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Maximizing Retail Footfall And Conversion Rates In Tandem
Many people are quick to talk about the rise of online shipping in terms of how it could spell doom for brick and mortar retailers. But in real terms online retail sales account for just 9.0 percent of total retail sales, according to National Statistics (Jan. 2011 - Retail Sales Statistical Bulletin).
We also know that millions of people go out shopping every week. Looking back at the last three years, although footfall is falling marginally year on year, it has actually proved remarkably robust, despite the struggling economy and continued strain on consumers.
In these rather challenging times, retail success comes down to one thing, conversion rates. Experian's research suggests that many clothing retailers do not acheive more than a 50 percent conversion rate, at best. In some stores that can dwindle to as low as 5.0 percent, which paints a picture of enormous untapped potential already present in the store. For retailers to tap this potential they need to use the changes that have taken place in the retail sector to their advantage.
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