Specialty store consumers spent more in 2022

The median conversion rate for specialty retailers dipped slightly from 2021 to 2022, from 3.9% to 3.8%. Median monthly visitors dropped more significantly, from 503,462 to 308,935. That’s nearly a 40% decline year over year. This fits with trends noted by Digital Commerce 360 in other retail categories, as online sales growth slowed and some consumers returned to stores as the pandemic waned.

Customers who did choose to shop online were willing to spend more than in the previous year. Median average ticket grew over the period, from $99 to $120. That’s an increase of more than 20%,  significantly outpacing the inflation rate of 6.5% for the year.

Online sales for specialty stores grew by about $2 billion

Online sales from all 76 category retailers in the Top 1000 nearly reached $28 billion in 2022, an increase of about $2 billion from 2021. Those sales made up 17.1% of total combined in-store and online sales in the category. Penetration was down slightly from 18.3% the previous year.

The top five retailers in the category saw some movement from the previous year. The specialty category is wide ranging, encompassing products from pet care to smoking products to medical supplies and books. Two pet retailers made the list this year, with Chewy taking the top spot as sales grew 13.6% in 2022. Two education companies, Follet Higher Educaton and Scholastic Inc, also made the cut. A-Mark Precious Metals Inc. rounds out the list, despite having the only negative sales growth in the top five.

Total sales growth outpaced online sales for specialty products, growing at nearly twice the rate. Total sales grew 15.8% year over year, while online sales grew 7.7%.