What are the key retail metrics I should track?
An example of an AI chatbot conversation about essential retail metrics to monitor for success.
What are the key retail metrics I should track?
Key retail metrics include sales per square foot, inventory turnover, and customer conversion rate.
How do I calculate sales per square foot?
To calculate sales per square foot, divide your total sales by the total square footage of your retail space.
What is a good inventory turnover ratio?
A good inventory turnover ratio typically ranges from 5 to 10, depending on the industry.
Can you explain customer conversion rate?
Customer conversion rate is the percentage of visitors who make a purchase, calculated by dividing purchases by total visitors.
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