How many times you walked out of the store empty-handed, because you had no time to wait, or simply didn’t feel comfortable enough to spend your money there?
On the other hand, you can feel comfortable even spending a lot, when your interest in a merchandise is met with understanding and care.
Let’s see it clearly: the retail customers’ expierence matters more than anything else. Yet, many retailers focus on everything else, rather than the expierence itself.
THE QUESTION YOU SHOULD BE ASKING IS…
…how do I make sure my customers’ in-store experience is the best possible?
And while there could be many ways to answer that question, the first step is always the same: start measuring the customers’ experience.
1. TRACKING TIME SPENT
The time spent in the store by shoppers (unless spent in the queue, which can be tracked separately) is a good indicator of the store experience quality. More time spent means customers are more engaged, more relaxed. More time spent means more sales on the average.
- Compare how much time your customers spend across different locations
- Compare how much time your customers spend depending on the day of week, and time of the day (compare it with your staff assignments)
2. TRACKING LOYALTY
Most retailers know loyal customers are precious. Returning customer is not only most likely satisfied, but will also spread the word of mouth. And nothing is more valuable than that. People trust their friends hundred times more than your best-ever marketing campaign.
Yet, unless you’re one-man-army business, it’s very hard to really see whether your loyal customers’ trend is growing, or declining.
What’s new now is that you can easily track loyalty rates across all your stores, 24/7, online.
- Compare the percentage of loyal customers’ visits across different locations
- Compare the loyalty ratio across different time frames: see how your campaigns affect loyal (or new) customers
- Learn how your marketing actions influence loyalty
3. TRACKING CONVERSION RATE
How many customers end their visits with a purchase. It’s the single most meaningful retail metric that counts. Way too often overlooked.
- Compare conversion rate across locations
- Compare conversion rate across the day of week, time of the day
4. TRACKING CAPTURE RATE
Track the outside traffic, and see how many visitors enter your store, as compared to the total traffic.
- Compare different store front layouts in time
- Compare shop window effectiveness across your all locations
5. IDENIFY BEST, AND WORST CASES
- Identify best and worst performing locations
- Identify best and worst performing salespeople
- Link indicators with marketing campaigns to measure their effectiveness
- Learn reasons for differences to fix problems