Say 30% of visitors to your wireless store make a purchase. That means 70% of the customers still can be influenced to buy! While the exact percentage may vary in each of your stores, the key point is this: You need to take advantage of the opportunity to sell more in your stores. And to take advantage of it, first you need to track it.
You May Only Have Part of the Story You likely already track new activations, upgrades, and accessories sales, and also total revenue per customer (aka average transaction value, average ticket size, or average spend per customer). But those numbers tell only part of the story. They only tell you about the people who made a purchase. To truly understand if your stores are selling as much as they could be, you also need to know traffic and sales conversions, or, simply put — how many people came to your store and didn’t buy? Without tracking sales conversions, you could actually be missing opportunities.
Let’s look at an example:
In the following graph, you can see that the number of sales is increasing slightly, and average transaction value (ATV) is relatively flat. Using these two metrics, you might think that the store is doing OK — not great, but not bad.
But, in this next graph, you can see that in the same period, this same store’s traffic has actually been increasing, while sales conversion (or traffic / number of sales) is decreasing. In other words, the store isn’t converting the increasing traffic into sales.
So, with the information in the second graph, you now know that this store is missing an opportunity to make more sales. By tracking true sales conversion, you can identify the missed opportunity in your stores on an ongoing basis.
And, let’s not forget about those 30% of customers who did make a purchase. What if they purchased only an accessory? Or, maybe they purchased a phone, but what if the sales representative didn’t also offer them accessories or insurance? Those customers could have been influenced to buy more — and, that’s even more missed opportunity.
You’re Tracking the Opportunity. Now What? In addition to tracking the opportunity to make more sales in your stores, consider this: You already put time and money into developing sales processes and training your team on those processes. To be sure you’re seeing the results of those investments by capturing more of the opportunity in your stores, you also need to:
Ensure the sales process you’ve put in place is working
Identify order-takers (aka “warm bodies”), those who need additional training, and those who are top performers
Ensure you’re staffing at the right level in each store
Improve the overall customer experience while reducing post-sale customer call-in rates
Video Intelligence Gives You the Insights You Need to Boost Sales An advanced video intelligence solution can capture video and audio from your stores, integrate them with your point-of-sale data, and add video analytics and visual audits to give you the business insights you need to improve sales, including:
Store traffic and sales conversion trends
Customer greet times
Armed with the right data, you can identify the opportunity in your stores, while ensuring your investments in sales processes and training result in capturing more of the opportunity. For more information about how video intelligence can help you increase sales, read the Envysion Insights Video Intelligence Solution overview for wireless retailers.
Sales Director, Wireless Retail, Envysion
An award-winning sales and operations management leader with more than 17 years of wireless retail experience, Qwynn has a highly successful track record in working with wireless retailers to increase their profits while improving their customers’ experience. Before joining Envysion, Qwynn worked at Moorehead Communications (Verizon Wireless’ Premium Retailer of the Year in 2015), Protect Cell, and Verizon Wireless.
Qwynn also is an animal lover, so when she’s not spending time with her husband and two children, you’ll find her enjoying her pets or the wildlife in her backyard.