The retail conversion rate is fairly easy to calculate – it’s a simple matter of dividing the number of transactions that are made within a period of time by the footfall for the store in that same time period. The result will demonstrate not just the basic numbers but also be able to offer insight into other factors. For example, high footfall will mean the store is attracting plenty of customers but a low conversion rate – or one that is erratic – will indicate that it is not doing a good job of maximizing sales opportunities.
What is formulae conversion in retail?
Where am I?
In Safejob Community you can ask and answer questions and share your experience with others!
Retail conversion measures the proportion of visitors to a retail outlet who make a purchase. If 300 people visit your store in a day, but only 75 buy something, the conversion rate is 25 percent. To measure retail conversion, you must measure numbers of visitors and understand how to interpret the data. You can use the retail conversion rate to assess the affect of other marketing or operational actions, such as changing store layout, employing more staff, increasing stock levels or running promotions. If a store layout change results in an improved conversion rate of 35 percent, the change represents a successful strategy