The value of a store visit to your business is determined by multiplying the in-store purchase rate with 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 (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
- (in-store average order value) x (Online purchase rate)= Store visit conversion value
The correct answer is: (In-store purchase rate) x (In-store average order value) = Store visit conversion value
Example: When assessing the revenue from online sales, a similar approach can be applied to estimate the value of offline store visits. Specifically, the Store Visit Conversion Value is calculated as the Average In-store Conversion Rate multiplied by the In-Store Average Order Value (AOV). For instance, consider OneStop, a renowned retail brand. They determined their in-store purchase rate at 25% and an average in-store order value of $400. By multiplying these figures, they can ascertain the value derived from each store visit.
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