Understanding the factors that encourage shoppers to convert is one of the key areas to boosting trading performance. Customer counting technology provides the data and insights required to increase conversion rates, to identify the most common problems encountered – and to help businesses avoid these in future.
Ipsos Retail Performance has spent more than two decades helping businesses understand and implement performance improvement, with some impressive results. The schematic below outlines the journey that we take our clients on, putting conversion rates on a continually moving escalator.
The conversion rate continuum
The seven stages of the retail conversion rate continuum are designed to illustrate the movement of conversion rates over time, marking the various stages that businesses pass through on the way: Installation, Awareness, Understanding, Positive Perception, Adoption, Internalisation, Embedment.
Initiating the process is simple, its starts with the installation of appropriate sensors that meet the requirements of the in-store environment. Once established the sensors record customer numbers, offer unique insights into customer activity, and provides new store level Key Performance Indicators.
The subsequent stages on the continuum then move into awareness and training. Teams need to be aware of the analytics but fundamentally, they need to understand the metrics. Most traffic counting suppliers provide a reporting platform to stores to monitor their data. The added value comes from training staff to use these reports in their daily operations, whilst reinforcing a positive attitude to the insights.
Over time with positive reinforcement the process of conversion, people counting and retail analytics becomes adopted into the heart of retail operations. From here the benefits trickle across into the wider business and strategic decisions are based on the sound insights supplied at store level.
How does it work
With assistance from key account managers, clients are able to make genuine organisational changes, from following the seven key stages outlined in this framework.
Developing a 360-degree understanding of customer counting technology, both in terms of how it works and its value, gives stores the ability to; account for conversion rate improvement, adopt best practices across the organisation and to take effective actions from both positive and negative outcomes.
Our key account managers work with individual businesses, using a combination of learning formats (hear-read-write-talk-think-do) to make sure that the journey has a positive result. This approach is one of the reasons why Ipsos Retail Performance has clients today who have been with the organisation from the very beginning of their journey.