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Service rate signifies the speed and efficiency at which customers are served or attended to in a retail setting. It is a crucial metric that measures the ability of a store or business to provide timely and satisfactory service to its customers. A higher service rate indicates that customers are served quickly, reducing waiting times and improving overall customer satisfaction.

Factors that affect the service rate include the number of available staff, their level of training, and the efficiency of operational processes. Retailers strive to optimize their service rate by ensuring sufficient staffing levels, implementing streamlined workflows, and offering efficient checkout and assistance systems. A good service rate helps enhance the customer experience, foster loyalty, and increase sales.