What’s the Best Way to Track Conversions In Retail? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Did you ever hear anyone say, "Oh, this is the odds of somebody winning a game," or, "These are the odds that someone is going to get the job?" Well, the odds are about converting, right? How many times do you think they're going to win? And one of the things that we forget in a brick and mortar store is, it's all about converting lookers to buyers. So you need to track your conversions. There's sophisticated software you can use like Shopper Track and some others, where they'll actually take the number of people walking in, compare it to your POS system. You can do it by hand, go through, and make little hash marks on a busy time, in one hour, see how many people walked in the door. And that means anyone, mother, father, kid, just one guy, two buddies, it doesn't matter. They're all the same. And then how many rings happened on your cash register? You will find that your conversion rate is probably in the 10% range when you think it's in the 90%. And what happens is when you understand that, "Wow, we have a lot more opportunity here than I first thought," that you understand that, "Oh, even with less people coming in, if I can convert more of them to buy from us, we're in the same place." So today, I want you to think about and look at how many conversions are your employees doing on the sales floor, and how many people are walking out your door with the intent that they had to buy something, and they're walking out empty handed? Work on that today, because that's what's going to make the difference between you and the other guys, especially your online competitors. If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to [email protected]. Thanks for listening!