Do you know what the average conversion rate is for a retail website? It’s not very high. Most sites are hovering around 2%. That means that if your site gets 100 visitors, only two of them will convert into customers. This post discusses why retailers should prioritize improving their conversion rates by creating a retail industry dashboard to track and analyze data from all parts of their business.
There are many reasons why retailers should prioritize improving their conversion rates by creating a retail industry dashboard to track and analyze data from all parts of their business. Below, we will help you understand some of the main reasons anybody in this industry should consider using a dashboard to track KPIs.
Did you know that you can save up to 20 days a year with the help of a dashboard? Not to mention, more than 85% of those who use dashboards for the first time end up becoming full-time users. The reasons are simple, there is a simple 3-click process for pulling up data, 6% revenue increases within three months are common, and a dashboard is so simple to use.
For starters, less than 2% of visitors typically convert into paying customers. A retailer needs to make it as easy as possible for visitors to subscribe and hear from you to increase your customer base. One way to do this is through an email marketing list and drip campaign that automatically delivers emails that introduce the customer to different aspects of the company.
With the help of a dashboard, you can pull up information on your e-mail marketing list, see how customers are responding to your e-mails, and much more. However, the main idea here is that using a dashboard helps convert more visitors into customers.
The second problem with low conversion rates is that most consumers who do convert on your site leave without purchasing. Why? They had a question and didn’t find an answer somewhere on your site, so they left without spending any money. Retailers need to understand what questions are being asked the most to proactively provide information that will help convert shoppers and encourage them to stay on-site long enough to purchase something.
When you use a dashboard and have the proper means for customers to give feedback on your service, you will quickly start to notice trends that might not otherwise be easy to notice. For example, without charts to illustrate what questions are being asked the most, common questions might be seen by those in charge as unnecessary concerns that don’t need to be addressed. However, the power of feedback is in numbers. If you can realize how much of the same feedback is being given, it helps you act quickly.
The final reason why retailers should create a retail dashboard is that there’s no industry standard for how certain metrics should be tracked, which means different companies are using completely different metrics to measure success. A retail industry dashboard will provide a space for retailers to analyze and compare their data against other retailers in the industry to benchmark themselves and identify ways they can improve conversion rates.
This is where retail dashboards come into play. With an easy-to-use dashboard platform at your fingertips, you’ll have access to all of your company’s key performance indicators (KPIs) from anywhere with internet service – no need to log onto separate systems or spend half the day trying to find numbers on outdated reports. You get instant insights based on real-time information that always stays current through automatic updates. The best part about it? A dashboard will help you save time by streamlining the process of pulling up data and reports, effectively filling in gaps you previously had in your business.
If you’re in the retail industry, there’s a chance your company is relying on outdated metrics to measure success, even though these measurements were never designed for retailers specifically. This can lead to uninformed decisions that quickly prove to be worthless.
For example, apparel companies might use sales per square foot while shoe stores could be using annual revenue per customer (ARC). With no standard way of measuring KPIs like conversion rates across industries, let alone different niches within an industry like e-commerce versus local outlets, it can often lead to misinterpretation of results and lost opportunities.
A retail industry dashboard will provide insight into how other businesses in your field are doing so that you know where changes need to be made without guesswork. For example, an app-based retailer could be losing out on potential revenue opportunities because they don’t have insight into how many customers are using their site compared to a competitor. Not to mention, how conversion rates come into play and how effective their sales funnel is in the first place. A dashboard, on the other hand, can do this for you.
A retail industry dashboard is a personalized, cloud-based solution that provides retailers with all of their KPIs and insights into how they perform against other industry competitors. The best part about this dashboard? Its data is always up to date, so you know what trends need to be addressed without having to log onto different systems or search through old reports.
If you’re interested in getting started using a dashboard for your business today, we invite you to search around multiple platforms and determine which one best suits the needs of your business.
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