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14. 9. 2022
In internet marketing jargon, the conversion rate is defined as a statistical probability that a store visitor will perform an action desired by the business. It’s one of the most important metrics of e-commerce because it clearly shows whether the business model works.
When brought over into the retail world, the conversion rate will tell us what percentage of visitors will buy something in the store. At the same it’s a reliable way to compare the performance of individual stores because unlike the number of visitors itself, the conversion rate is not influenced by the location, time period, or similar factors.
The conversion rate is calculated by dividing the number of completed transactions by the number of customers and multiplying the result by 100:
In practice, it means that if 150 people visit your store but only 15 of them buy something, your conversion rate would be 10 %. According to Retail TouchPoints, the average conversion rate for retail stores is 20 – 40 %. That means that in our hypothetical case, we would need to increase our conversion rate.
Data needed to calculate the conversion rate can be easily obtained using AXIS surveillance cameras and NetRex Retail Analytics service. The Counter module counts the visitors with an accuracy of 95–99 %, while the CashDesk module allows connecting the surveillance system with the cash register system to monitor sales. Thanks to a well-arranged analytical panel, you can not only watch the conversion rate in real time but also compare the conversion rates of individual stores.
The best “trick” to quickly increase the conversion rate is to focus on your employees. According to a 2021 case study, showing the conversion rate to the employees every day for 6 weeks increased the conversion rate by 4 %. After three months, sales trainings and consistent feedback, the conversion rate further increased from 15 % to 21 %.
The revision of the workforce also helps to increase the conversion rate. People counting will help you precisely identify the busiest time of the day in your store. That means you will be able to adequately plan the shifts, avoid unnecessarily high personnel costs and make sure that your employees will have enough time for active selling.
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