Retail Traffic Trends #95: How are consumer habits changing?

changing consumer habits

Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.

This week we discuss evolving consumer habits and why impulse buys have reached an all-time high in the U.S.

THIS WEEK’S HIGHLIGHTS

  • Impulse buys reach new heights: Why consumers are spending more on impulse purchases.
  • Evolving consumer habits: consumers are demanding consistently great retail experiences.
  • Holiday hiring: Why remote work and quiet quitting may make holiday hiring difficult for retailers.

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

changing consumer habits

FOOT TRAFFIC TRENDS

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

Evolving consumer habits

Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.

 

A recent survey by Ris news asked retailers what they think can be done to keep up with the ever-changing consumer habits. Some of the major takeaways included improving inventory visibility, empowering workers with technology, and becoming a master of the return process.

 

Today, about 30% of all products ordered online are returned, compared with only 8.9% bought in brick-and-mortar stores. According to a Peerless Research Group study, only 32% of retailers have any formal process for managing returns. By managing returns efficiently, you can reduce transportation and labor costs, enabling higher recovery of returned and excess inventory.

 

Click HERE to learn more about how to keep up with the ever-changing trends.

Impulse buys reach new heights

Even as the cost of living surges and more consumers say they are stretched too thin, they’re also spending more on impulse purchases.

 

With the help of “revenge shopping”, Americans spend an average of $314 a month on impulse purchases, up from $276 in 2021 and $183 in 2020. In fact, A recent survey by Slickdealsfound that 73% of adults said most of their purchases tend to be spontaneous, and 56% of consumers said that more than half of their online purchases are spontaneous.

 

Not only has revenge shopping played a role in impulse purchases, but BNPL has played a major role in encouraging consumers to spend more than they can afford on impulse purchases.  Almost 50% of shoppers say they wouldn’t have made the same purchase if they didn’t have the option to finance. 

 

Click HERE to learn more about the recent surge in impulse purchases.

Retail Snippets

Retail automation: A quick guide to retail marketing automation and how to make It work for your business.

 

Report: Halloween retail industry predicts a return to normal.

 

Holiday hiring: Why remote work and quiet quitting may make holiday hiring difficult for retailers.

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Retail Traffic Trends #94: Introducing Retail’s 40 under 40!

Just as the global supply chain flashes signs of returning to normal, a new strike now threatens to disrupt the transport of a vast range of goods.

 

This week we diss the pending railroad strike and celebrate those who made their mark in the furniture industry this year.

THIS WEEK’S HIGHLIGHTS

  • Pending railroad strike: What to expect leading up to the pending railroad strike.
  • 40 under 40: Introducing the furniture industry’s 40 under 40.

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

Week 34 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Railroad strike

Just as the global supply chain flashes signs of returning to normal, a new strike now threatens to disrupt the transport of a vast range of goods, from agricultural crops to lumber to coal.

 

On Wednesday, 4,900 railroad Union members rejected a tentative contract that the union had negotiated with the railroads.  As soon as Friday, tens of thousands of railroad workers could begin striking across the country. 

 

Rail moves roughly two-fifths of long-distance American freight and one-third of exports.  What’s more, rail is a main aspect of the global supply chain that depends on the coordinated movements of cargo ships, trains, and trucks.

 

Click HERE to learn more about the pending railroad strike.

Furniture industry 40 under 40

New this year, Furniture Today highlights the 40 Under 40, rising stars, and up-and-coming leaders in the home furnishings industry.

 

They celebrate the next generation of furniture industry leaders as they look at what the industry will look like in the decades to come.

 

Congratulations to Doorcounts customers Kyle Deets, Brian Morgan
Alex Ruban, and everyone else for their accomplishments.

 

Click HERE to see the entire 40 under 40 list.

Retail Snippets

New experiences: How to drive revenue by reconnecting mobile and In-person Shopping Experiences.

 

Report: The majority of Instagram users now shop on the app.

