An indepth look into mystery shopping
By Robert Brocklesby BSc
I get asked all the time by clients, how can we ensure that a higher percentage of our customers make purchases? My answer is always the same: you must first ask your customers why they are not purchasing, understand what wants and needs you are not fulfilling, and act.
Reports indicate that anywhere from 50 – 82% of customers leave retail stores without purchasing. For most retailers, increasing the percentage of purchasing customers by a very attainable 5% could make a tremendous difference to the bottom line. The example I always site runs as follows: if 50% of a store’s 200 daily customers typically make purchases, and this store’s average sale per customer is £40, raising the store’s purchase rate to 55% (only 10 more purchasers per day) would equate to an additional £400/day and £146,000 annually. If that store was part of a 100-store chain, and they all raised their purchase rates from 50% to 55%, the additional annual sales would equate to almost £15 million!
I truly believe that in an age where customers willingly share their experiences with family, friends and the social media world it’s not surprising that they may be just as willing to share their thoughts, experiences and preferences , if asked, with retailers.
This is where Retail Maxim’s ‘Real Customer Surveys’ can help. Both Exit Surveys as well as ‘Online’ based surveys consult ‘real’ customers who have either bought or not, with a focused questionnaire to discover their views.
Retail Maxim’s surveys are an effective form of gauging Real Customers’ honest thoughts and opinions. We also charge a fraction of the price compared to other Market Research companies who often create lengthy, complex surveys which can aggravate customers. So, are you reading this and need to know the answers to the following sorts of questions?
- What are your customers’ unfulfilled needs?
- Why are customers leaving your locations without purchasing?
- Are your promotional materials bringing customers in and making an impact?
- Where else are your customers shopping and why?
- What do customers think about your new concept store?
- And much, much more…
Robert Brocklesby BSc
Joint Managing Director at Retail Maxim Ltd