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What's Your Conversion Rate?
If you're in retail you should have some idea what your conversion rate is. Do you know? Do you even know what a conversion rate is?
The conversion rate is the percentage of shoppers who come into your store (or log into your website) who actually purchase something. Why is this important? Because it tells you how effective your displays are, how attractive your products are and how good your prices are.
Know your conversion rate. Then when you make a change such as updating a display or reducing a price you can see how it affects your conversion rate to evaluate how effective the change was.
Knowing your conversion rate isn't as easy as it sounds - to do that you have to know how many people came into your store and how many actually purchased something.