In-store retail analytics are giving retailers more crucial insight into what is happening in their stores. Without these key information, ideas about customer behaviors and strategy decisions are informed only by guesswork.
One of the key metrics is a store’s conversion rate. A conversion rate is the percentage of customers who come into a store vs. the people who leave with a purchase. For example, if 50 people made a purchase out of the 200 people who visited the store, the conversion rate would be:
50 / 200 x 100% = 25%
Conversion data is crucial for businesses that want to understand their customers to determine if they are maximizing their resources, whether it’s offering the right discount or sales campaign at the right time or making the most of their floor space by diversifying their goods.
Then how can retailers increase their conversion rate?
For people to make purchases in the store, people need to come into the store in the first place. To learn more about how retailers can turn passersby into shoppers in their store, check out our previous article:
One very important factor that attracts shoppers to stay and engage in the store is the store layout: For more information on store layout designs that can guide customers throughout the customer journey, read our article:
Since each shopper has his or her own personality and traits, retailers must adjust to tailor their approaches to match and impress different types of shoppers. To understand the different types of shoppers and how to turn them into buyers, check out our article: https://daytaai.wixsite.com/mysite/post/how-to-convert-different-types-of-shoppers-into-buyers
One factor that results in sales loss is long queues in the store. To learn about how retailers can reduce queues and increase sales, read this article:
Cyclops is a retail analytics system that can help retailers generate insights into how their customers shop inside their stores. To understand more about how Cyclops can help retailers digitally transform their stores amid the COVID-19 pandemic, visit our website: https://dayta.ai