Strategic follow-up can be a game-changer in converting potential buyers and boosting sales. Through an insightful use-case, we’ll explore the performance of various stores in leveraging be-back customers—those who return for a follow-up visit after their initial interest.
In this issue, we delve into the powerful impact of customer follow-up in high-ticket industries and break down how the market performed over the previous week.
Today’s Rundown
Inventory Management: A definitive guide to optimizing inventory management in retail.
Q1 2024 Benchmark report: Download the Q1 2024 Home Furnishing Benchmark Report and see how your store compares to the industry average.
Retail Chatbot: Target is rolling out a chatbot to help workers answer questions from shoppers — and workers.
Increase Your Average Ticket: The Role of Effective Customer Follow-Ups
In high-value segments such as furniture and home decor, customer follow-up can be a decisive factor in converting potential buyers and boosting sales.
In our latest use-case, we examine the performance of various stores in leveraging be-back customers—those who initially express interest and return for a follow-up visit—and demonstrates how this strategy significantly enhances average ticket value.
The analysis draws on performance metrics from five top 100 furniture stores from the first 6 months of 2024 (January-June 2024). Key indicators include the average ticket, including first-time visitors and be-back customers.
On average, be-back customers had an average ticket 79% higher than customers who purchased on their first visit. In addition to a higher average ticket, conversion rates increased by 58% for returning customers.
Last week by the numbers
Last week the furniture industry as a whole averaged 31 opportunities a day, a 5.9% increase compared to last week. On the East coast, furniture retailers saw slightly less traffic than the industry average with an average of 27 visits a day. Conversely, the West coast averaged 39 visitors a day, a 4.8% decrease compared to the previous week.
The Mattress industry saw similar foot traffic across the board with an average of 4 visitors a day, a 19.9% increase week-over-week. The industry as a whole had an average ticket of $1,715 over the last 7 days, a 1.8% decrease compared to the previous week. The east coast had an average ticket of $1,629 over the same period, while the west coast had a lower average ticket of $1,601.
Introducing the Drift™ Sleep Guide™ Certified Program for RSAs and Mattress Professionals
I am so excited to announce that The FAM has teamed up with Dr. Kimberly Lemke to create the Drift™ Sleep Guide™ Certified program!
This three month learning lab is purpose-built for Retail Sales Associates and mattress professionals who want to master the art of sleep and sales.
What’s in Store for You?
- 5-Level Online Course: Comprehensive content, workbooks, and quizzes.
- (2) Sleep Guide LIVE Webinars: Engage directly with Dr. Kim and Mark Kinsley (10 a.m. CST, June 13 is our first live event!)
- Exclusive Community: Participate in lively discussions and get answers to your specific questions.
- Personalized Sleep Coaching: Benefit from Dr. Lemke’s personalized strategies to unlock your peak potential and skyrocket sales.
- Certified Excellence: Earn your official Drift™ Sleep Guide™ Certified printable plaque upon completion.
Join now for a one-time investment of only $599!
Earn your official Drift™ Sleep Guide™ Certified printable plaque upon completion of the program.
Retail Trends
Inventory Management: A definitive guide to optimizing inventory management in retail.
Old Tech New Tricks: QR codes and faster payments may hasten the rise of super apps.
Retail Chatbot: Target is rolling out a chatbot to help workers answer questions from shoppers — and workers.
Random Irrelevance
New Heights: Amazon is a $2 trillion company for the first time ever.
Must See: The Pacific Northwest’s most active (undersea) volcano is getting ready to blow.
Bundle Trouble: Microsoft faces huge antitrust fine over Teams app and Office Bundle.
