[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1652993357684{margin-top: 100px !important;padding-right: 20px !important;padding-left: 20px !important;}”][vc_column][vc_column_text]<\/p>\n
BLOG<\/p>\n
[\/vc_column_text][vc_single_image image=”5115″ img_size=”full” alignment=”center” qode_css_animation=”” css=”.vc_custom_1666294383013{padding-top: 10% !important;padding-bottom: 10% !important;}”][vc_column_text]Retailers continue to face <\/span>macro-economic pressures and headwinds <\/span>related to<\/span> global inflation, labor shortages<\/span>,<\/span> and supply chain issues. Due to the<\/span>se<\/span> challenges<\/span>, maximizing store traffic conversion is <\/span>a <\/span>top priority<\/span> for retailers<\/span>:<\/span> revenue<\/span>, same<\/span>–<\/span>store sales commitments<\/span>,<\/span> and strategic business imperatives<\/span> are all under close watch<\/span>. <\/span><\/span>\u00a0<\/span> [\/vc_column_text][vc_column_text css=”.vc_custom_1666288993429{margin-top: 50px !important;margin-bottom: 50px !important;}”]<\/p>\n <\/p>\n A retail store traffic conversion rate is the percentage of people who visit your brick-and-mortar location and make a purchase while there.<\/span>\u00a0<\/span><\/p>\n Retail store conversion rate is one of the most important performance indicators for brick-and-mortar success: without converting customers, additional key performance metrics like average basket size, average number of items per basket, and sell-thru rates are not important.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1666293471232{margin-top: 50px !important;margin-bottom: 50px !important;}”]<\/p>\n <\/p>\n The conversion rate of a brick-and-mortar store is measured as a percentage (%). To calculate it, you need to take the total number of sales completed during a given period, divide that by the total number of visitors during that same period, then multiply the result by 100.<\/span>\u00a0<\/span><\/p>\n Here\u2019s the formula written out:<\/span>\u00a0<\/span><\/p>\n Conversion rate = Number of sales \/ total number of visitors x 100<\/span>\u00a0<\/span><\/p>\n For example, if 600 people visit your store in one day and 60 make a purchase, your retail conversion rate would be 10%.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1666293645295{margin-top: 50px !important;margin-bottom: 50px !important;}”]<\/p>\n <\/p>\n While the average eCommerce conversion rates are <\/span>around 2.5-3%,<\/span><\/a> retailers see much higher sales conversion rates of <\/span>around 20-40%.<\/span><\/a>\u00a0<\/span>\u00a0<\/span><\/p>\n Many factors can influence this benchmark and cause it to fluctuate, such as the store’s physical location (is it in a high foot traffic area?), time of the year (is it Black Friday or a weekend day?), if there are any promotions running at the store, etc.<\/span>\u00a0<\/span><\/p>\n For these reasons, if you want to paint an accurate picture of your retail conversion rate, it\u2019s best to calculate it over a longer period of time. That way, it will smooth out any outliers related to seasonality or special events.<\/span>\u00a0<\/span>[\/vc_column_text][vc_column_text]<\/p>\n [\/vc_column_text][vc_column_text css=”.vc_custom_1666274687039{margin-top: 50px !important;margin-bottom: 50px !important;}”]<\/p>\n Many retailers have a physical store layout and merchandising strategy <\/span>that aims to create<\/span> a great<\/span> in-store experience. Such strategies <\/span>include<\/span> setting up <\/span>a<\/span> \u201cpower wall\u201d <\/span>that makes a big visual statement<\/span>, merchandising <\/span>product<\/span>s<\/span> in a way <\/span>tha<\/span>t<\/span> make<\/span>s<\/span> it easy to find items on sale, and ensuring the store remains clean and uncluttered.<\/span><\/span>\u00a0<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1666274680471{margin-top: 50px !important;margin-bottom: 50px !important;}”]<\/p>\n Some brands <\/span>actually choose<\/span> to place<\/span> the<\/span>ir<\/span> cash<\/span> wraps<\/span> at the back of the store in order to increase the average ticket size. <\/span>This strategy also serves to<\/span> hide the length of the <\/span>line<\/span> so it doesn\u2019t <\/span>deter<\/span> customers who are entering the store <\/span>or browsing around<\/span>.