Retail and consumer preferences are constantly changing, so it is important for retail brands to stay informed about the performance of their products on the shelves. That way they can make decisions to deliver a better service.
But what data should be measured?
Sales and profit margin:
Like any business, knowing the profit margin is essential to know the status of the venture. Measuring gross sales, net sales and profit margin is necessary to evaluate the profitability of the items. With this information, it is also possible to identify which products are of most interest to customers.
Inventory and rotation:
Analyzing data on product turnover, inventory levels and shrinkage will be key to making decisions that can avoid lost sales for the business and disappointment for shoppers who can't find what they are looking for.
It is and will always be important to know the behavior of customers, since this will allow us to analyze their preferences and needs. By managing data on the frequency of purchase, their average expenses and the most purchased products, it will be possible to perform an analysis that will provide us with the necessary information to learn more about the user who chooses our products.
There are many other items that can be measured, such as promotions, prices, competition, etc., but the ones we detail will be very useful to make timely decisions and thus deliver the best performance of your products in retail.
In addition, these are data that you can obtain through technology. For example, with the services we deliver in Datamind you can generate daily and friendly reports on the behavior of customers with your products.
Do you want to have more information or get a demo? Write us and we will contact you as soon as possible.