 

Reducing friction: How to reduce friction in online and offline transactions.

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Retail Traffic Trends #93: August Metrics are in!

As we start September, it’s time we see what it takes to become a top-performing store.

 

Despite this August having less foot traffic than last year, both the furniture and mattress industry saw significant increases in their average ticket in June 2022.

 

This week we take a look at the top 20% of stores with the highest conversion rates in both the furniture and mattress industry to see how August played out.

THIS WEEK’S HIGHLIGHTS

  • August in the furniture industry: Changes in traffic and increases in the average ticket.
  • August in the mattress industry: How the mattress industry increased average ticket by 26%.

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

Week 31 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

August 2022: Furniture industry

August 2022 furniture industry performance metrics

August 2022: Mattress industry

August 2022 mattress industry performance metrics

Retail Snippets

Finding the line: How to find the right approach to customer data privacy.

 

New competition: China’s e-commerce giant Pinduoduo quietly launches U.S. shopping site.

 

Discount trend: Retailers take expensive measures to clear inventory ahead of peak season.

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Guide: How to easily add a Driver’s License to Apple Wallet.

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Retail Traffic Trends #92: How silent quitting is affecting retail workers

Silent Quitting

Retailers across the country are noticing their workers participating in retail’s latest trend – Silent Quitting.

While a majority of the trends we discuss regard trends that help you sell more, silent quitting has become a red flag to look for.

This week we uncover the latest trends and see what top retail execs have to say about inflation, inventory, and more.

THIS WEEK’S HIGHLIGHTS

  • Mid-year Catch up: What to expect leading up to the holiday season.
  • Silent Quitting: Everything you need to know about the latest trend.

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

Week 34 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Mid-year checkup

This year has been a rollercoaster for retailers alike. At the halfway point of the year, top retail execs gave their thoughts about inflation, inventory, and more.

 

Doug McMillon, CEO of Walmart, stated that they were able to make good progress to reduce inventory levels where they focused and took markdowns. The aggressive approach they took to move through apparel in particular put financial pressure on Walmart, but it helped relieve pressure on the stores and through our supply chain.

 

Brian Cornell, CEO of Target, stated that reducing excess inventory has been the focus leading into the holiday season. While Target considered holding on to excess inventory and attempted to deal with it slowly over multiple quarters or even years, they decided it would have cluttered our sales force and hampered our ability to present new, fresh and fashionable items.

 

Click HERE to learn more about what top retail execs had to say about the current state of retail.

Latest Trend: Quiet Quitting

While a majority of the trends we discuss regard trends that help you sell more, a recent retail trend has become a red flag to look for.

 

Quiet quitting is about seeking greater work-life balance — except you get to keep your job. Workers are doing the bare minimum at your job, including avoiding overtime and tasks outside your job description as well as limiting engagement at work, such as switching off devices and logging off after work hours.

 

As said by The New York Times, “For some, it was mentally checking out from work. For others, it became about not accepting work without additional pay.” The trend has been circulating throughout social media and has become something to keep your eye on as new workers enter your team.

 

Click HERE to learn more about Silent Quitting.

Retail Snippets

Must-see trends: Key trends In brick-and-mortar business in 2022.

 

AI takeover: Retailers turn to AI to overcome staffing, supply chain challenges.

 

BNPL Trends: What does the Buy Now Pay Later trendmean for retail payments?

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Retail Traffic Trends #91: The Future of Computer Vision in Retail

Silent Quitting

Retailers who successfully leverage computer vision with diagnostic, proactive, and predictive analytics are gaining the much-needed competitive edge.

Not only are you able to get a competitive edge, but you can also see how shopping habits change in real-time

This week we dive deep into the benefits of computer vision and retail and uncover how consumers are spending their money.

THIS WEEK’S HIGHLIGHTS

  • Computer vision meets retail: How stores are utilizing the overload of data.
  • Impulse buys: Everything you need to know about the e-commerce shift.
  • Report: Trends in retail you must know to attract on-the-go consumers.

