Having spent 12 years in retail and nearly 7 years using RICS myself as an employee at the Athletic Annex, a retailer that specializes in fitness footwear and apparel, I know firsthand that advantages in the changing retail landscape don’t come easily. But by managing your inventory, and tracking employee and customer data in the right ways, you can improve your business strategy and gain a leg up on the competition.
RICS clients benefit from access to more than 180 retail reports that provide the data needed to improve business strategy.
Can you currently forecast what to buy and in what quantities to maximize your return on investment? Have you analyzed your employee selling performance to identify where they can improve? Can you the recognize outdated product that is tying up money that could be better spent elsewhere?
With these three RICS reports, you confidently answer “Yes” to all three.
- Sales Analysis: See your ROI, turns, markdown percentage, and gross profit all in one place. This report allows you to forecast future purchases using prior performance data.
- Sales Person Analysis: Analyze the total tickets, average sales, and average items per ticket for all your salespeople. You can use this information to identify where there is room for improvement and know where to invest in employee growth.
- Stock Status: Using this report you can view current inventory based on on-hand, quantity sold, on-order, etc. This is one of the most versatile reports in RICS and can help you identify many things including but not limited to:
- Identifying SKUs with a limited size selection. You can use this information to markdown current inventory as desired or perform a Balancing Transfer to consolidate limited sizes in the best performing store for that SKU.
- Investigate the cause of negative on-hand inventory to resolve the issue and identify where the negative may have occurred.
I know from experience that using these reports and the many others RICS provides gives you access to the right data to help elevate your business and compete in today’s market. Always remember that if you have any questions about how to use these reports to their fullest potential our support team is here to help you.
And if you’re not a RICS retailer, we would love to tell you more about how we empower retailers of all sizes to improve business strategy. RICS is more than software, we’re an extension of your team that’s invested in your improvement and growth.