At the Queen Victoria Market we are constantly in a battle for customers. We are battling with our competitors within the market and outside the market, including online outlets. Statistics show that we have a distinct advantage over online retailers. Physical shops convert around 20% of foot traffic to sales, whilst online retailers only convert 3-5%.
An entrepreneur in the US named Cyriac Roeding asked; “if foot traffic is so important, why does no-one ever reward anyone for visiting a store?” Think about that. It is not clear what reward he is talking about but why shouldn’t we reward all our customers with a small gift that says “thank for not going online - thank you for not going to our competitors – please come back again”. One of our traders is taking Roeding’s question literally and offering a small gift to all customers who spend more than $10. We’ll keep you informed of the response.