In the retail space, data is not a one-trick pony. There are countless ways you can use your data to help you make smarter (and more profitable) decisions about your business. If you’re just getting started with using your store’s data, it can be hard to know which data points to use. So what data points can help you make better decisions about your business?
Check out why identifying your recent top sellers is important and how to do it.
WHY: Customers wants are always changing. Some items that were top sellers for the last few months may not be this month. Whether it’s because of seasonality, changing trends, or other random factors, you want to be on the pulse of what and how your customers are buying so you don’t miss out on an opportunity to win a sale. When you know which items are selling well and which ones aren’t, you know what you need to be restocking and which items you can start moving into your markdown section.
HOW: Make sure you’re keeping tabs on your weekly sales. When you see what items are moving on a continuous basis, you’re able to identify trends that are emerging with your customers. When you know what your customers want, you’re able to make sure you have the right product at the right time ensuring you’re always meeting your customers needs.
RICS Pro Tip! To identify your recent top sellers, use a Best Sellers report. Go to Reporting, select Sales and choose Best Sellers Express, then set your run options to display your best 5 SKUs from the past month. To broaden your reach, try running the report by Class to delve into the trends and see which departments of your store are flourishing.