The old way of measuring conversion was by calculating the percentage of visitors who actually made a purchase. Here’s a quick look at how BehaviorWorx analyzes conversion:
More buying customers:
They already visit the store and many even consider buying from you. Increase conversion by breaking down the barriers to making a purchase.
Conversion to other business unit:
You can influence your customers to visit and buy from other departments or brands during their visit.
Your customers can influence their friends and family to buy from you as well. Many deal-of-the-day websites have successfully incented consumers to shop with a friend. This is a testament to a consumer’s willingness to influence the buying behavior of their friends and family.
4. Circle of Influence:
Influence customers to invite their circle of friends to your brand.
Outdated conversion models led some industries – such as packaged goods, restaurant, grocery and general merchandise – to believe they had a conversion rate of nearly 100%. For packaged goods and restaurants, buying decisions are often made before the shopper walks through the doors. So the question becomes, why did some people consider your brand but buy from your competitors?
Grocery and general merchandise retailers face another challenge – influencing customers to purchase from other business units within the store (such as the deli, the drycleaner or the floral department).
Small adjustments to your marketing inputs and operational process can increase customer conversion. Just a tiny increase can represent millions in new revenue – annually.
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