Once again, I would like to share Foot Traffic, another key performance indicator for retail shops that can be used to evaluate business performance.
In a previous post I shared about Conversion Rate KPI measurement. Conversion Rate It measures the total number of customers who visit and buy something. For example, if 100 people visit and 20 people buy something, the store will have a conversion rate of 20%.
Retail Shops There are two main ways in which retailers can increase sales. The first step is to increase the number of customers who visit the store. In other words, we need to increase the conversion rate. The second way is to increase the number of visitors to increase sales. For example, since the conversion rate is 20%, let’s say 20 out of 100 visitors buy. If you want to double sales, you have to get 40 out of 100 people to buy, or get 200 people to buy, and get 20 people to buy, which is 20%.
Foot Traffic
Once you start a business, you need to constantly find new customers and maintain customer retention to keep your existing customers motivated. Find new customers If you do not maintain them, your business will grow. If you do not find new customers, your business will not grow. Therefore, both of these are important for the business.
Foot Traffic is a measure of how many people visit your store. The more visitors you have, the more likely it is that sales will increase according to the conversion rate. This means that traffic congestion and conversion rate are used interchangeably. The first step is to get the most out of the shoppers to buy one or the other, in other words, to increase the conversion rate. Good customer service The setting is good. Attractive You have to do it with the skills of sales staff. But you can’t get 100 people to buy every 100 people. Research shows that a maximum conversion rate of up to 40% can be achieved. For this reason, the time will come when the conversion rate will increase and more foot traffic will increase.
Foot Traffic Measurement is simple and requires no formula calculations. Monitoring and counting the number of people entering the shop. They often use technology software to count the number of visitors. In addition, the effectiveness of your marketing and promotion activities can be measured by the increase in foot traffic.
Increase Foot Traffic:
(1) Place Condition.
When applying for a franchise from a major food franchise, you often have to submit research data on how many people pass an hour in front of your location. For example, large companies often do research. Let’s say that every time 100 people walk in front of the shop in an hour, 10 people buy food for 10,000. Suppose the dealer sells at 30,000 kyats per hour, earning a good franchise fee and a profit for the dealer. The franchisees then set a limit on the size of the 300-hour-per-hour walk in front of those who want to open a subsidiary.
Even if you do not do research on how many people pass by and how many people buy this product, opening a store in a crowded place will definitely increase the traffic of visitors to the store. My sister’s grocery store is located in the busiest part of the neighborhood, so I often have to sell at the same price as other stores. My sister used to say that as soon as she came to the market, she hit the button and the shop was crowded.
For this reason, retailers need to find a busy area from the beginning of the store. Foot traffic will automatically improve if you choose a store that is accessible to the public.
(2) Shop layout; Interest.
The attractiveness of the decoration of the shop. Give passers-by the idea that they will visit this restaurant once in a while. They can also increase foot traffic. For example, there is only one sign on the front and you can not see inside. Better a poor horse than no horse at all. The full facade of the store is designed to attract more people and showcase the items available inside to increase the number of visitors to the store.
(3) Something Attractive.
Explore major shopping malls. Shopping malls in Yangon tend to create at least one attraction for people to come and visit. For example, there is a fountain pool. It is decorated like a garden with flowers. It is built like a movie theater. It brings together famous restaurants from all over the city. Playgrounds are included. There is something significant (for example, a glass bridge). You will see These are measures to increase foot traffic.
For example, suppose two grocery stores are located in the same neighborhood. The price is the same, the equipment is the same, the service is the same. If you install two front and two moving cars, the shop will get more traffic.
(4) Doing Events.
This is also a way that big shopping malls often do to increase foot traffic. Holding market festivals; Holding special discount fairs; A food market. They increase foot traffic by doing events such as In addition, competitions, Games Introductory concert with famous actors and singers. Fashion show Beauty Pageant In addition to running popular TV shows at the center, such as Running Man, Like a cooking contest. They often do things like shopping competitions.
Retail stores also offer special discounted events and events. Promotion Events They usually do.
(5) You can get a different service.
In the Pre-COVID era, when movie theaters were available, movie tickets had to be re-purchased. But later it was possible to buy movie tickets through the messenger bot. One of the special features is that after booking via messenger, you can deposit and withdraw tickets at the nearest G&G Convenience Store. So I bought a loaf of bread and ate it all at once. It is also known that these shops not only sell movie tickets, In addition to car tickets and plane tickets, there are services such as ordering a birthday cake.
(6) Unique products. Processes.
If you have a rare item that no one else can sell, it can attract more visitors and increase foot traffic. Or something interesting. For example, in a foreign restaurant, the chefs themselves perform at the customer’s table in a very interesting way. Swordsmanship Cutting vegetables, meat and fish. And so on.
(7) Good Marketing Skills.
Whenever you walk down the street with gold shops in Yangon, you will always notice the bustling gold shop. The marketing of the gold shop is also unique. For example, there are advertisements for this restaurant even in places like the mountains for traveling.
Foot traffic will increase if you can get your customers to know about your business and want to visit it anyway, online or offline.
At this point, you should know about foot traffic, which is important for a retailer and how to increase it. Adequate knowledge can easily overcome serious difficulties. More Get Quotes Here…
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