by Randy Dunn
Actionable traffic data helps turn shoppers into buyers
(This is an excerpt from Traffic Intelligence: The Science of Shopper Conversion, a Tyco Retail White Paper.)
At the store level, shopper conversion is defined as total transactions per store visit—how many shoppers became buyers?
But conversion can also be calculated using appropriately fine-grain traffic measurements —how many shoppers who walked by or stopped at an end-cap display purchased the item? With information like this in hand, traditional retailers can begin to manage their stores as rigorously as e-commerce experts manage their websites, without compromising the quality shopping experience that is their most compelling advantage.
Every percentage point of conversion means millions of dollars for a major retailer, but with no trustworthy conversion data, they can’t tell where the problem resides. Is store traffic too low? Is it poorly directed, for example to low-margin or understaffed departments? Or is it wasted through poor conversion? Without reliable information on store traffic, retailers just can’t tell.
Traffic Intelligence—the capture and analysis of traffic in and around the store—measures the impact of promotions on both traffic and conversion. With this actionable data, retailers can appropriately allocate their resources by being able to answer questions like these:
- Did a promotion bring in more shoppers than last year?
- Did it raise conversion of shoppers into buyers?
- Did it raise average order size/market basket?
To see how Tyco Retail can help you answer these vital questions about your store and shopper behavior, visit our Traffic Intelligence Solutions page, or download a copy of our white paper, “Traffic Intelligence: The Science of Shopper Conversion”.
Posted on September 26th, 2016