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

Week 33 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Computer vision meets retail

Retailers who successfully leverage computer vision with diagnostic, proactive, and predictive analytics are gaining the much-needed competitive edge.

 

Computer vision provides video and audio for additional context, complementing other types of data.  No matter if you are at your store for 9 hours a day, or an hour a week, it is impossible to see everything the way artificial intelligence can comprehend every second of the day.

 

The combination of foot traffic data and AI allows you to not only see exactly how long a customer was in a store, but you can see exactly where customers are spending their time.

 

Click HERE to learn more about the benefits of computer vision in retail.

Impulse buys make their return

Even as the cost of living surges and more consumers say they are stretched too thin, they’re also spending more on impulse purchases.

 

With the help of “revenge shopping”, Americans spend an average of $314 a month on impulse purchases, up from $276 in 2021 and $183 in 2020. In fact, A recent survey by Slickdealsfound that 73% of adults said most of their purchases tend to be spontaneous, and 56% of consumers said that more than half of their online purchases are spontaneous.

 

Not only has revenge shopping played a role in impulse purchases, but BNPL has played a major role in encouraging consumers to spend more than they can afford on impulse purchases.  Almost 50% of shoppers say they wouldn’t have made the same purchase if they didn’t have the option to finance. 

 

Click HERE to learn more about the recent surge in impulse purchases.

Retail Snippets

Report: 3 trends in retail you must know to attract on-the-go consumers.

 

A new approach: Different ways inflation is changing Americans’ spending habits.

 

Younger habits: How Gen Z poses a problem for the luxury industry.

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Retail Traffic Trends #90: Connected Technology and the key to retail success

Over the past few years we have seen industries switch from being predominately digital to physical, and vice versa.

With so many twists and turns throughout the retail industry lately, it has become increasingly hard to determine which trends are here to stay for the long run.

This week we uncover the trends that we expect to see take light in the second half of the year and uncover how 75% of footwear industry sales have come from e-commerce this year.

THIS WEEK’S HIGHLIGHTS

  • Branded content: How a simple story can transform brand loyalty.
  • footwear goes digital: Everything you need to know about the e-commerce shift.
  • Report: Connected technology is once again the key to retail industry success.

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

Week 31 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Branded content: The difference maker

When customers have endless options of stores to shop from, personalization and branded content have become essential to building brand loyalty.

 

Branded content can be defined as any published media that a brand has had a hand in producing. Both small and large businesses are looking for innovative ways to engage with audiences — and the best way to do that is through stories, not ads.

 

Although ads can be effective, data shows that an estimated 25% of internet users use ad-blockers on their devices. A recent report found that 70% of consumers want to learn about products through content and responded positively to brands that provided them with thoughtful subject matter expertise.

 

Click HERE to read The Complete Guide to Branded Content.

The footwear industry goes digital

Over the past few years we have seen industries switch from being predominately digital to physical, and vice versa.

 

While big-ticket items such as mattresses used to rarely be sold online, we have seen a plethora of companies, such as Casper, making a majority of their sales online.

 

Conversely, the shoe industry has seen a major shift over the last year. A recent survey found that nearly 75% of footwear spending now occurs online. With e-commerce sales expected to rise, more consumers are becoming comfortable with shopping online for their clothes and shoes.

 

Click HERE to learn more about how consumer habits are changing.

Retail Snippets

Report: Connected technology is once again the key to retail industry success.

 

Walmart on the go: Walmart is opening some teeny-tiny stores for campers.

 

Back to basics: More Americans are relying on credit cards. Why this could be very costly.

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Retail Traffic Trends #89: July Metrics are in!

As we head into the second half of Q3, it’s once again time to see what it takes to become a top-performing store.

 

Despite this July having less foot traffic than last year, both the furniture and mattress industry saw significant increases in their average ticket in June 2022.

