An average in which each quantity to be averaged is assigned a weight. These weightings determine the relative importance of each quantity on the average. Weightings are the equivalent of having that many like items with the same value involved in the average.
50,000 shoppers with a 0.5% conversion rate for a chair that costs $250. Wayfair makes a 27% profit. Next, 50,000 shoppers will get a 10% discount. What is the conversion rate they must achieve to achieve the same profits as before?
This is incorrect Old revenue = 50000*250*.005=250*250 New revenue with conversion rate r% = 50000*r*250*.9 = old revenue = 250*250 r = .55%
Scenario 1 Number of sales=50,000*.5/100 = 250. Revenue=250*250 = 62,500. Profit is 27%. Therefore 62,500 = 1.27*cost Therefore cost = 49,212.598. Profit = 62,500-49212.598 = 13,287.40. Cost of chair = 250/1.27 = 196.85 Scenario 2 Number of sales = 50,000*r/100 = 500*r (r is new converion rate) Revenue = 500*r*.9*250 Total cost = 500*r*196.85 Profit = 500*r(250*.9-196.85) = 13,287.40 500*r*(28.1496) = 13,287.40. Therefore r = 0.944. The first answer considers profit as margin (percentage of sales) which seems incorrect or needs to be clarified
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Number 2 is wrong, number 1 is right. Just because revenues equal doesnt mean profits will equal - they sacrifice profits when they decide to give the sale
Do they expect you to do this in your head, or will they give you pen/paper and a minute?
July 9th Answer is the correct answer. It is not hard: Initial profit is = 50000 * 0.005 * 250 * 0.27 (No need for the calculator yet) After sale profit = 50000 * x * 250 * 0.01 * 0.27 (Still don't need the calc) The question asks for the conversion rate such that profit are the same before and after the sale, so... Initial profit = After Sale profit 50000 * 0.005 * 250 * 0.27 = 50000 * x * (250 - (250 * 0.01)) * 0.27 (divide through & cancel) 0.005 * 250 = x * 225 x = (0.005 * 250) / 225 x = 0.0056 or 0.56%
You don't actually need to calculate anything other than the new conversion rate. Why? Look at the equation below: (customer sent = 50000) * (customer bought / customer sent = 0.005 conversion rate) * (revenue / customer bought = 250) * 0.27 (profit / revenue) gives (profit / customer sent). this should be equal to the one after discount. only (revenue / customer bought) changed -> it decreased 10%. therefore, conversion rate needs to increase by (1/0.9), which gives 5.56%.
July 9 is correct. Nov 21 is incorrect.
July 9 is wrong because the profit margin changes(As sale price changes, but the cost doesn't change)
$250 is the actual cost of the chair (profit not included) or the price listed？？
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