November Retail Metrics: This November, the furniture industry saw a 2% increase in conversion rate, while the mattress industry saw prospecting increase by 200% compared to November 2023.
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
- November recap: Everything you need to know about how last month played out.
- Trakwell.ai v23.4: Learn more about our latest Trakwell.ai update!
Q3 2023 Benchmark Report: Click HERE to download the report.
November 2023: Furniture industry
Conversion Rate
41.48%
+2.18%
This November, conversion rate in the furniture industry increased 2% compared to November 2022. Similar to the yearly increase, conversion rate increased 9% compared to the previous month.
The furniture industry saw the average ticket in November drop by 7% compared to November 2022. In comparison to October 2023, average ticket decreased by 3%
Average Ticket
$2,367
-6.92%
Daily Revenue
$16,604
-6.81%
Daily revenue in November showed a 7% decrease compared to November 2022. Unlike the year-over-year decrease, the daily revenue in November was 27% higher when compared to October 2023.
The furniture industry saw foot traffic reduce by 7% compared to the same time last year, yet saw 13% more customers than in October 2023.
Daily Opportunities
17
-7.35%
Time with Customers
41
-11.48%
Salespeople spent an average of 5 minutes less with each customer in November compared to 2022, and spent 2 minutes more than they did in October 2023.
Prospects refer to the contacts collected with the aim of making future sales. Compared to last November, salespeople gathered 6% less prospects.
Prospects
64
-5.88%
November 2023: Mattress industry
Conversion Rate
62.92%
-9.93%
In comparison to November 2022, the mattress industry experienced a 10% decline in conversion rate. When compared to October 2023, there was a 2% increase.
The average ticket in November was $1,971, which is a slight decrease of 5% compared to 2022. When we compare to October 2023, the average ticket experienced a 2% increase.
Average Ticket
$1,971
-4.79%
Daily Revenue
$2,255
-24.02%
Daily revenue decreased by 24% compared to November of the previous year. Daily revenue in November 2023 was 11% higher than October 2023.
Similar to the furniture industry, foot traffic was down with an 8% decrease in November when compared to the same time last year. In contrast, foot traffic increased 6% compared to the previous month.
Daily Opportunities
2
-7.55%
Time with Customers
46
-5.39%
Salespeople spent an average of 2 minutes more with each customer in November compared to 2022, but spent 3 minutes less than they did in October 2023.
Prospects are contacts gathered in hopes of making a future sale. Compared to November 2022, salespeople gathered 200% more prospects.
Prospects
2
+200%
Retail Snippets
By the numbers : U.S. holiday retail sales rose 3.1%—falling behind expectations.
Targeted marketing: For the retail industry, generative AI means more targeted marketing.
The slow burn: Top challenges faced by emerging brands in 2023.
Random Irrelevance
New Beginnings: Tesla worker attacked by robot at Texas factory.
Look up: Hubble telescope spies mysterious shadows on Saturn’s rings.
Watch ban: Federal court blocks Apple Watch ban pending appeal.
