Having information about what is happening in your business is vital to determine what is working and what needs improvement. A retail sales analysis will help you obtain the necessary data to make smart and timely decisions, which will translate into an exponential increase in revenue at your physical and online Points of Sale (POS).
According to one study , 81% of retailers collect information from shoppers. However, most fail to use this data effectively, with only 16% considering themselves experts at leveraging data, while 24% describe themselves as “novices.”
It is worth noting that to philippine phone number search understand what retail analysis is, it is not enough to collect data; it is necessary to relate it to the established objectives to determine its effectiveness and, subsequently, implement the necessary strategies to improve the results.
In this post you will learn:
What are retail sales?
What is retail sales analysis?
What is your experience in retail sales?
What are the types of retail sales?
How does the retail sector work?
What are the retail indicators?
How to perform data analysis for retail?
What is retail sales analysis?
Retail sales analysis is a type of study that consists of measuring several key indicators to determine the performance of the different strategies implemented in the POS.
Some benefits of having retail analytics are:
Evaluate the pricing strategy;
Detect potential performance issues in the supply chain;
Detect consumer trends that could help you increase customer loyalty.
Offer personalized products and create experiences tailored to each client.
Therefore, a good retail sales analysis is the key to ensuring that you achieve your proposed sales and business objectives, as it will allow you to have an accurate overview of results based on retail analytics.
You may be interested in: What retailers are missing in digital transformation
What are the retail indicators?
According to a study mentioned above, companies that make data-driven decisions tend to last longer. However, only 5% of retail companies are data-driven.
Therefore, knowing the necessary retail sales analytics is essential to stay one step ahead of the competition.
The retail indicators that you cannot lose sight of are: