To calculate a store visit’s value, multiply the in-store purchase rate by the in-store average order value.
- (Online purchase rate) x (in-store average order value) = Store visit conversion value
- (in-store average order value) x (Online purchase rate)= Store visit conversion value
- (In-store average order value) x (In-store purchase rate) x (online purchase rate) = Store visit conversion value
- (In-store 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: To determine the value of store visits, businesses can use a straightforward formula: Store Visit Conversion Value = Average In-store Conversion Rate x In-Store Average Order Value (AOV). This formula helps in quantifying the offline revenue generated from store visits. For instance, if a retail brand like OneStop found their in-store purchase rate to be 25% and the in-store AOV to be $400, their store visit conversion value would be $100 (25% of $400).
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