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title
Addressing Declining Retail Foot Traffic: Strategies for Success
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In recent years, Vietnam's retail landscape has experienced a significant shift, marked by a notable decline in foot traffic to stores. According to Palexy AI’s report, consumer visits per store have dropped from 5.6K in May 2022 to 3.4K in May 2024, reaching a two-year low. This trend underscores a critical challenge for retailers: how to maintain profitability and sustain growth in an environment where fewer consumers are walking through their doors. Let's find out more with OOOLAB in the article below. I. Why should retailers care about declining foot traffic? The answer lies in the direct correlation between foot traffic, store conversions, and revenues. Simply put, fewer visitors mean fewer opportunities to convert browsing shoppers into paying customers. If retailers fail to adapt and improve their store conversion rates, they risk a corresponding decline in revenues. This reality is already impacting many retailers, highlighting the urgent need for proactive strategies to mitiga...
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