[vc_row][vc_column][vc_column_text]Measuring success is part of our culture; it is the way we have been programmed. In grade school, our learning is measured by grades. In college, our success in mastering a specialty is measured by being awarded a degree and the honors associated with it. In the work place, our performance is measured by performance reviews and (hopefully) a raise.
The same should be true when evaluating how we are performing as a store. In order to deploy the right buying, selling, and management strategies, we have to understand what is working and what isn’t. We can’t make decisions based on our gut or because that is the way it has always been done. With new competitors opening and others going out of business every year, we have to be smarter and faster in our decision making.
Using data can be a powerful way to make important decisions for your business. The data you need to do this is stored in RICS and utilizing the right reports will help you gather and analyze the right information. To help you get started, here are some common reports and alternative ways to look at some of the data in each:
Sales Analysis Report
Use this to analyze supplier performance to understand which suppliers perform well in your store so you can adjust your buying accordingly. It will also show you which suppliers do poorly so you can buy less, discount or discontinue that supplier.
You can also use this report to identify best performing price points. Knowing that your best performing price points are between $90-$119 and your worst performing price point is $150-$159, you can then avoid buying inventory that you have to price in the $150-$199 price range or mark it down in order for it to move better.
Best Sellers Report
Use this report to identify fast and slow-moving inventory. This is useful when determining where to place product in your store. If a particular item moves very quickly, you might place it at the back of the store so your customers have to walk past additional merchandise to get the product they want. Or there might be an item in the back of the store that moves slowly. Once you identify the slow moving product in the back of the store, you may reposition it near the front so it has better visibility.
Use this report to compare sales associate performance. Identifying your top sales associates will allow you to explore the tactics that work well for them so that other associates can try a similar approach. If your top associate always has a number of add-ons, sharing how they are able to do this or how they successfully suggest these items to a customer will help your other associates improve in this area. Also, knowing which of your sales associates need improvement allows you to pair them with a top performing sales associate for additional training and mentoring.
Of course these examples aren’t the only reports in RICS that are useful. And the above data points aren’t the only ones you can analyze in the three reports mentioned above. But hopefully this gives you some examples of ways you can measure the performance of your store and make informed decisions.
If you need additional help with reports or what data can be extracted from them, please contact the Support Team at firstname.lastname@example.org[/vc_column_text][/vc_column][/vc_row]
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