TFWA: Improved conversion key to developing watches and jewellery sector…
Where conversion is considered to be an imperative issue for a majority of sectors, a recent study commissioned by the Tax Free World Association (TFWA) and produced by Counter Intelligence Retail has highlighted that the watches and jewellery sector is the ‘poorest performer’.
The study of 1,000 shopper interviews conducted at four international airports found that, while one in seven shoppers visit watches and jewellery, only 5 per cent purchase these items; equating to a conversion rate of just 34 per cent.
Furthermore, the report also uncovered that 78 per cent of shoppers buying for themselves purchased a brand they do not usually buy, meanwhile 40 per cent purchased the brand for the first time and seven in ten buyers had no prior awareness of the brand.
TFWA president, Erik Juul-Mortensen, said: “While passenger numbers are increasing significantly across the globe, our ability to turn these travellers into customers has not kept pace, and conversion is a major issue for our industry. As the poorest performer, there is clearly considerable scope to drive sales in watches and jewellery.”
Just one in two shoppers admitted to buying watches and jewellery for themselves, the lowest of all categories, while almost one in every two purchases are for a gift.
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