August Retail Metrics: This August, the furniture industry saw a 2% increase in conversion rate, while the mattress industry doubled their prospects gathered compared to last year.
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
- August recap: Everything you need to know about how last month played out.
The slow burn: Top challenges faced by emerging brands in 2023. Q2 2023 Benchmark Report: Click HERE to download the report.
August 2023: Furniture industry
Conversion Rate
39.41%
+2.34%
This August, conversion rate in the furniture industry increased 2% compared to August 2022. Similar to the yearly increase, conversion rate increased 1% compared to the previous month.
The mattress industry saw the average ticket in August drop 11% compared to August 2022. Similarly, in comparison to July 2023, the average ticket registered a 3% decrease..
Average Ticket
$2,223
-10.79%
Daily Revenue
$12,259
-20.61%
Daily revenue in August showed a 20% decrease compared to August 2022. Similar to the year-over-year decrease, the daily revenue in August saw a 17% decrease when compared to July 2023.
The furniture industry saw foot traffic reduce by 12% compared to the same time last year, and saw an additional 18% decrease compared to July 2023.
Daily Opportunities
14
-12.49
Time with Customers
40
-8.43%
Salespeople spent an average of 3 minutes less with each customer in August compared to 2022, and spent 2 minutes less than they did in July 2023.
Prospects refer to the contacts collected with the aim of making future sales. Compared to last August, salespeople gathered 11% more prospects.
Prospects
58
+10.96%
August 2023: Mattress industry
Conversion Rate
62.21%
-15.64%
In comparison to August 2022, the mattress industry experienced a 16% decline in conversion rate. Additionally, there was an 8% decrease in conversion rate compared to July 2023.
The average ticket price for mattresses in the industry was $1,969, which is a slight decrease of 4% compared to the previous year. When we look at July 2023, the average ticket experienced a significant decline of 19%.
Average Ticket
$1,969
-4.01%
Daily Revenue
$2,755
-22.76%
With a decrease in both conversion rate and average ticket, daily revenue decreased by 23% compared to August of the previous year. Daily revenue in August 2023 was 12% lower than July 2023.
Similar to the furniture industry, foot traffic was down with a 5% decrease in August when compared to the same time last year. Conversely, foot traffic increased 18% compared to the previous month.
Daily Opportunities
3
-5.30%
Time with Customers
45
+29.41%
Salespeople spent an average of 11 minutes more with each customer in August compared to 2022, and spent 1 minute more than they did in July 2023.
Prospects are contacts gathered in hopes of making a future sale. Compared to August 2022, salespeople gathered twice as many prospects.
Prospects
2
+200%
Retail Snippets
By the numbers: Uncovering the digital ad spending by industry in 2023.
Targeted marketing: For the retail industry, generative AI means more targeted marketing.
The slow burn: Top challenges faced by emerging brands in 2023.
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