|
1.
DAILY VISITORS:
How many consumes are coming to your store daily.
This is the first step.
If no one is coming to visit your store, there will
be no sale. So,
the first thing is to get people to show up in large
numbers. You
want to see the number of people visiting your store grow
over a period of time (quarter –to-quarter).
Look at this number on a daily basis and make
comparisons to previous days.
Compare Monday this week to Monday last week and so
on. If you have
multiple locations make comparison between locations.
|
| |
|
2.
DAILY REVENUE:
Daily revenues is the total amount of money generated every
day. There
should be a day-to-day comparison.
That is, compare money received Monday this week to
Monday Last week and the week before, and so on.
This will enable you to see which days are higher
income generating days and assess why and use that
information to focus on the low revenue generating days.
Also, you if you
have multiple stores in different locations, you want to
compare each store against each other to determine which
ones are more successful than others and why.
|
| |
|
3.
AVERAGE CUSTOMER SPENDING:
What is the average amount
of money a customer spend when they make a purchase.
And what is the number of units they’re purchasing.
A high amount of money spent is good, as well as a
higher number of units purchased.
This information can help you to make adjustments to
entice customers to increase their spending and purchasing
larger numbers of products.
|
| |
|
4.
TURNOVER RATE:
How quickly are you able to sell out your inventory.
You do not want to hold on to excess inventory that
is not selling.
This is calculated by taking the “cost
of goods sold” and dividing it by
the “average
inventory” or by taking “sales”
and dividing it by “inventory”
Cost of Goods Sold /
Average Inventory
or
Sales /inventory
|
| |
|
5.
DAILY ORDER SIZE:
The daily order size is the amount of orders you’re
fulfilling per day.
Analyzing the order size on a daily basis will show
you when you need to ramp up production and by how much so
that you don’t over produce and waste your resources on
products that don’t sell.
It also gives you the ability to identify what you
need to do in order to increase sales on those slow days.
|
| |
|
6.
SALES PER SQUARE FEET:
The sales per square feet metric captures the total sales in
relation to the store size.
You should be utilizing every square feet of your
store to generate income.
Hence, if you have products that are not selling you
have to move them out and make way for new products that
will sell. The
goal is to sell the maximum amount of items sold in the
store.
|
| |
|
7.
SELL THROUGH RATE:
This is calculated by taking the number of units sold in a
period and dividing it by the beginning on-hand inventory
for the period.
In other words you wan to determine whether or not an item
is selling fast enough so that it can be sold by the end of
its season or expiration date.
|
| |
|
8.
ORDER TO CUSTOMER RATIO:
How many people visited your store versus how many orders
were placed. If
you have a large amount of people visiting the store but
only selling a small amount of items this is an indication
that you’re not selling what consumers are looking for or
they’re not impressed with the way you’re offering your
products. Either
way, this is good feedback that you can use to make changes
and attract a customer base that will place more orders.
|
| |
|
9.
CUSTOMER SEGMENTS:
Who are your customers?.
Knowing who your customers are will enable you to
target them with specific enticements and generate more
sales. The
information you should gather on consumers should include:
One time buyers; new customers; repeat customers; age;
ethnicity; income levels; etc.
|
| |
|
10. BOUNCE RATE:
Today all retail businesses are being operated from a
website in addition to a bricks & mortars location.
Hence, it is important to look at the Bounce Rate of
your website.
The bounce rate is the percentage of people who go to your
website and immediately navigate away from it.
This usually mean tha the person didn’t find what
they were looking for on your site and hence, decided to
leave. This is
equivalent to someone walking into the front door your
bricks & mortars store and turning around and walking away.
You can get this information from using the Google
analytics tools that is available for free.
One of the methods you can use to reduce this number
is to actively solicit feedback from customers and use it to
make improvements.
|
| |
