Retail

Improve conversion rates and lower abandonment

Execute on the service and merchandising strategies to turn browsers into purchasers. Identify why locations differ in conversion rates and put actions in place to increase sales. 

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In one location, 2 out of every 10 customers purchase. In another, 4 out of every 10 customers purchase. Why 20% conversion in one location and 40% in another? Understanding that difference will become the key to ensuring that every location converts browsers into customers and delivers value back to the brand. How can you find those differences? Three ways.

  1. Use customer experience surveys to ask whether customers purchased—and why not. Simple branching techniques can quickly trace low conversion rates to merchandise, service, or traffic issues.
  2. Use customer intercepts to ask customers who exit your stores why they did or did not purchase. Market Force uses sophisticated sampling techniques to obtain market and store level data so you know the why’s behind conversion rates.
  3. Use data from traffic counters in conversion rate modeling. Customers in, customers out, POS data, and customer experience data combine to identify the critical drivers of conversion rates.

Is your investment in sales associate training paying off? If your retail stores encourage or require interactions with sales associates, it’s important to assess whether they assess needs, make recommendations, and close sales. That series of questions forms the backbone of any high touch retail model, and both our mystery shopping and customer experience surveys focus on understanding that equation. Our sales efficacy model pinpoints whether associates represent your brand to customers—and sell more when they do.

Many retailers have a customer contact center where agents take orders, handle complaints, and direct problems to the right owners. Market Force mystery shoppers evaluate your retail contact center. Using real life scenarios they will evaluate agent responses to their needs and questions, providing you with an unbiased opinion of whether agents effectively represent your brand. The same is true for the e-commerce sites. Mystery shoppers complete tasks on your site and provide feedback on ease-of-navigation and clarity of information. Your customers use multiple channels to engage with your brand. So measure all the channels and improve on your opportunities.

FEATURED PRESS

Don't underestimate the importance of the sales associate to drive brand loyalty and in-store sales

While no one disputes topics such as mobile optimization, social media, omnichannel, and loyalty programs are important aspects of today’s retail businesses, a recent study from Market Force Information reminds us that increased sales are also driven by engagement of another kind—associate engagement. Sales associates are the front-line representatives for retailers, and how they engage with consumers can make or break the shopping experience and impact sales. 

In this article, Kelly Massey, Market Force VP, Strategic Relationships, goes through some of the results of the 2017 Fashion Apparel benchmark study.

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FEATURED VIDEO

The U.S. domestic telecom space is a highly competitive environment, with four nationwide operators battling tooth-and-nail to attract new customers. That battle includes both stealing customers from rivals as well as protecting those they have from the same sentiment. In May 2016 Market Force Information conducted a survey of  more than 8,600 consumers who were asked to rate “their satisfaction with their primary wireless carrier and its services, as well as their likelihood to refer that brand to others.” Results were posted in the form of a score on Market Force’s Composite Loyalty Index.

CASE IN POINT

A gaming retailer wanted to know whether associate training had paid off. The goal? Determine whether associates who recommended games sold more games. Market Force used its customer experience surveys to measure whether associates made appropriate game recommendations and whether customers bought them. The answer? Yes and yes—but consistency varied by location.

Thought Leadership

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