 

This week we take a look at the top 20% of stores with the highest conversion rates in both the furniture and mattress industry to see how July played out.

THIS WEEK’S HIGHLIGHTS

  • July in the furniture industry: Changes in traffic and increases in the average ticket.
  • July in the mattress industry: How the mattress industry increased conversion rate by 16%.

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

Week 31 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

July 2022: Furniture industry

July 2022 furniture industry performance metrics

July 2022: Mattress industry

July 2022 mattress industry performance metrics

Retail Snippets

The great unrest: How 2020 changed the economy in ways we can’t understand yet.

 

Fallen unicorns: 9 retailers that have recoiled from sky-high valuations.

 

Discount trend: Uniqlo owner Fast Retailing to open first GU discount clothing store in U.S.

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Retail Traffic Trends #88: State of Retail Mid-2022

As we head into the second half of the year, researchers and analysts are fast at work predicting what we should expect to see in the second half of the year.

 

Retail sales are now forecast to grow between 6% and 8% to more than $4.86 trillion by the end of 2022. This figure compares with the 14% annual growth rate from last year, which had the highest growth rate in more than 20 years.

 

This week we uncover the trends that we expect to see take light in the second half of the year.

THIS WEEK’S HIGHLIGHTS

  • The rise, fall and rise again: How malls have made a historic recovery.
  • State of the State Mid-2022: Everything you need to know heading into the second half of the year.
  • Q1 Benchmark Report: Click HERE to download the report.

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

Week 31 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Malls continue to gain occupancy

Malls in the United States are slowly reaching full capacity after years of lackluster foot traffic.

 

Simon Property Group reported an occupancy rate at its U.S. malls and outlet centers of 93.9% as of June 30, up from 91.8% a year earlier. Although US malls saw 1,954 store closings this year, retailers in the U.S. have announced 4,432 new store openings.

 

Last year, the retail industry finished the year with a net addition of 68 stores. Even with all of the closures, this year has seen a net of 2,478 openings.

 

Click HERE to learn more about the current state of US malls.

State of the State Mid-2022

As we head into the second half of 2022, TalkBusiness has released their State of the State Mid-2022 report on the retail industry.

 

As we’d all expect, continued supply chain delays, escalating prices, labor shortages, and the threat of a recession are among the top concerns, according to market watchers.

 

On the bright side,  retail sales are now forecast to grow between 6% and 8% to more than $4.86 trillion by the end of 2022. This figure compares with the 14% annual growth rate from last year, which had the highest growth rate in more than 20 years.

 

As for physical store trends, Salesforce says that  60% of digital orders are now influenced by the physical store. By no surprise, in-store experiences continue to have a major impact on where consumers decide to buy, whether that be online or in-store.

 

Click HERE to read the full Mid-Year report.

Retail Snippets

Report: Self-scanning stores are expected to triple by 2027.

 

Same-day: Amazon launches same-day delivery from some brick-and-mortar retail brands.

 

Back to basics: Connected technology is once again the key to retail industry success.

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Read More

Retail Traffic Trends #87: Change is coming to the retail industry

From predominately digital stores going physical to physical stores going digital, it has become increasingly hard to predict where the industry is headed.

 

After 7 years, Amazon is officially closing all of its book stores, switching its focus to its physical grocery stores. And as that happens, physical grocers are going digital to embrace the online grocery shopping trend.

 

This week we uncover the shifts we are seeing major retailers take over the past few months.

THIS WEEK’S HIGHLIGHTS

  • Amazons Brick and Mortar fall: The journey from digital, to physical, and back to digital.
  • Doorcounts integration: Doorcounts announces integration with PerformNOW

  • Q1 Benchmark Report: Click HERE to download the report.

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

Week 29 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Amazon exits physical retail

Despite shoppers returning to physical stores, Amazon has decided to close all of its bookstores, 4-star stores, and pop-ups.

