Did you know that you can increase your store’s Average Transaction Value by simply using customer feedback? Our webinar series provides retail industry insights through our polling research and case studies to better equip retail professionals.
During our March webinar, Chief Data Officer Garth Johns highlighted three ways to increase overall ATV through customer feedback. ATV is also known as spend-per-visit or spend-in-the-moment; this is the amount a consumer spends within a visit. This amount is calculated by dividing the total value of transactions for a set period by the total number of those sales.
What are 3 ways to increase Average Transaction Value?
- Store Experience
When COVID cases decreased and stores began to open, we found that stores with a clean and welcoming environment saw an increase in their customer’s Average Transaction Value. In comparison, stores that did not follow COVID protocols and regulations saw fewer items per basket. This led to a negative impact on their ATV. When consumers feel safe, they stay longer and browse more of the store. More time spent browsing leads to more items in their basket.
- Staff Behavior
Time and time again, our research has shown that staff interaction with consumers can make or break the shopping experience. Using our solution, a high-end footwear retailer found that when their staff made a specific recommendation or showed elevated knowledge of the product, ATV increased.
- Hiring & Training
Training staff to make recommendations can be a way to increase ATV; we also found that some consumers need more than a recommendation. Their perception of the staff member plays a huge role in believing the store associate’s recommendation. The store associate should also fit the mold of an individual who would purchase the product and practices a lifestyle similar to the brand’s identity. When hiring practices are based on hiring staff purely for their retail experience rather than a passion for the brand, their recommendations did not lead to consumers trading up or adding more to their basket. The key is to hire based on passion and knowledge of the brand rather than the candidate only having retail experience.
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