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Retail is thriving — but the game has changed. Real-time analytics can give your business the power to understand what is selling, who is buying and how quickly things are moving, so you can react quickly to profitable trends and drive a better customer experience in store.
Presented by Springboard Retail and The Boutique Hub, this webinar walks through the essential analytics and reports your retail management system must deliver to support your success! Here's a quick preview of two of the reports that will be discussed in the webinar.
One of the first steps you can take to grow your sales is to create a sales plan and then actively measure your results against your plan with this report. Without a plan it is easy to maintain business as usual instead of capitalizing on opportunities for growth and improvement. Once you are in the habit of reviewing this report, you will be able to identify opportunities and potential problems earlier and can use team incentives to boost sales when necessary, maximizing your revenue potential.
Focusing on sales is important, but to truly grow your business, it's important to keep an eye on your bottom line as well. One of the best ways to boost your profits is to keep an eye on your margins (margin is equal to your sales minus the cost of goods sold directly attributable to those sales) across the business. Looking at your overall margins is a start, but to truly drive results with this report, we recommend breaking out your margin by department, class, category and vendor to fully understand what's working and what isn't. Retail Expert Tip: In our experience, tracking your sales & margin by class is the best high-level snapshot of your business to help you keep a pulse on your performance.
Want to know what the other four reports are that you need to be running to boost your sales and profits? Click the link to watch the full Key POS Reports Webinar.
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Topics: Business of Retail