry. Overall, the mattress industry saw a 9.49% decrease in average ticket compared to last December.

Daily Revenue down 16%: While daily revenue in December of 2019 for the furniture industry was $2,186, December of 2020 saw a 15.76% decrease in revenue down to $1,842.

Daily Opportunities down 1%: Once again, we are blown away by the power of retailers. Given that last December was a completely normal, non-pandemic month, it’s amazing to see only a 1.23% decrease in foot traffic.

New Prospects down 35%: As we’ve stated before, new prospects is a fancy way to say people who walk out of the store without buying. Although there is a 35.09% decrease in new prospects, we view this as a major positive because it means more people are leaving the store with an item in hand.

How much money are you losing because of traffic blindness?

Here’s a “mockumentary” style video on traffic blindness and how YOU can recognize the early signs of this silent killer of sales. Watch, enjoy a good laugh, and learn what you can do to cure your traffic blindness and convert your foot traffic into more sales.

NOTEWORTHY NEWS

Stock watch: See which retail stocks are worth keeping your eyes on in 2020.
 
Mattress firms and Google: See how thisretailer partnered with Google to revamp its digital advertising strategy in the face of COVID-19.
 
Lesson learned: Certain parts of retail we most definitely want to leave in 2020, while others are opening new doors for retail in 2021.
 
Marketing to moms — TikTok: The app you’ve been dreading to download may actually help you sell.  A survey discovered that 62% of moms find new products on TikTok.

RANDOM IRRELEVANCE

Attack of the squirrels: Squirrels have taken over Queens.  Fewer people in parks has resulted in some angry gangs of squirrels.
 
HB(O-no): HBO’s biggest box office movie on its platform, ‘Wonder Woman 1984’, has become unwatchable due to system glitches.
 
Bitcoin: The mysterious cryptocurrency, Bitcoin, has hit $30,000 for the first time.
 
Not-so Hawaiian rolls: A man has filed a lawsuit after realizing that Hawaiian rolls are not actually made in Hawaii.

Read More

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