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Conversion Rate ( Traffic To Sales )
Conversion Rate ( Traffic To Sales )
Conversion Rate is an essential store metric.
It indicates each store’s ability to convert traffic to sales.
Conversion rate can be measured at two different levels.
If the information is available, you can calculate how much passing traffic comes into the store.
This is particularly useful for fast food and petrol retailers and can be used to evaluate the effectiveness of changes to marketing or external visual merchandising.
You can also measure the conversion of customers coming into the store to those that purchase a product.
Depending on the type of retail sector in which you operate, you can either measure the number of customers or the number of customer groups.
A furniture retailer, for instance, may have a large number of couples in their store, while a youth focused retailer may have groups of young people coming into the store where only one of them is purchasing.
This calculation provides you with a quantifiable measure of the effectiveness of the sales team.
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As a Global partner with Thought Leaders and Founder, FUTURE LEADERS SCHOOL and BLACK BELT IN RETAIL SCHOOL, Prakash Menon has had significant corporate careers across two continents where he fast tracked his career to the top in both the hospitality and retail sector.
As a former board member and Director Of Supply Chain at MYER - Australia, a $3.2 billion retail giant, adding $25 million to the profit in just 10 months and a whopping $290 million to the profit over the next 3 years.
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Founder Of Thought Leaders
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In a very long time, I have not come across a more powerful author and speaker , a more charismatic leader and, most importantly, a more refined individual and human being of the order of Prakash. He constitutes one of those rare breed of multi-talented individuals and perhaps belongs to the top 1% of the human talent on this planet, who have the capacity to consistently weave success.