To determine a store visit’s worth to your business, multiply the in-store purchase rate by the in-store average order value.
- (In-store average order value) x (In-store purchase rate) x (online purchase rate) = Store visit conversion value
- (in-store average order value) x (Online purchase rate)= Store visit conversion value
- (In-store purchase rate) x (In-store average order value) = Store visit conversion value
- (Online purchase rate) x (in-store average order value) = Store visit conversion value]
The correct answer is: (In-store purchase rate) x (In-store average order value) = Store visit conversion value
Explanation: When gauging the revenue from online sales, a parallel method is employed to compute the value of physical store visits. The Store Visit Conversion Value is derived by multiplying the Average In-store Conversion Rate with the In-Store Average Order Value (AOV). As an illustration, OneStop, a prominent retail brand, found their in-store purchase rate to be 25%. Coupled with an average in-store order value of $400, this formula provides a tangible value for each store visit.
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