Categories: David Brown

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.

This story is from the September 2008 edition of INSTORE.

David Brown

David Brown is the president of Edge Retail Academy, a leading jewelry business consulting and data aggregation firm that provides expert business improvement plans to help with all facets of your business, including improved financials, healthier inventory, sales growth, increased staff performance, recruiting and retirement/succession planning, all custom-tailored to your store’s needs. They offer Edge Pulse to better understand critical sales and inventory data, to improve business profitability, benchmark your store against 1,200-plus other Edge Users, and ensure you stay on top of market trends with their $3 billion-plus of industry sales data. Contact (877) 569.8657, ext. 001, Inquiries@EdgeRetailAcademy.com or EdgeRetailAcademy.com.