We often work with customers to increase their conversion rate, that is, to get more shoppers to buy something. What percentage of customers purchase something, compared to the total number of customers visiting your store? If 100 customers visit your store, and 20 of them buy something, the conversion rate will be 20%.
Two keywords when we are working with mapping the conversion rates are traffic and the number of purchasing customers.
Why do some stores sell only one product to each shopper, while other stores sell more than two? On average, the stores sold to 15 out of 100 customers. The best stores sold to 35 of their customers. They also sold twice as much. Why this huge gap?
Many stores measure neither traffic or conversion rate. Their employees, therefore, do not know whether they are selling well or not. Then, it is also difficult to improve. In the mentioned chain, we increased the conversion rate from 15% to 18%. This was done by:
Providing the employees with access to key numbers one or multiple times per day
Introducing a transparent system in which all stores
shared their results with each other.
Prioritising such objective measurements and setting clear goals.
As mentioned, the conversion rate increased by 3%, from 15% to 18%. This equals a 20% increase in the sales. The only thing we did, was to focus on exact conversion rates and the number of products in the shopping carts. In the same chain, we studied whatthe best stores did well. We subsequently shared this knowledge with the other stores. This gave an additional increase in sales.