Let’s see which are the most important physical store KPIs:
Footfall orIn-Store Traffic
Number of customer visits to the store during a given period. This is a very important indicator, as it marks the maximum sales potential of the store. Having a reliable and accurate historical footfall data will make it possible to predict future customer traffic.
Conversions or Sales
Number of sales or conversions made in a given period. This is an essential KPI, as it tells us the starting point for trying to increase and improve sales.
Percentage of store visits that end with a customer buying a product or service. This means, from the total number of customer visits, how many of them become buyers. Increasing this ratio will generate higher profits than increasing customer traffic. More customers does not mean more sales.
Average value of all products and services sold to customers. That is, what a consumer spends on average each time he/she visits and buys something in the store. Increasing this indicator will also have a very positive impact on the store’s profitability.
Pace of Sale
The average amount of money earned from every customer who visits the store, whether he/she is a buyer or not. It shows the ability the store is having to convert visits into sales.
This KPI indicates the quality of customer service that can be offered at the point of sale. It tells us the number of customers in the store that would be attendedby each of the employees, that is, how many customers there are among the number of employees available.
Contact us if you want to know how ORQUEST WFM solution can help retailers to improve the main physical store KPIs.