Manage my business Retail Dashboard

Manage my business | Retail Dashboard

Retail Dashboard: Point of sales performance, animation of the network, sell-in, sell-out, inventories, loyalty programs.

CONTEXT & CHALLENGES

Being the link between the product manufacturer and the consumer, retailers are the last components of the distribution process.
Retailers provides manufactured products and/or specialized services at the right place, quality, quantity, price and time. Having an excellent knowledge of consumers expectations and feedbacks, they are an essential source of business insights for manufacturers.

Retail businesses can boom or bust depending on a variety of parameters, such as supply chain control, price optimization, understanding of customers and product sales. The more a retailer grows (both in terms of size and product range), the more important it becomes to take informed, timely decisions in order to control these parameters.

Of course, retailers have large amounts of data at their disposal. This data can be gathered through loyalty schemes, web analyses, third parties and points of sale. However, simply holding data is not enough: you need to know how to analyze and make use of it.

All retail outlets aim to attract ever-increasing numbers of customers and sell more and more products, while maintaining high margins. The aim is therefore to be able to obtain as much information and data about your own business and your customers as possible, in order to continue improving your sales. Then, you need to be able to use the data in a time-effective manner.

A retail outlet manager therefore needs to be able to rely on a tool, such as a retail sales dashboard, that enables him or her to monitor business parameters and indicators, while challenging them in real time.

MAIN PROCESSES IN RETAIL

Running a business in Retail involves multiples processes, each of them can benefit from a dashboard:

RETAIL GOALS AND OBJECTIVES

Consumer Demands & Positonning

  • Run qualitative & quantitative marketing researches
  • Analyze & understand consumers preferences & expectations
  • Define products & services portfolio
    Identify attractive place for the point of sales (without cannibalizing the already established market of a fellow retailer)
  • Offer finished goods and services in a ready-to-use form that the consumers want
  • Serve as distribution & information link between the manufacturer and end consumers

Management of Merchandise

  • Settle flexible, effective and cost-efficient procurement channels
  • Manage stocks
  • Expose products & services to generate demand
  • Provide as and when required by the customer

Added-value Services

  • Provide services according to consumer expectations at the right cost, quality and delay
  • Create time utility by keeping the store open and ready for sale according to consumers’ convenience
  • Develop competitive services vs super stores: location, open hours, post-sales, advises…

Sales & Contribution Margin

  • Convert visitors to buyers
  • Develop consumer engagement, loyalty and advocacy
  • Identify drivers for sales & contribution performance
  • Optimize pricing strategy
  • Adjust sales approach
  • Manage POS staff
  • Reduce costs

SOLUTIONS

With the aim of optimizing the cost-revenue ratio, monitoring your products more effectively, and exerting more control over retail business parameters, the fully customizable retails sales dashboard enables you to:

  • Create interactive dashboards that support decision-making in real time

  • Integrate geographic data for targeted segmentation

  • Perform more in-depth analyses by combing several data sources

  • Produce readily available analyses of trends in your business sector

  • Improve your knowledge of local customers

  • Take better-informed stock management decisions

  • Position products in locations where they perform better in terms of sales

  • Discover how quick and easy it is to obtain different perspectives on product placement

  • Know your churn and retention rates by comparing complex data with simple visualizations

  • Calculate the cost of goods sold by analyzing the impact of the purchase price, labor cost and shipment fees on a given product…

RETAIL KPIS

Key Performance Indicators are used to measure the realized progress towards a strategic objective.
For a Retail dashboard, here is a sample list of KPIs Lintao recommends (non exhaustive list):

  • Sales (#)

  • Sales growth (%)

  • Sales per point of sales (€)

  • Labour costs (€)

  • Cost of goods sold (€)

  • Gross margin (€, %)

  • Profitability (%)

  • Sales per square foot (€)

  • Point of sales (#)

  • Average basket

  • Sold quantity (#)

  • Customer retention rate (%)

  • Customer churn rate (%)

  • Customer acquisition rate (%)

  • Customers (#)

  • New customers (#)

  • Net promoter score

  • Customer satisfaction index

  • New products sales

  • Inventory (€, Units)

  • Discount (#, %, €)

  • Staff (#)

  • Sales per head (#)

  • Working hours

  • Catalog depth

  • … or your own Retail KPIs

RETAIL ANALYTICAL AXES

The axes of analysis represent the elements by which you want to segment your observable information (such a KPIs) to understand the rationales behind a given performance. Also called ‘dimensions’.
For a Retail dashboard, Lintao identifies the following axes of analysis (non exhaustive list):

  • Time

  • Point of sales

  • Business line

  • Manager

  • Product

  • Service

  • Brand

  • Customer

  • … or your own Retail analysis axes

AN EXAMPLE OF A KEY DATA VISUALIZATION FOR RETAIL

Of course, having an overview of the Sales at Point of Sales is essential, you can find it here.

What we wanted to illustrate here, is the ability to develop cross-selling by quickly identifying which products are sold together. This will impact the exposure of these products (putting next to next) and increase your turnover by bundling products/services which make sense.

basket analysis

See more data visualizations in our gallery.

GET AN IMPACTFUL RETAIL DASHBOARD ON YOUR BI TECHNOLOGY

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Some references of retail Dashboards