Conversion rate is the number of people who make a purchase divided by the number of people who enter the store (footfall). If 100 people visit a store, and 5 of them buy something, the conversion rate is 5%.
The conversion rate is found by connecting the people-counts to the point-of-sale (POS) system. This enables managers to see the conversion rate in real-time.
Increasing the conversion rate by just a couple of percentage points can result in a 30% increase in sales. Find out how here.
Conversion rate is also known as sales conversion or customer conversion.