It’s no secret: RICS provides a LOT of reports for you to analyze what’s working in your store, and what isn’t.
Want to identify which SKUs haven’t sold any units in the past six months? There’s a report for that.
Want to analyze the effectiveness of a promotion? There’s a report for that.
Want to figure out who took your lunch from the break room refrigerator? Sorry we don’t have a report for that. (I mean, come on.) But we can earn you money by identifying missed sales opportunities due to lack of stock, and I’d argue that’s just as satisfying as nabbing the lunch thief.
The point is, RICS offers a wide variety of opportunities for you to utilize your business’s data to make better, more profitable decisions. Sometimes, though, it’s hard to know exactly where to start, so we’re here to help.
Here are three of our recommended weekly goals that you should be analyzing, and the reports that will get you the data you need:
1. Compare this week’s store sales to this week’s sales from last year
This allows you to measure your performance using the same time period from last year as a benchmark.
How to do it:
- Business Area: Sales
- Report Name: Sales Summary Comparison
- Order by: Store
- Period: 1 week
- Run the report to view sales performance for the selected store(s)
2. Assess salesperson performance
This enables you to recognize your top employees and coach stragglers.
- Business Area: Salespeople
- Report Name: Salesperson Status
- Period: 1 week
- Sort Dashboard results by Sales or one of the Averages depending on your sales goals.
- Run Salesperson Analysis to drill into supporting details.
3. Analyze markdowns, returns, refunds, and voids
So I know this post promises three weekly reports, but this is one you should really be running every day if you want the most accurate snapshot of your business. It enables you to evaluate unauthorized markdowns, returns, refunds, and voids. Do it weekly at a minimum, but we encourage you to look over these numbers on a daily basis.
- Sales Journal
- Sales Period: Today
- Tender Types: None
- Limit Tickets: Unmatched Prices, Returns, Refunded and Voided
- Sales Type: Store Sale
- Additional Options: Return Code Summary, Payout Details, Discount Summary, Coupon Summary
These reports provide you with the data you need to execute your business goals.
Want to learn more about reporting? Download the Reporting Best Practices guide from the RICS Help Center.
- Verify discount reason/ markdown approval
- Validate return reason
- Validate redeemed coupons