With nearly four years under my belt on the RICS support team, I know firsthand that one of the most important parts of being a successful retailer is knowing what your customers want, and being able to give it to them when they walk through your doors.
Identifying Best and Worst Sellers Allow you to Adapt to Higher Consumer Expectations
While most consumers still prefer to shop in-store, changing demands have created higher expectations. Customers today want standout service and if there’s a specific item they came in looking for, they want to be able to take it home immediately.
A customer who comes in looking for a specific item and leaves emptyhanded is referred to as a lost opportunity; and for good reason. These customers typically require minimal effort from a sales associate and are often willing to pay full price for the specific item they’re looking for, rather than searching for markdowns.
Using Data to Inform Your Inventory Plan
At RICS we recognize that using data to determine top inventory performers enables retailers to analyze market trends, so they can more accurately plan for future orders. Planning without data is like driving in the dark without headlights. Our solution enables you to easily evaluate your best and worst sellers during a given reporting period so you’re making informed decisions.
By looking at your best sellers in combination with your turns and sell-thru percentage, you will be better positioned to stock your shelves with the right products to avoid lost opportunities.
While knowing what is selling is critical, it is also important to understand what products are performing poorly. These items add to your inventory value and usually need to be marked down, decreasing profitability while taking up space that could be utilized by better performing products.
The RICS Best/Worst Sellers report allows retailers to analyze information about top performing products as well as those that are moving slowly. Visit the RICS Help Center for more information on how to analyze product performance.