People find learning about a company or brand on their phone to be much more comfortable than they do on a website. There’s a good likelihood you’ll follow up again if you contact someone via email or social media. It might not be worth your time to follow up repeatedly.
However, using store location information, this validation procedure can also be carried out virtually.
People are most frequently tracked using store location data in settings like cinemas and retail stores. It’s not difficult to use it for direct marketing. To establish client categories, though, we need more effective methods. These segments ought to consist of close-knit groups of distinct clients with comparable patterns.
According to an IBM report, 75% of marketers think that in the next five years, mobile location data will have a bigger influence on their organization than mobile apps. You can utilize it in the following five ways to increase conversion rates:
1. Share store inventory to boost traffic and conversions
Share what’s available with them and offer incentives without having to be present in order to boost the likelihood that customers will make a purchase. Additionally, it raises the likelihood that customers will make a purchase by letting them know what is and isn’t available.
This is particularly true if there are only a few versions or styles available that they may want. Rather than receiving a push notification saying, “Hey, come on over! We have the jacket you’re looking for. To encourage the user to visit the business and make a purchase, this might be utilized in conjunction with social media advertisements and targeted text messages.
2. Provide individualized location service using Wi-Fi data
People can also access the internet over Wi-Fi by downloading content on their phones. If you have Wi-Fi signals, you can use them as a proxy to determine what kinds of stores are nearby or where those folks are hanging out right now. It’s another way people connect with the real environment around them.
You can utilize the fact that someone is waiting in line at a coffee shop to target them with advertisements when they enter the establishment. Additionally, you may determine whether or not consumers are in the front of the line or just waiting around for sandwiches by using in-store Wi-Fi signals.
3. Use mobile data for location-based offerings.
You can use the Wi-Fi data for this in the same way as mentioned previously. Someone could get a push notification from a new loyalty or rewards program as they’re near the checkout line saying, “Hey, we know that you just bought our new s’mores bar that’s been out for a few days. We recently launched a new chocolate bar, and we’d love for you to sample it. We really appreciate your patronage and hope you will continue to shop with us.
That is a method of informing the client who is first in line.
4. Calculating the return on investment for advertising
You can switch between a map showing where people are and a list of coupon codes linked to those areas using GPS. To determine whether or not a customer will really utilize those coupons at that establishment, you may use that data to calculate the ROI for local purchasing.
If they’re utilizing them, you may continue making your purchasing decisions and alter the goods, the pricing points, and the advertising messages to make them more in line with what customers want right now. It’s a fantastic technique to use and keep location information for the sake of advertising.
5. Target audiences with mobile data
There is a lot of discussion regarding whether or not people should be using their phones in stores. If you want to exclude certain people from receiving discounts, such as ladies who are between the ages of 18 and 24, you can do so using demographic data.
In this manner, you may market to your customers more successfully and without wasting their time.
Frequently asked questions:
How is the shop conversion rate determined?
A retail conversion rate is the proportion of customers who enter your physical store and depart having bought something. It is computed by multiplying by 100 and dividing the number of buyers by the total number of foot traffic.
How do you determine store productivity?
Net yearly store sales divided by total productive floor area (excluding store rooms, etc.), often known as sales per square meter, is the most relevant metric for determining sales productivity (sales PSM).
What makes conversion rate an effective KPI?
As a KPI, conversion value aids in calculating the return on investment for CRO initiatives and marketing in general. Except when the conversion involves a purchase, in which case the conversion value can be regarded as being equal to the purchase value, the conversion value is always dependent on estimates.