Most leading retailers now include Conversion Rate on their weekly KPI dashboard, tracking how effective their businesses are at turning browsers into buyers, by comparing store footfall with the number of transactions made. Footfall data also contributes valuable strategic insight in its own right around how well you are doing at attracting shoppers into your stores. But what does ‘good’ look like when it comes to people countHow many shoppers should you be seeing coming through your doors?
To answer these questions and others you need some sort of benchmark using comparative data. This is why we launched the Retail Traffic Index (RTI) series for our clients back in 1998, so they could see how their footfall was tracking against the rest of their sector and the UK as a whole. It remains the purest metric in its field because it is compiled from the number of shoppers entering stores, rather than the number of people going into shopping centres (which nowadays are as much entertainment and social hubs as retail spaces) or walking down high streets.
Using the RTI series, clients know week-in, week-out whether they are attracting their fair share of footfall. They know how successful marketing campaigns are and in which parts of the country they are competing most successfully. They are able to explore areas of missed opportunity and location types that serve them best.
Put simply, in today’s challenging environment, where every shopper counts, can you afford not to know what ‘good’ looks like?
You might also be interested in our blog: ‘How to calculate your conversion rate’