Reporting and analytics are an essential part of the retail business. These data give you an exact idea of the current standing of your retail business. It helps you with the decision making on the thighs like stock ordering, promotion, staffing, the event offers, and much more.
However, at the same time having too much data without the right tools to manage it can lead to mishaps. This can add some extra responsibilities to your daily to-do list. That is why it is important to run analytics and go through the report to maintain your retail business.
Need help doing that? We have put together some of the retail business reports to monitor your business. So the next time you log in to your inventory optimization software, keep an eye for the following.
Inventory Reports
If you want to survive in the retail business, it is important that you keep all your data fresh and relevant. Hence, keep track of all the minute changes.
Inventory On Hands
Retail stores are all about the merchandise you sell every day. It is important to know how much merchandise you have at the end of the day; it is this, Inventory Reports you need to be looking for. The Inventory Reports show how much merchandise you have in your store and how close you are to the stock value’s minimum level.
Low Stocks
Low stocks are the condition that should never arise. Low stocks not only lower the sales but also result in low customer satisfaction. This practice can allow your competitors to win over your customers. With just a simple practice, you can restrict this from happening. You have to generate stock reports and need to keep an eye on ensuring that your retail business is never out of stocks.
Product Performance Report
Just selling the products will not give you an insight into how your business is performing. There are things that sell out fast; there are products that bring in more money, while there are other products as well that take up your inventory space. It is an essential part of the retail business where you need to keep track of the product performances.
Product performance reports highlight the features mentioned above and elaborate insight into the product’s performance. You can use this report card to determine your next business plan and events.
Sales Report
Retail business nothing without the sales. So how come we cannot add any sales report to the list. Here are some of the best sales reports that will give you a good idea of the sales performance with just one look.
Sales Summary
This report covers all the sales results sum up and gives an overall idea of the sales over the limited period. The sales also report high the cost of the products, margins, Gross Profits, and tax. This way, we will have an idea of the return on investment.
Sales Report Per Product
Having an overview of the sales is great. It gives you enough information to make business decisions; however, it does not show data on a particular product or merchandise. For that, you need to have more minute and granular based reports.
This type of report is the best to understand your strong points and weak points in selecting the products. This can help you do some profitable business. For instance, if a product is being sold more, you can buy more stock of that particular product to accrue more profit.
Sales Report Per Customer
This is a new concept in the retail industry, where businesses use this report to reward the customers who have done the most business with them. The Sales report per customer is the best way to get an insight into the top customers who’ve been a part of your business and do most of the business with your company.
Conclusion
Retail business is all about using the right information at the right place at the right time. If you can pull it off, you will reach new heights in the retail business industry. We hope that we were able to clear your mind with the reports and analytics related to the retail business. If you think we have missed something that could have added to the list. You are more than welcome to suggest it to us in the comment section.
