Surge Research Retail Data
According to a new Surge Research Inc. Tensator Group study, back-to-school retailers are losing up to 39% of revenues due to long lines and in-line frustration - a 21$ Billion loss in revenue.
Online, August 22, 2010 (Newswire.com) - Lawrence, a Tensator Group Company and world leader in customer queue management solutions, today announced that according to a new study, back-to-school retailers are losing up to 39% of revenues due to long lines and in-line frustration. With overall K-12 and college spending combined expected to reach a whopping $55 billion this year*, back-to-school shopping is the second largest event for retailers, right behind the winter holidays. According to the Lawrence study, $21 billion of that revenue is lost to poor customer queue management. The company reported these key findings as part of a survey it conducted in the first two weeks of August with Surge Research Inc. SurgeResearch, a leading independent national research firm.
Survey Data
In the nationwide opinion study of 500 parents with school-aged children, the vast majority, 75% of respondents say long lines are the worst part of the back-to-school shopping experience. Nearly four in ten (39%) parents, leave stores while back-to-school shopping without purchasing a single item because of long lines. Long lines are cited by 35%, 1 in 3 parents, as the primary reason for leaving the store -- worse than high prices, lack of supplies or inexperienced sales personnel.
"American consumers have spoken. They are willing to walk away if they get too frustrated waiting on long lines. When you add it all up, these 'walkaways' cost retailers billions of dollars during 'Back to School,' one of the hottest shopping seasons of the year," said Bill Vetter, general manager and senior vice president at Lawrence. "Time is money -- reducing 'walkaways' and optimizing queue time is the end game. By deploying a smart queue management strategy, retailers can take control of and ideally manage the customer journey, from when they enter the store, at the retail point-of-sale, in-line at checkout and once they walk out the door."
About Customer Queue Management Solutions
By implementing smart customer queue management solutions, retailers can easily and cost-effectively convert waiting time into extended shopping time, boost impulse sales, improve retail efficiencies and eliminate customer frustration and employee stress during the back-to-school shopping season, enriching the overall customer experience and ultimately increase margins.
Lawrence has developed the industry's first end-to-end smart customer queue management solution that enables retailers to engage the back-to-school shopper with relevant opportunities to organize their merchandise, speed customer flow through the checkout queue by up to 25 percent, and optimize the potential for driving impulse purchases by up to 400 percent. The company's revolutionary queuing solutions have been proven to increase customer satisfaction by up to 96 percent, provide opportunities for multimedia advertising and promotions, and also maximize revenues per square foot reducing the number of customer 'walkaways' by up to 96 percent.
About Lawrence
Lawrence, a Tensator Group Company, is a world leader in customer queue management systems, crowd control, and hospitality products. Lawrence empowers blue chip retailers, international airport terminals, major exhibitions, leisure and entertainment venues, construction sites, restaurants, hotels and financial institutions to speed customer flow through their queue lines improving operational efficiency and customer satisfaction. Lawrence helps eliminate lost sales through walkaways and drives high value impulse sales with its range of InQ merchandising fixtures. The company offers consulting services and 3D design capabilities along with the industry's largest range of queue management products available. For additional information please visit: www.lawrencemetal.com.
About Surge Research Inc.
Surge Research Inc. is a leading global marketing research firm providing qualitative and quantitative research expertise and capabilities extending across all areas of marketing, communications, advertising, public relations and business. Surge Research offers multifaceted market research services including, omnibus surveys, public relations surveys, focus groups, competitive intelligence, customer satisfaction surveys, social media and social networking analysis, employee surveys, in-depth interviews, tracking studies and advertising research. For more information, please visit SurgeResearch or follow SurgeResearchTwitter.
Survey Methodology
The survey was conducted by Surge Research Inc. between August 10 to August 13 by e-mail invitation and online survey. The survey polled a nationally representative sample of 500 parents of school-age children in grades K - 12 and college and has a margin of error of plus or minus 4%.
*According to the National Retail Federation's 2010 Consumer Intentions and Actions Back to School survey