retail kpi dashboard

Every retail operation is different, so you may need to customize your metrics and ERP dashboard to reflect the areas of your business you would like to analyze. In order to stay competitive, you need to know everything you can about your business, your customers and your competition. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Continuous improvement is a goal you want to strive for, and the best way to track your progress is to measure your current results against the previous period. Calculate it using the formula: Your net profit tells you how much you made after deducting your cost of goods along with all other business expenses — including administrative costs, operating expenses, etc. This is also a significant metric for evaluating the success of your window displays. If you want to get more profound insights into your revenue and staffing, go beyond the formula above and measure the revenue generated by individual employees. Your conversion rate tells you how good you are at turning lookers into buyers. This is a vital KPI to track because it helps you understand if your sales space is efficient. To figure this out, consider which metrics are relevant to your business. It also helps you figure out the speed at which a product is selling so you can make the right purchasing decisions. There are a number of ways to find your customer retention rate, but here’s a relatively simple formula from Inc.com: CE = number of customers at the end of period, CN = number of new customers acquired during period, CS = number of customers at start of period. Sharpen your retail competitive edge with the right metric Your retail organization is about selling more product and retaining more customers. You can try several profit-increasing strategies in your business. Download Vend’s Retail KPIs guide, a resource that gives you a deep look at the numbers you should be tracking in your business. Tightening up your processes also works for admin errors and vendor fraud. A high sell-through rate could mean that you need to stock up on merchandise (unless of course, you’re deliberately trying to sell out of the item).

Among other things, it empowers retailers to identify consumer patterns, enhance stock management, lower rate of returns and ultimately increase sales as well as profitability. Another KPI is the sell-through percentage, which simply means the percentage of items sold, compared to the amount of items that were available for sale. If your growth has stalled, then drill down on the reason behind it. It’s typically measured for specific products or categories because it can give you a good idea of which types of merchandise are worth carrying in your shop. What metrics should you look at?

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