How to Increase Store Traffic, Transaction Volume and Average Order Value?
Through regional surveys, we found that:
96% of store operators believe that analyzing daily, weekly, and monthly customer order indicators is critical;
78% of store operators installed people counters at the store entrance;
64% of store operators control the store’s merchandise structure based on the average customer spending level;
81% of store operators formulate theme promotion plans for stores based on customer orders;
43% of store operators analyze member contributions and return cycles based on customer order indicators to formulate member promotion plans.
Therefore, we began to conduct in-depth analyses of retail store operating parameters, especially the number of customers and the average customer spending.
The number of customers and the average customer spending are actually very important indicators. Therefore, as a store manager, analyzing the flow of people, the number of store transactions, and the average customer spending should be an important task.
How can we increase store traffic, transaction volume, and average order value?
Commodity structure and replenishment capacity
The inability of customers to make transactions is due to the variety, quantity and replenishment capacity of the store’s commodity reserves. If the store has installed a customer flow statistics system, it can record and count the number of people entering the store and the number of people buying (connected to POS) in the store, and thus estimate the customer churn rate. It is necessary to reflect on how many of them are caused by unreasonable commodity abundance and lack of reserves? How many are caused by the company’s commodity structure and product shortages? How many are caused by insufficient stock? Based on this, whether it is a subjective or objective reason, you need to work hard to improve it.
Product atmosphere creation
During the opening of a new store, store anniversary or promotional activities, all stores will use balloons, posters, etc. for decoration, which effectively increases the store’s customer entry rate.
Category-driven and full-display
With the intensification of market competition and the increasing variety of commodity categories, single product, and category management have become one of the most important means for chain enterprises in daily management. Retail stores also rely on full display to win customers’ eyeballs. Retail stores must rely on golden single products, or category killers to win profits.
Retail management
Management is the eternal theme of an enterprise. If you want to run a good store and make it develop steadily, you must do everything possible to improve the store’s operating efficiency. Therefore, the OVOPARK intelligent store inspection system will create a unique model for the retail management of the store, improve the level of scientific management, and further enhance the core competitiveness of the enterprise.
Product quality and price
During store operations: Which transactions failed due to quality reasons? Which transactions failed due to price reasons? Quality reasons lead to the loss of repeat customers, and there is also a potential risk of compensation. The concentrated reflection of price issues or the prices of sensitive products must be adjusted.
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.
