New data from 2.5 million customer interactions reveals game-changing insights in furniture and mattress retail, where strategic follow-ups are driving average ticket sizes up by 79% and doubling conversion rates.
To help your team capture similar success, we’re sharing a proven sales motivation game that transforms daily goals into an engaging race to the finish line. Plus, discover how “mover” retailers are defying industry assumptions by leaping from bottom to top quartile performance through smart technology adoption and disciplined strategy execution, proving that success isn’t limited by size.
Today's Rundown
JUST RELEASED: Download the Q4 2024 Home Furnishing Benchmark Report and see how your store compares to the industry average.
- Productivity Games: And They’re Off
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Market Pulse: This Week in Furniture & Mattress
Furniture
Mattress
Mastering Customer Follow-Up
Want to know what’s really moving the needle in furniture and mattress retail? We’ve crunched the numbers from 2.5 million customer interactions, and the results are eye-opening. Our retail partners who’ve mastered the follow-up game are seeing their average ticket sizes soar – we’re talking a 79% increase on average, with one store more than doubling their average sale from $1,750 to $5,077.
Here’s what we’re seeing in action: when our partners combine our AI people-counting tech with smart follow-up strategies, magic happens. The secret sauce? Getting back to customers within 24 hours (because let’s face it, mattress shoppers are probably hitting up other stores that same day), and using our real-time data to personalize those follow-ups. The proof is in the numbers – our partners are seeing conversion rates jump by an average of 58%, with one store nearly doubling theirs from 24% to 47%. It’s a pretty clear picture of how technology can turn browsers into buyers and help brick-and-mortar stores make the most of every single opportunity that walks through their doors.
Productivity Games: And They're Off
Looking to energize your sales floor with some healthy competition? “And They’re Off” is an exciting race-themed game that turns daily sales into a thrilling sprint to the finish line!
HOW TO SET UP: Create a race track board (can be horse racing, car racing, or any racing theme) with marked increments representing sales amounts (for example, $200 per space). Place game pieces or markers for each sales associate on the starting line. Display the board prominently in your break room or stockroom where the team can easily check their progress. Set up an hourly tracking system to keep everyone engaged throughout the race.
HOW THE GAME WORKS: Sales associates move their game pieces along the track based on their daily sales totals. For instance, if each space represents $200 in sales, a $1,000 sale would move them five spaces closer to the finish line. The first person to reach the finish line wins! The game can run for a weekend or even a full week, depending on your sales goals. Winners receive their prize in cash, calculated as a percentage of their total sales.
Tip for Store Managers: This game really comes alive when you lean into the theme – use decorations and props that match your chosen racing style. Whether it’s checkered flags for auto racing or jockey silks for horse racing, the extra touches keep energy levels high and make the competition more engaging. Plus, posting hourly updates creates excitement and allows team members to strategize their sales approach based on their position in the race.
Retail’s outperformers: Lessons in value creation
Value creation has always been a challenging endeavor, especially for smaller retailers. Rapid changes in consumer preferences, supply chain disruptions, and fluctuating labor markets all add layers of complexity to retail operations. Recent trends show an increasing concentration of value creation among a shrinking number of large retailers, leaving many smaller players struggling to keep up.
However, the notion that only large retailers can succeed is a misconception. An analysis of over 280 publicly traded retailers reveals that size alone is not the ultimate determinant of success. By taking bold actions and executing disciplined strategies, retailers of all sizes can become high-performing value creators. Notably, a group of smaller retailers, referred to as “movers,” managed to leap from the bottom quartile to the top quartile in value creation over the past decade by improving key performance metrics such as operating margins, growth, and capital efficiency.
These “movers” achieved their success by focusing on several critical areas. They implemented well-defined growth strategies, leveraged technology and AI to enhance operations, prioritized customer loyalty and experience, and maintained strict cost discipline. Additionally, they excelled in capital planning and allocation, ensuring that their investments in growth and innovation yielded the desired returns.
The key takeaway for retailers is that size does not dictate success. By making bold, strategic decisions and optimizing their operations, even smaller retailers can outperform their larger competitors and create significant value in the industry. The time for these retailers to act is now, as the competitive landscape continues to evolve.
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