Your retail management system should be able to do so much more than swipe a credit card and keep track of inventory. It should serve as a rich bank of data that can be referenced cross-functionally by everyone in your retail enterprise to make real-time buying, selling, marketing, and staffing decisions.
Managing your retail business with data is essential to the productivity and growth of your company. Here at in the pink, we use Springboard Retail POS reporting features extensively. From our entry-level sales associates in each store to our corporate management team, we leverage the hundreds of properties available to us to make strategic decisions each and every day.
We've compiled five essential retail POS reports that are easy to run using your POS retail management system. Here's the caveat; If you can't run these reports with your system then it might be time to consider a more robust point of sale platform.
Cost On Hand
Who: Marketing Manager
Benefits: Shows what your store is deepest in (both cost and quantity) and therefore should be most heavily highlighted.
Key Properties: Brand, item, style name, attribute, current inventory, cost on hand
Action: Run this report prior to any marketing effort to ensure resources are being put toward featuring styles your store is deepest in. We ran into an issue recently in which we participated in a direct mail campaign featuring a dress we had very low stock of. Unfortunately, the dress sold out within a matter of days, creating frustrated customers who came to the store for that product specifically.
Net Sales By SCP
Benefits: Allows buyers to make educated decisions – in real time – at market as they buy for upcoming seasons. Answers the questions; What did we sell, at what point in the season, at what margin? How did certain dress styles, sizes, prints, and colors perform over others? What had a high sell-through rate and what had to be marked on deep discount? At in the pink, we can see that yellow sells well only through May, any remaining units have to be deeply discounted to continue selling through summer. That margin cut doesn’t make investing in yellow in a summer line worth it.
Key Properties: Style name, attribute, size, net sales, net quantity sold, margin
Filters: Date, category, brand
Action: Run this report to prepare for market. Change filters depending on what you are planning for, whether it be season, category, vendor, or a combination of all three.
Negative On Hand
Who: Store Manager, Retail Analyst
Benefits: Save time and money by keeping up with inventory inaccuracies throughout a season, as opposed to waiting for a year-end PI.
Key properties: Item number, item description, quantity on hand
Action: Run daily to be aware of any product with negative inventory. If you have an inventory on hand issue, you’re misselling products, weaving a web of problems that will be harder and harder to untangle as the season goes on.
Who: Store Manager, Sales Associates, Store Merchandisers
Benefits: See what is and isn’t selling and determine why.
Key properties: Style name, attribute name, quantity sold and on hand, cost on hand, sell-through rate
Action: Run this report weekly and/or before any remerchandising to spot selling trends. Are the Coral Crab and Exotic Garden prints clashing, keeping customers away from that rack? Does the Alanna Dress look much better on a body as opposed to hanging limp on a hanger? Switch ‘em up! Re-run report a week later to analyze changes in data.
Sales By Hour, Day
Who: Staffing Manager
Benefits: Keeps managers from being either understaffed and scrambling, or overstaffed and wasting money paying employees who aren’t needed. Our Springboard Retail POS system tracks sales data down to the hour, allowing staffing managers to make informed decisions not only about how many sales associates to have on hand at any given time of year, but on any given shift.
Key properties: Date, day of week, time
Filters: Previous year’s date range in question
Action: Run prior to creating any employee schedules. Look at how many sales we had at each hour on this day last year. In the pink’s biggest sale of the year requires staff for 20 consecutive hours, including 13 hours on the sales floor. Before creating a schedule, we always look at what previous years’ Midnight Madness sales were by hour; we found there’s constantly a lull between 3 and 6PM, thus there is no need to keep the same amount of sales associates on the floor.
As you can see these POS reports are essential to running a smart, strategic and profitable retail business. Your retail POS features should include the capability to run these reports easily on the fly. Want to learn more about how Springboard’s POS and retail management system can grant you access to these kinds of reports?