December 3, 2020
So far we've learned that, while AOV and UPT is still down, consumers are personally open to buy and and that shopper demand for personalization is unseasonably high. So what types of retailers are seeing the most traction? We'll find out in today's post.
As we explore shopper trends within the Fashion Genome, a specific retailer segment with the most opportunities for a quick recovery emerges -the single brand retailer.
Traffic, which is seen below for March and April, varies greatly between single brand and multi brand retailers. Single brand retailers are seeing traffic averaging +41% YoY during March and +175% YoY during April. During the same time period, multi brand retailers saw traffic down an average of -11% in March YoY, but up an average of +19% YoY in April.
What's more, is that in addition to traffic, the average number of total checkouts for single brand retailers are also up, some +14% YoY in March and +64% YoY in April.
We've discussed previously that extended time at home, steep promotions and anticipation of warmer weather is likely creating pent up demand for shoppers, and it appears as though single brand retailers may benefit from this more than multi brand retailers, right now anyway.
Single-brand retailers may have flexibility to serve the needs of shoppers, with fewer warehouses and therefore concentrated inventory, flexibility to make quick and responsive adjustments to site/shopper/product insights and analytics, and an overall more agile ecommerce model.
To learn more about which brands consumers name "Favorite Fitting" or to see if your brand made the list, visit here.