For many of our clients, Easter is one of the most profitable times of years, but it is different so it is useful for many to find out what happened, and I think it is worthwhile to discuss here the two most crucial retail KPIs. These give you a detailed insight into your shop. These insights provide you better business decisions and can give you a competitive advantage.
Go to cash register reports
Select in sales
Dissection Sales /Profitability for a given period
Put in the last three weeks
Now place here say the past three weeks and run the report.
Out will pop a scanning analysis.
Now the two most important KPIs in retail is.
Quantity some call it a customers vote. What it shows is what people are coming into your shop to buy. As a rule, the higher, the better. Some people consider this KPI to be the most important as it is what brings people into the shop.
Gross profit and margins. Both are significant for obvious reasons as this is why the shop exists. What is also important here is to check that your margins are right, as if they are lower or higher then expected then there is something wrong.
AVG Ret$ will become more important KPI as product is returned.
Lastly, I highlighted the last row. Easter often brings many new products into the shop. Usually, there are problems with barcodes. This year it is too late, but for next year a big way to improve speed would be to scan more rather than key in the product key.
