Improving conversion rate

How the Healthguard pharmaceutical chain significantly improved their retail performance

Healthguard is a successful chain of pharmaceutical stores across Sri Lanka. Continually looking to increase sales and performance, they turned to Retail Sensing. A year later Heathguard has

  • Increased conversion rate by 14.6%
  • Increased average transaction value by 8.8%
  • Increased the numbers of items per transaction by 5.8%
  • Increased monthly transactions by 10.6%
  • Increased turnover by 20%

How it’s Done

Retail Sensing applied the Five Stages to Retail Excellence model.

The five stages to retail excellence
The five stages to retail excellence

As part of this process, the retail diagnosis included

  1. Benchmarking key parameters between branches
  2. Identifying strengths and weaknesses in each branch
  3. Focusing especially on
    • Shopper’s path
    • Signage and orientation
    • Level of service
    • Sales process

The steps that produced the improved sales

  1. Defining the existing state – characteristics, data and goals setting for the project
  2. Technology installation, reports adjustments, stores mapping
  3. Data collection using technology and other sources
  4. Getting an initial picture and analysis – a professional team
  5. Diagnosis, forming of first recommendations and preparation of the first tool box.
  6. Implementation of the toolbox, assimilation and training
  7. Training of managers and staff + Implementation of processes in the organisation
  8. Measuring results, adjustments and moving to the next stage – according to goal setting
  9. Monitoring parameters and actions according to results

Achieving Retail Excellence

The process continues. The Retail Sensing system carries on automatically collecting data and generating reports, for a continuous improvement and assessment of best practice. For more details please contact Ran on +44(0)161 394 0827.

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