The Best Sellers Report includes the best or worst selling SKUs ranked by quantity sold, dollars sold, dollars profit, ROI%, Turns, On Hand Inventory Value, or sell-thru percentage. Run this report zeroing in on Worst Sellers and you may see a product that’s marked up too high, not featured enough in it’s section, or has aged out of style.What about Price?
Pick a class to filter by in your Price List Report and take a closer look. Are there items that you can create signage to demonstrate value to potential customers? Your price versus the competition perhaps? Or, your price combined with a Frequent Buyer Program = Value!If you have more than one store you can really get into the nitty gritty and make some strategic moves. You see on the Bestseller Report that Shoe A is flying off the shelves at Store 100, but at Store 200, they’re not moving the product. Is it worth Transfer some stock from one Place to another? Maybe you have a salesperson who is really good at promoting and selling that particular shoe. Find out with the Salesperson Summary and filter by that SKU. Find out how that employee is promoting the shoe and get others to do the same. RICS is a data powerhouse, and the reports available can really help you make good business decisions. So, slow down! Grab a glass of lemonade, sit back and explore RICS Reports. Want to learn more about how you can use RICS to grow your business? Click here to schedule a demo. As a small business owner, you care about running a business that you’re passionate about. But you also care about keeping the door open for your customers. One of the number one questions that small business owners face every day is how can they make more money? Am I selling enough? How can I increase sales? Can I decrease inventory costs? The truth is- these questions are all important to address and most likely, you have the data to answer these questions right in front of you! Check out how these three data points can help you make better decisions for your business (and your bottom line). Compare weekly sales data. It’s incredibly important to compare your store’s sales to what you did last year. If you don’t know what you did last year, how do you know what you should expect to sell or forecast for yourself this year? Pull a report for weekly sales year over year. Once you do that, you’ll be able to see how your store performed last year and determine if your sales are up or down. Know your low-selling items. If you’re hanging on to items that have been in stock for too long, you’re losing money on those items. If inventory isn’t selling, it’s taking up space for inventory that will sell and make you money! Once you are able to identify the products that are sitting on the shelf, you can set up a markdown calendar for your store to ensure you’re moving products out that aren’t making you money, rather than ordering more. Quickly identify recent top-sellers. Keeping your thumb on the pulse of trends is incredibly important when it comes to selling inventory. Know which items have been recently flying out the door, so you can quickly restock these items, rather than restock a lower selling item. If you know what people want, you’re able to stock the right product at the right time to ensure you’re selling more to your customers! Just because you haven’t been tracking these data points on a weekly or monthly basis doesn’t mean you can’t start now! Setting the expectation to run reports at a designated time each week can get you in the habit of paying attention to your data and start taking advantage of what it’s telling you. Interested in learning more about using this data for your business? Download our free Increasing Profits Now guide! The point of sale has evolved since the development of the first cash register in 1883. The cash register was originally created to to ring sales and collect money, but it has now advanced far beyond that. In fact, if you’re still only using your point of sale to ring sales, then it is past time to consider adopting modern technology.