How To Calculate And Activate Store Conversion Rate
Many stores’ performance remains sluggish even when customer traffic has doubled. At this time, scientific data analysis is an important navigation light for corporate decision-making, and the transaction rate is an important basis for many companies to establish assessment indicators.
- Calculate the transaction rate
Although the transaction rate is so important, physical stores have long faced a headache, that is, they are not clear about the number of customers entering the store. They only have the concept of more or less, and cannot get a good statistical comparison with the transaction volume. Therefore, the transaction rate is unclear, which puts the store in a vague operating state. In fact, this problem can be easily solved by using the people counting system. The OVOPARK people counters can accurately collect customer flow numbers, connect to POS data, and summarize them into reports, allowing companies to judge stores more objectively.
- Stimulatetransaction rate
Transaction rate = number of transactions/number of people entering the store.
The root of the number of transactions is the consumer’s desire to buy. Store sales often encounter customers who are hesitant because of price issues. In fact, every consumer has consumption potential. As long as the desire to buy is strong to a certain extent, the normal consumption potential can be developed to more than 50%. The fundamental problem is how to promote consumers’ desire to buy.
Here are several strategies you can employ to encourage customers to make a purchase:
Understand Your Audience:
Conduct market research to understand your target audience’s needs, desires, and pain points.
Segment your audience based on demographics, ages, or other relevant factors with OVOPARK accurate people counters.
Offer Value:
Ensure that your product or service solves a problem or fulfills customers‘ needs.
Highlight the benefits and unique selling propositions of your offerings.
Create Compelling Content:
Use storytelling to connect emotionally with your audience.
Produce informative and engaging content that addresses customer questions and provides solutions.
Use Scarcity and Urgency:
Offer limited-time deals or limited-edition products to create a sense of urgency.
Communicate scarcity by mentioning low stock levels or exclusive offers.
Incentivize Purchases:
Provide discounts, coupons, or special offers to first-time buyers or loyal customers.
Implement referral programs or loyalty schemes that reward repeat business.
Optimize User Experience:
Make it easy for customers to find what they’re looking for by optimizing store layout
Optimize queue management to reduce the number of customers giving up payment due to long waiting times.
About OVOPARK OVOPARK (Suzhou) Technology Co., Ltd (OP Retail) headquartered in Suzhou, China, is a national high-tech enterprise. Since our establishment in 2016, we have been committed to revolutionizing technologies for diverse retail store scenarios: people counting, visitor analysis, customer behavior insights, store operation analysis, and more. OVOPARK’s solutions are meticulously designed with a focus on usability, top-tier security, and adaptable scalability. For further details, please visit our website or reach out to us with any inquiries.
