The data points needed to identify the missed opportunities in a store’s purchase funnel are:
Let’s look at a couple of data scenarios familiar to many retailers in the beginning of the purchase funnel, to help you map out what data combinations emulate direct actions to take and by which team.
*If this trend continues over multiple weeks, the visual merchandising team needs to take action and improve window displays or ensure they are compliant. Passer-by traffic and the capture rate are the best data points to track when A/B testing store displays.
*It means that the store is doing a better job of converting traffic that was entering the store into successful purchases. When it’s the opposite - increased entry rate and decreased conversion rate- then it’s an indication to re-evaluate store staffing rotas to fit with customer demands per day so they are present to drive in-store conversion.
The Aura vision dashboard provides this information to allow you to ensure the staff rotas are well aligned with the trends of customer demands per location and compare store performance across multiple locations. .
This means that there is a need for the sales and marketing teams to include deals or promotions in those specific days and drive traffic to the store.
The key takeaway ? Your teams can make a big impact on revenue by looking at these key strategic data points and understanding the store customer funnel. Rather than have marketing only focus on the top of the funnel and then pass leads to the sales team, enable them to make decisions and develop a strategic vision with sales based on the key marketing metric: revenue growth.
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