Just because you have a physical storefront doesn’t mean you shouldn’t be tracking marketing analytics.
Knowing your numbers is a crucial part of marketing. But in today’s world, it’s quick to jump straight to digital marketing: Instagram followers, e-mail subscribers, and webinar sign-ups. However, brick-and-mortar stores have analytics that are equally as important. Shops can use these analytics to improve their overall customer experience and affect their bottom line. Here are five analytics physical storefronts should be tracking in order to grow their businesses.
Number of Shoppers
Plain and simple: How many shoppers are in your storefront in a given day? This is an important starting step. If you aren’t getting people in the door, you aren’t making sales. You may feel as if your store is constantly busy, but that may be due to layout or busy weekends. It’s important to track the number of shoppers in your store on a regular basis.
Customer Conversion Rate
Now that you know how many customers are in your store, how many are actually buying? This is your customer conversion rate. It’s one thing to get people in the door, but it’s a whole other issue to see if they’re actually buying. High rates of shoppers through the front door without a lot of product being purchased means there’s a kink in the sales funnel hose somewhere, be it your prices, store layout, or perceived quality of product.
Average Price of Purchase
How much money are customers spending per transaction? This makes a big difference in terms of upselling. If people are only buying lower-priced products or just one thing, there may be an opportunity for you to sell them additional product. It can sometimes be easier to sell more to a happy customer than to get a new customer through the door.
Returns and Refunds
How many of your products are returned for a refund? Obviously, you want to keep this number as low as possible, and it’s an important one to track so that you understand how well your products serve customers once they’ve left the store.
Even in brick-and-mortar stores, customer satisfaction is an important metric that should be tracked. You want to know how well your salespeople performed and whether customers like shopping in your store. A survey is oftentimes the easiest way to get this information, and by offering an incentive, like a special coupon or bonus, you may entice more shoppers to fill it out after the fact.