Company News • 16.10.2013
Euclid Releases U.S. Retail Benchmarks for September 2013
Retail Analytics Leader Reveals Consumer Shopping Trends at Physical Stores
Euclid, the leader in in-store retail analytics, today released its U.S. Retail Benchmarks for September 2013. Euclid's data on 20 million domestic shopping sessions during the month shows that walk-by conversion and in-store engagement slipped versus August as consumers became more cautious and less compelled to shop after Back-to-School spending.
We believe that these metrics illustrate a cautious outlook for specialty retailers' comp store and total store sales during the month.
Walk-by Conversion Declined 190 basis points to 14.4%
Walk-by conversion in September 2013, defined as the number of shoppers who enter a store as a percentage of the total walk-by foot traffic, decreased to 14.4% from 16.3% in August 2013. The September conversion rate dropped to the lowest level since April after a consistent uptick this summer, tracking a similar low in consumer confidence. Shoppers also continued to focus on bigger-ticket items at the expense of other shopping, and as a result walk-by conversion suffered.
Bounce Rate 15.6% in September -- Increased 190 basis points Year-Over-Year
The percentage of shoppers who entered a store but left within five minutes ("bounce rate") was 15.6% in September 2013, up from 13.7% in September 2012. Despite the slight increase, September's bounce rate maintained a meaningful improvement over the 17.0% high in July 2013. In-store engagement was strong amid Back-to-School promotions, but weakened in September as consumers had less urgency to shop against a backdrop of unwavering economic uncertainty.
Visit Duration Down 5% Year-Over-Year, and Nearly 6% Month-Over-Month
Shopping session duration, defined as the mean time from store entry to store exit, was 22 minutes 15 seconds in September 2013, a decline of 5.0% year-over-year and 5.7% from August 2013. The shorter shopping sessions during September, following a solid summer, again reflect a decline in shopper intent compared to the recent Back-to-School period and a strong September a year ago.
Active Repeat Customers Account for 25.3% of Total Visits
In September 2013, active repeat customers, defined as individuals returning to a store location more than once in 30 days, were 25.3% of total visits measured, up 140 basis points from the previous month. This uptick in shopper loyalty is a positive sign as repeat customers appeared responsive to increased marketing efforts and loyalty programs during the month. As Euclid expands its network, the company expects this metric to increase modestly.
channels: management consultancy