January 2024 Retail Metrics: A new year means new metrics to be tracked. In this weeks Retail Traffic Trends, we are breaking down the month of January to see how each industry performed to start the year.
Join us as we analyze the trends, shifts, and performances that set the tone for the year ahead.
Today's Rundown
Download – Q4 2023 Benchmark Report: Sign up HERE to download the Q4 Home Furnishing Benchmark Report.
- January recap: Everything you need to know about how last month played out.
- Retail industry predictions: How to navigate the AI revolution.
January 2024: Furniture industry
Conversion Rate
40.11%
+0.55%
In comparison to January 2023, the furniture industry experienced an 7% increase in conversion rate. In contrast, there was a 6% decrease compared to December 2023.
Average ticket decreased by 9% compared to January 2023. When compared to the previous month, average ticket decreased by 3%.
Average Ticket
$2,335
-4.16%
Daily Revenue
$13,677
-4.96%
Daily revenue decreased by 22% compared to January of the previous year. Daily revenue in January 2024 only decreased by 1.86% compared to December 2023
The furniture industry kicked off the year with 22% less foot traffic compared to January 2023, but saw 4% more customers than in December 2023.
Daily Opportunities
15
-3.51%
Time with Customers
39
-14.01%
Salespeople, on average, dedicated 15 minutes more with each customer in January compared to 2023, and spent 1 minute more than they did in December 2023.
Prospecting % is the percent of non-buying opportunities that contact information was gathered from. The Footwear industry gathered information from 29% of customers who did not purchase. This is a 63% increase from January 2023.
Prospects
64
+35.52%
January 2024: footwear industry
January 2024: Mattress industry
Conversion Rate
64.48%
-11.17%
In January, the conversion rate within the footwear industry saw a noteworthy uptick of 4% in comparison to January 2023. Similar to the yearly increase, conversion rate increased 6% compared to the December 2023
To start the year, salespeople increased average ticket by 4% compared to January 2023.More suprisingly, average ticket increased an impressive 16%.
Average Ticket
$2,016
+14.76%
Daily Revenue
$2,078
+32.70%
Despite the impressive increase in average ticket, daily revenue in January showed a 10% decrease compared to January 2023. In contrast with the year-over-year decrease, the daily revenue for January experienced an 29% jump compared to December 2023.
The footwear industry kicked off the year with 15% less foot traffic compared to the same period last year ,but saw 15% more customers than in December 2023.
Daily Opportunities
2
+2.65%
Time with Customers
51
+36.71%
Salespeople, on average, dedicated 5 minutes less to each customer in January compared to 2023, and spent 6 minutes more than they did in December 2023..
Prospects are contacts gathered with the intention of generating future sales. In contrast to the previous January, salespeople accumulated 12% fewer prospects.
Prospects
2
+200%
Retail Snippets
Retail industry predictions: How to navigate the AI revolution.
Pending delays: Retailers sound alarm over shipping delays and price spikes.
A new shopping experience: A first look into brands’ shopping experiences on Apple’s Vision Pro.
Random Irrelevance
Social IP: Meta pushes to label AI images on social media sites.
Toothbrush attack: 3 million smart toothbrushes were just used in a cyber security attack.
Photo of the year: Wildlife Photographer of the Year awarded to man who captured a polar bear falling asleep.
