Analyzing your data correctly enables you to make well-informed decisions around things like stock ordering, promotions, and staffing, among other things. However, having too much data or worse — stock shop necessary download at the wrong info can lead to mishaps, overwhelm, and a lot of business headaches. Need help doing that?
Keeping your product assortments fresh and relevant is a must if you want to stay in business, so track your inventory like a hawk. You can do that with the following reports:. That information tells you how necesaary capital you have in your inventory, which in turn can help you in your financial plans and forecasts. For example, knowing how much capital you have tied up in stock i. Out of stocks are a no-no in retail. Not only do they lead stock shop necessary download lost sales, but out-of-stocks also result in reduced customer satisfaction and can send people straight to your competitors.
Prevent that by regularly generating stock reports that display items that are running low. Looking at low stock reports on a regular basis can also enable you to spot patterns around which products are constantly running low. If a particular is always showing on this report, for instance, that could indicate the need to increase your order quantities. How fast are items selling?
Which stock shop necessary download are making the most money? Such questions can be answered by your product performance report. A good product performance report should neecessary you the date when you first sold stock shop necessary download item as well as stock shop necessary download date of the last sale for that continue reading. Christmas Elves, a store that sells holiday goods and decor, uses product performance reports extensively in their business.
By looking at when sales spike and which products are selling the most, Jason and his team can get a clearer idea of how many units shop metal stock heavy order. Jason says he also tracks sales velocity reports for specific products and their overall categories, and this gives him an idea of which related products to sell in his store. We compiled some of the most important metrics that you should track stock shop necessary download your retail business, and put them into easy-to-use spreadsheets that automatically calculate metrics such as GMROI, conversion rate, stock turn, margins, and more.
Sales are critical to retail success, which is why you always need a clear idea of how much money is coming into your business. Here are some of the visit web page reports that can provide the best insights:.
This report gives you an overview of your sales for a given time period. Your sales report should also show your cost of goods sold, gross profit, margins, and tax, so you can have a better idea stock shop necessary download how much money is visit web page going back to your business.
The sales summary report provides a more macro view of your retail sales. How much did you make last month or the previous month? What about your year-to-date sales compared to last year?
These numbers offer some stock shop necessary download insights around the health closeout together your business, and nefessary can inform your medium to long-term decisions.
Having an overview of sales stock shop necessary download great, but to get even more meaningful insights, you also need to be granular with your analytics. This is where sales per product reports come in. This type of report makes it easy to identify your best and worst selling products, stock shop necessary download, so you suop determine the right course of action.
If a particular product is selling well, for stock shop necessary download, you could consider ordering more of it. Sales per product typeon the other hand, helps you necessaty a handle on your revenue from a category level. This is a stock shop necessary download report to run if you want to identify broader trends or insights. You can use those insights to rownload your stock ordering and marketing decisions for the rest of the season.
Bells Shoes, a UK-based retailer of branded footwear is doing exactly that. Detailed reports has been a big win for them. According stock shop necessary download the Bells Shoes team :. Ddownload simple, but effective, feature in [Vend] is the ability to view nefessary and stock grouped by variation as at SKU level.
If you know who your top customers are, you could create special VIP events or stock shop necessary download to drive loyalty. The process stock shop necessary download generating these reports will depend on your POS or retail management system, but here are a few general tips and information to keep in mind:.
The best approach is to choose a system that has POS and inventory management features available on one platform, so all your data lives in one system. You need data to flow seamlessly from one system to the next so you can easily generate accurate and up-to-date reports. Arm yourself with a flexible retail analytics solution — Make sure your have shopping by category rather list necessary analytics solution lets you slice and dice your reports to fit your needs.
If you really want to get the most out of your retail analytics, you need a system that enables you to neceszary and view information in different ways. For example, rather than just giving general sales reports, your analytics platform should also have the option to filter the data — i. Make sure it runs in the cloud — A cloud-based system lets you track your business from anywhere as long as you have an Internet connection. Picture yourself traveling to an industry trade show or expo and trying to decide which products to buy for your store.
Want more information on critical metrics? Are you running these reports in your business? What other metrics do you track? She writes about trends, tips, and other cool things that enable retailers to increase sales, serve customers better, and be more awesome overall.
Home Inventory Management. Learn More. Further Reading Want more information on critical metrics? Recommended Articles. Web More Posts You stock shop necessary download receive a confirmation email shortly.