Some Key Metrics That Will Make Your Trading Business More Efficient

In business, it is difficult to find an area where competition would be as high as in trade. The owner of even a small trading company, whether it is an online store or a street outlet, must continuously think about how to reduce costs without losing buyers. But think about it, when the store is empty, it will be too late, it is better to plan everything so that this does not happen. In the book with the simple name “Increasing the effectiveness of retail,” recently released in the US with the support of companies Vend and Square, it all boils down to a few simple tips. On their basis, I made my list of the main parameters that contribute to the proper functioning of your business.

Sales Per Square Meter Of The Store Area

Specific revenue, or sales for a specified period per square meter. Meter floor space, probably the most straightforward indicator for the calculation in retail. At the same time, he talks a lot about your business and the efficiency of using the trading space, especially if there is a possibility of comparison with competitors.

Track how this indicator varies in your company: its change to a smaller size or a significant deviation from the average for similar retail properties does not promise anything good. Always remember this and, probably, you will decide in time on moving to a smaller area or, more than anything, joking, into a more spacious room.…

The Conversion Rate Of Visits To Shopping

Knowing how many potential customers who went to the store left money in it, you can easily understand where the root of the problems of your business lies – outside or inside, and find out what it lacks: efforts to attract visitors to the store or, perhaps, the zeal of sellers and variety of goods.

Conversion is most comfortable to calculate the owner of an online store, comparing the number of visits to the site and the number of purchases. But for offline there are similar solutions. Count the number of customers in the store will help the visitor counter and the video camera installed before the entrance. The latter is usually used to calculate external traffic. The visitor counter measures the number of those who entered the store. Cash register – the number of purchases. So, you can understand what percentage of the flow goes into your store, and how it is converted into investments.

Getting The Most Out Of Talking With Each Client

Here everything is simple: if the indicator of incoming sales per manager or category of goods is growing, then your employees are doing their job well. Decrease or, in general, low revenue – an occasion to think about how to build incoming sales ” in mind.”

At the same time, it is not even necessary to “reinvent the wheel,” you can use ready-made solutions. One of them, for example, a virtual PBX from Mango Telecom, can turn calls into sales. First, potential buyers will begin to perceive your company as a serious, and one might say, image player. At least because direct city numbers will help you to become “your” in any region. And free numbers 8-800 or short with an asterisk (conditionally: * 555), which are easy to remember and quickly dialed from your mobile, will say that you care about your customers.