Measuring The Impact Of Your Visual Merchandising Strategy
Visual merchandising is one of the top strategies used to attract clients, drive emotional connection, and make them convert. However, many stores post mixed results when they implement various visual merchandising strategies. This post outlines the methods you can use to gauge the impact of visual merchandising in a retail store.
Design visual merchandising to be measurable
Like other marketing strategies, you need to be able to gauge the efficiency of visual merchandising. The primary goal should be establishing whether the visual merchandising is paying off.
Just like mentioned on http://swisstribe.com/,Using the latest technologies in visual merchandising allows the store owner to evaluate their strategies and see whether they are making progress. A retailer can easily follow customer journey in the store and evaluate the conversion rate.
One of the location-based analytics to consider is the evaluation of the store performance when the promotional displays or display windows change. Such changes can be correlated to the impact generated on customer draw rates, average transaction rates, and conversion rates.
If you find the campaign is not generating the expected results, it might be time to make changes to the entire campaign or some sections. For example, you could focus on changing the message, colors, or design of the display.
Make sure to monitor the performance of the store progressively
To draw optimal benefits from visual merchandising, the performance of a store should be tracked progressively. Make sure to tabulate and even generate a graphical representation that capture, weekly, monthly, and seasonal store’s sale for planning.
Companies can also use retail analytics to evaluate the display design that was in use when the sales were high or low. Once you identify the visual display that is delivering results, it is advisable to use it regularly. You could even tweak one or several components to make everything to look different.
Tie the visual merchandising tactic to the store’s 3-pillars of profit
As a retail store, everything should be aligned to anchoring the profit pillars; getting the customer in, getting the customer to buy, and getting the customer to buy more.
- Getting the customers into the store: The retailers can check the number of passers-by who took note of their stores and walked in and the percentage that walked away.
- Getting the customer to buy: Your store can evaluate the rate of abandonment to determine the people who are leaving without buying. Here, you can seek to answer questions such as “what is the average time of purchase?”
Once the actual patterns used by customers to buy are established, you can implement changes to reduce queuing and optimize conversion.
- Persuading the customers to buy more: The longer a client spends on a store, the higher the chances of him making a purchase. Using retail analytics helps to give insights into dwelling times to establish how they relate to visual merchandising tactics.
Advanced shopper analytics can help to establish the shopper behavior patterns with precision. Whether the information is combined with weekly or daily progress, it becomes very easy to identify the methods that guarantee better results.
When you select a retail visual merchandising strategy, you should target progressive assessment to know whether it works or not. Remember that even after identifying the best strategy, you should progressively change it in line with customer behavior shifts.