July Retail Metrics: This July, the furniture industry saw a 14% increase in foot traffic, while the mattress industry experienced a 18% boost in average ticket.
This week we will take a closer look at what drove these improvements in the industry and what they could mean for the future.
Today's Rundown
- Computer Vision Webinar: Join our team on Monday, August 14 at 8:00 AM / 11 AM EST
- July retail metrics: Everything you need to know about how last month played out.
Q2 2023 Benchmark Report: Click HERE to download the report.
July 2023: Furniture industry
Conversion Rate
39.00%
+0.94%
This July, conversion rate in the furniture industry increased 1% compared to July 2022. In contrast to the yearly increase, conversion rate decreased 2% compared to the previous month.
In July, the average ticket decreased 4% compared to the same month last year. similar to the yearly decrease, when compared to June 2023, the average ticket decreased by 7%.
Average Ticket
$2,283
-3.91%
Daily Revenue
$14,768
+3.93%
Daily revenue in July showed a 4% increase compared to July 2022. Similar to the year-over-year increase, the daily revenue in July saw a 17% increase when compared to June 2023.
The furniture industry saw foot traffic increase by 14% compared to the same time last year, and saw an additional 32% increase compared to June 2023.
Daily Opportunities
17
+13.67%
Time with Customers
42
-1.67%
On average, salespeople spent the same amount of time with each customer in July compared to 2022, yet spent one minute less than did in June 2023.
Prospects refer to the contacts collected with the aim of making future sales. Compared to last July, salespeople gathered 57% more prospects.
Prospects
67
+57.26%
July 2023: Mattress industry
Conversion Rate
67.83%
-10.11%
This July, conversion rate in the mattress industry decreased 10% when compared to July 2022. Similarly, conversion rate decreased by 4% compared to June 2023.
Average ticket for the mattress industry was $2,100, up 18% compared to the same time last year. When compared to June 2023, average ticket increased by 0.34% in July.
Average Ticket
$2,100
+17.70%
Daily Revenue
$3,139
+15.91%
Despite a decrease in conversion rate, daily revenue increased by 16% compared to July of the previous year. Daily revenue in July 2023 was 7% higher than June 2023.
Similar to the furniture industry, foot traffic was up with a 10% increase in July when compared to the same time last year, and increased 14% compared to the previous month.
Daily Opportunities
2
+9.99%
Time with Customers
44
+5.11%
Salespeople spent an average of 2 minutes more with each customer in July compared to 2022, and spent 2 minutes less than they did in June 2023.
Prospects are contacts gathered in hopes to make a future sale. Compared to July 2022, salespeople gathered 24% fewer prospects.
Prospects
1
-24.20%
Retail Snippets
Random Irrelevance
New Beginnings: Two-faced star with helium and hydrogen sides baffles astronomers.
Michelin Guide: 4 Bay Area restaurants receive new Michelin stars.
Instant Supplement: GNC piloting drone delivery service in select U.S. markets.
