The last great retail metric?
Mark Ryski doesn’t mince his words.
He proclaims that every retailer
must understand traffic and conversion
rates or risk being out-retailed
by those that do.
TRAFFIC AND CONVERSION analytics fun
damentally answer two very simple, but
critical questions: How many people visit
your store and what per cent of those visi
tors actually make a purchase?
Consider: Every day customers visit your
store intending to make a purchase. Your
advertising was successful – it got prospects
to your store despite the myriad of choices
they had. These prospects wandered your
store, looked at products, engaged one of
your sales associates and they may have
even made it all the way to your checkout,
but then – for some reason – they decided
not to buy.
To repeat: Every hour of every day prospects
visit your store, but leave without making
a purchase – despite the fact that they in
tended or were predisposed to buy. Over
the course of weeks, months and years,
these lost prospects add up. Customer
“leakage” can represent hundreds of thou
sands, even millions of dollars, in lost sales
opportunities. These unconverted prospects