 

Amazon will continue to expand its grocery stores but is abandoning its roots of selling books in a physical store. Aside from Whole Foods, including locations opening this month, the company runs 85 grocery-oriented stores: 58 Amazon Fresh in the U.S. and U.K. and 27 Amazon Go convenience stores.

 

In Q1 of this year, Amazon saw a 3% decline in its online retail sales, yet its physical stores saw a dramatic increase year over year.

 

So why close all their stores? Amazon’s business is centered around logistics, technology, advertising, and as of late, less and less retail.

 

Click HERE to learn more.

Doorcounts announces integration with PerformNOW

We are pleased to announce our integration with PerformNOW, the largest retail home furnishing industry performance group.

 

This technology automatically reads all Doorcounts’ traffic analytics and sales data and integrates it into PerformNOW’s CRM platform. Fast mobile-enabled metrics, automation of follow-ups via email or text, task assignment, and visual pipeline tracking enable businesses to focus on converting more leads and increasing average sale.

 

One common user, Gardner Malouf, of Malouf Furniture, says, “PerformNOW and Doorcounts are indispensable in our business. Doorcounts is our traffic counter, our up system, and used for sales analytics. It integrates with PerformNOW, which we use for website tracking, sales follow-up automation, open order follow-up, delivery communications, service ticketing, and re-marketing. Integrated technology is critical in managing the customer experience and getting ahead of the competition.”

 

Click HERE to learn more.

Retail Snippets

The return: Retail grocers go digital to embrace the online grocery shopping trend.

 

Not Just Data: Why General Mills launched its first Consumer Loyalty Program.

 

Back to School: Tips, trends, and predictions for what lies ahead.

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Retail Traffic Trends #86: 🚨 Retail predictions are in 🚨

Over the last few years, foot traffic and retail trends have been changing rapidly from week to week.

 

After a nearly 2-year period of people working from home, downtowns are slowly starting to reach pre-pandemic levels of foot traffic, and analysts predict to see new waves of consumers beginning their holiday shopping earlier than ever this year.

 

From downtown trends to holiday shopping patterns, this week is all about predictions for the future of the retail industry.

THIS WEEK’S HIGHLIGHTS

  • Downtown revival: Cities and the rise to normality.
  • Holiday shopping predictions: Why consumers are shopping earlier than ever this year.

  • Q1 Benchmark Report: Click HERE to download the report.

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

Week 28 Retail Foot traffic 2022

FOOT TRAFFIC TRENDS

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

Predictions for the 2022 Holiday Shopping Season

As the heat waves continue to hit across the country, analysts are hard at work predicting how consumers will shop during the winter holidays.

 

A recent report by PracticalEcomerce predicts that inflation will reach 6% worldwide by Christmas this year. And with that, analysts are predicting that holiday sales will increase less than inflation this year.

 

Similar to last year’s predictions, consumers are expected to start their holiday shopping even earlier this year. With increased prices, nearly everyone will be looking to snag deals as soon as they see them, whether that be 1 week or 3 months before Christmas.

 

Click HERE to read more about predictions for the holiday season.

Downtown foot traffic on the rise

After a nearly 2-year period of people working from home, downtowns are slowly starting to reach pre-pandemic levels of foot traffic.

 

With many companies switching to a full-time office or hybrid work schedules, the gap from 2019 has now narrowed by nearly a half from January 2022 when traffic was -42.9% below the 2019 level. For June, it was -26.3% below 2019 from -27.8% in May.

 

Despite traffic still being down compared to 2019, the positive trend gives up hope for the months to come for retail stores located in urban areas. As I think we can all relate, the newly revived energy in downtown areas is a much-needed change-up.

 

Click HERE to learn more about downtown foot traffic trends.

Retail Snippets

The return: Toys R Us looking to make brick and mortar retail comeback in time for the holidays.

 

Uncertain numbers: Confused about sell-by dates? you are not alone.

 

Returning customers: cautious shoppers pay more but get less.

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