What's the concept of 'revenue per square foot' and how does it apply to online art sales?

In retail, particularly supermarkets and physical stores, ‘revenue per square foot’ is a critical metric - it measures how much money you generate from each square foot of your store space. That’s why you see coin machines or DMV registration kiosks in supermarkets: each square foot of space must justify its existence with revenue. When businesses pitch those machines to stores, they have to prove the revenue per square foot. Online, this translates to ‘revenue per visitor’ capability. By adding different product types and price points to your online gallery, you’re increasing your potential revenue from each person who visits. The digital space is virtual and you’re not paying rent for an extra gift shop section, so you have zero downside. You’re expanding your revenue opportunities without additional cost. Think of it as adding more revenue-generating ‘square footage’ to your virtual store.

---

Asked by an artist considering adding product variety · Answered by Nick and Patrick Shanahan · art-marketing-podcast · 2021-03-06