Retail Conversion Framework
Sometimes referred to as Gross Margin Framework, the retail conversion framework consists of three key components; Sales Staff, Product, and the Retail Environment. The stronger the three components are, the higher the conversion percentage will be. Conversion is measured by a percentage of prospects with whom a sale was closed, as well as second metric of Gross Margin per Transaction.
The goal of most specialty retailers is to close a sale with as much showroom foot traffic as possible, as well as obtain the highest gross margin per sale. In order to achieve the highest conversion percentage, all three components of the framework must be very solid.