The conversion rate: the true measure of the commercial performance
The conversion rate is a ratio that measures the performance of an action. A widely used indicator in web marketing and e-commerce, it is also fundamental in physical stores to make the right decisions and drive business strategies. With an omnichannel vision, conversion rates are fed with in-store data. From inventory management to shoppers' behavior to personalization of the customer experience, understanding, analyzing and optimizing conversion rates is an important marketing lever to consider, in order to better sell.
Factors impacting the in-store conversion rate
How can you measure the performance of your merchandising? How can you analyze your ROI based on your online advertising actions? Collecting raw data is one thing but making sense of it is another.
This is precisely where the conversion rates are relevant. With data captured by smart in-store analytics solutions, you are able to create your own metrics and compare them across multiple time-scale within smart dashboards.
Take for example the measure of attendance: when a customer enters the store, it is a conversion (window conversion rate). We can measure the ratio between the number of passers-by and the number of people entering a store. If they spend time around the shelves, it's a second conversion. If they interact with a seller, it is another one. And so on until checkout.
Step by step, it is possible to identify sales accelerators or brakes affecting your business performance.
In-store conversion rate: best practices