<\/span><\/span>\u00a0<\/span>[\/vc_column_text][vc_column_text]<\/p>\n R<\/span>etailers will use different promotional strategies <\/span>that<\/span> encourage customers to complete their purchase while they are inside the store. Additional bold marketing signage, <\/span>balloons,<\/span> outbound marketing communications<\/span>,<\/span> and even having an employee <\/span>communicate <\/span>active<\/span> sales, promotions<\/span>,<\/span> and discounts to every customer as they enter the store.<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1666274703066{margin-top: 50px !important;margin-bottom: 50px !important;}”]<\/p>\n Brands should invest time in upskilling their employees\u2019 customer service skills and ensuring <\/span>frontline staff members are upholding brand values in-store. This <\/span><\/span>can<\/span><\/span> include how to greet<\/span> customers as they arrive, <\/span>how to read certain cues and <\/span>detect<\/span> when help is <\/span>needed and<\/span> running incentive programs to keep motivation high (like commission structures, prizes, or promotions).<\/span><\/span>\u00a0<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1666289057736{margin-top: 50px !important;}”]<\/p>\n <\/p>\n It’s now time to start implementing some conversion-boosting strategies for your own business. But how will you know which ones are working and which ones need improvement? How can you ensure you\u2019re keeping up with customers\u2019 evolving expectations?<\/span>\u00a0<\/span><\/p>\n A successful strategy all boils down to empowering the voice of the customer. If you\u2019re constantly soliciting feedback in a way that\u2019s engaging and insights-rich, you can shape the in-store experience in your clientele\u2019s image, and close more sales as a result.<\/span>\u00a0<\/span><\/p>\n There\u2019s no better time than the holidays to maximize your conversions and seasonal revenue. Our new e-book uncovers the hidden reasons why shoppers don\u2019t buy \u2013 and how you can win back their purchases.<\/span>\u00a0<\/span>[\/vc_column_text][vc_empty_space][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":" [vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1652993357684{margin-top: 100px !important;padding-right: 20px !important;padding-left: 20px !important;}”][vc_column][vc_column_text] BLOG How to calculate\u00a0your\u00a0conversion rate in retail\u00a0\u2013 and 4 ways to improve it\u00a0 [\/vc_column_text][vc_single_image image=”5115″ img_size=”full” alignment=”center” qode_css_animation=”” css=”.vc_custom_1666294383013{padding-top: 10% !important;padding-bottom: 10% !important;}”][vc_column_text]Retailers continue to face macro-economic pressures and…<\/p>\n","protected":false},"author":14,"featured_media":5116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-5106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/posts\/5106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/comments?post=5106"}],"version-history":[{"count":10,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/posts\/5106\/revisions"}],"predecessor-version":[{"id":5113,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/posts\/5106\/revisions\/5113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/media\/5116"}],"wp:attachment":[{"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/media?parent=5106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/categories?post=5106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chatterresearch.com\/wp-json\/wp\/v2\/tags?post=5106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/span>[\/vc_column_text][vc_column_text css=”.vc_custom_1666294517600{margin-top: 50px !important;margin-bottom: 50px !important;}”]In this retail conversion guide, we will be answering the following questions:<\/p>\n\n
What is <\/span>a conversion<\/span> rate in retail?<\/span><\/span><\/h2>\n
Best way to calculate conversion rate in retail<\/span><\/span>\u00a0<\/span><\/span><\/h2>\n
What\u2019s the average conversion rate for retail stores?<\/span><\/span><\/span><\/h2>\n
4 ways to help brands<\/span>\u00a0increase <\/span>conversion rate in retail<\/span><\/span>\u00a0<\/span><\/span><\/h2>\n
1. Physical store layout<\/span><\/span><\/h3>\n
2. Cash<\/span> wrap or check<\/span>out area placement<\/span><\/h3>\n
3. In-<\/span>s<\/span>tore <\/span>p<\/span>romotions and <\/span>d<\/span>iscounts<\/span><\/span><\/h3>\n
4. Retail training<\/span><\/span><\/h3>\n
A new <\/span>way <\/span>to<\/span> increas<\/span>e<\/span> conversion rate in retail<\/span><\/span>\u00a0<\/span><\/h2>\n