fbpx Understanding and analyzing data is an essential part of making your business successful. That is why we are here to tell you the data points you need to be tracking on a regular basis. This knowledge facilitates effective goal-setting tactics and provides you with the proper benchmarks upon which to base future progress. Collecting and measuring data, and assembling it into an easily accessible, digestible format, will help guide your decision-making strategy to become a profitable retailer. Without the data, you don’t have the insight necessary to know how your business is really doing. Best and Worst Sellers Best and worst sellers refer to the quantity sold of a product. Using data to track which items are your best sellers is a way to measure success of certain products. Knowing which items are your top selling products will help you know what you need to order more of. Tracking your worst sellers will indicate the merchandise you might want to consider liquidating. This allows you to manage inventory as accurately as possible, ensuring that you do not have an improper amount of assets tied up in inventory, as well as making sure that you do not miss opportunities for sales by being poorly stocked. Salesperson Analysis and Peak Sales Times Salesperson analysis provides key information about your employees, indicating who has the most and fewest sales, both overall and per hour. Tracking your peak sales times will help you staff your employees accordingly. Take advantage of your salesperson analysis and schedule your top employees during the peak sales hours. Conversely, make sure you are not wasting money on employees by overstaffing during slower periods. Use this information to your advantage and be a smarter retailer. Customer Data Being able to collect customer data at the point of sale is crucial for your business. By collecting purchase history, demographics, customer birthdays, etc. you can create segmented marketing campaigns, target specific customers, and personalize your customer experience. By building relationships with your customers, they will be more likely to come into your store. You can also take advantage of your data to identify your most reliable customers. Offer incentives and loyalty programs to motivate them to come back in. These data points will give you an idea of how different aspects of your business are performing. Without the data, it is difficult to accurately know your success. The more insight you have, the better equipped you are to make informed decisions so that you can be a profitable retailer. Check out our slideshare or guide to learn more about using your data.