Conversion rate is like the Rodney Dangerfield of retail metrics – it gets no respect. It’s been around for decades, but to a great extent has been ignored by most retailers. However, things are changing. Retailers are starting to pay attention to this uniquely insightful performance metric like never before.
But why has it taken so long for this metric to get retailers’ attention and why is it getting traction now? Both questions are worth exploring.
Conversion confessions: why retailers don’t track it
When you ask retailers why they don’t track conversion rates in their stores you’ll get a wide range of responses. Here are a few of my favorites: “What’s conversion going to tell me I don’t already know?”, “Our stores are destinations, so conversion doesn’t apply to us”, “We’ve been successful without it, why start now?”. You get the picture.
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