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By The Numbers: Closing Rate Hike Impacts Bottom Line

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By The Numbers: Closing Rate Hike Impacts Bottom Line

SURE, EVERYBODY WOULD like to close a few extra sales a day, say just one more for every 10 of those tire kickers. But what most jewelers don’t realize is just how spectacular the impact would be on their bottom line if they could up their closing rate by that 10 percent.

The average U.S. store has a closing ratio of 1 in 9. Look at what happens when you convert just 10 percent of those non-buyers: An 80 percent improvement in sales! You don’t have to be pushy, but there’s always room for more efficiency on the salesfloor. Brush up your skills or invest a little more time in your staff’s training. It’s worth it.

By The Numbers: Closing Rate Hike Impacts Bottom Line

This story is from the September 2008 edition of INSTORE.

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

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