Table of Contents
By Jim Lewis, CEO Increased Retail Options LLC
“When we ship new goods, we want to know suitable away what alternatives exist- excellent or bad”. That was the remedy given when I asked a consumer this week what details is the most practical to his team. Possessing an “early warning” program in our POS evaluation program would assistance us react swiftly once we know how a merchandise is performing. As a large maker who imports tender household products and solutions- sheets, comforters, throws, and many others., every working day counts in phrases of staying equipped to respond.
It is quick for you to get lost in the weeds with so lots of POS reports and dashboards staying sent. It can be tough to establish distinct prospects and steps. I advocate setting up experiences that aid respond to distinct concerns. For instance, are new objects providing properly? Has the sales trend adjusted on an item? Ought to a merchandise go to additional stores, or significantly less? Is a software up or down to past year? All these kinds of questions can be acted upon and have an immediate influence on the small business.
The Authentic Photo
Using doorway degree POS action is crucial. If you only appear at the best line sales and inventory it does not automatically paint a real looking photograph of what is likely on. For instance, a significant share of suppliers may perhaps have by now offered out. Or a high selection of merchants with stock and no sales could suggest it hasn’t been established still. All these factors can dilute functionality- the major line quantity doesn’t replicate what is truly heading on. Pointing out those people 2 figures are excellent early predictors of overall performance.
POS Investigation in the Dashboard
Individuals statistics can be quickly built-in into a dashboard. In this instance we have 3 blocks of details pinpointing alternatives. Let us appear at them:
Actionable blocks in a dashboard
Greatest New Item Efficiency: This block looks at things that have lately started marketing (AGE < 8 weeks). This lets us focus on those new items to see if they are selling on, better or worse than plan. From there you can start making assortment decisions. This block goes back to what our client really wants- an early warning system to see if something can be expanded or decremented.
Stores Sold Out: This block needs to be parameterized properly to ensure it shows what you want. You may want certain items to be out of stock, so it needs to show only active, continuing items that have sold something but are now out of stock. If there’s still time left in the season, it’s an opportunity. Every day the store is sold out you are increasing lost sales and leaving money on the table.
LW Items with High WOS: These are items that have too much inventory and require attention. There are many different reasons why an item may show up- not properly merchandised, bought too much, sales have slowed down, etc. Either way, it’s important to look at these sku’s and take the appropriate action.
These are just 3 examples of how POS analysis can be more actionable. Add others based on your individual business. The point is rather than have someone comb through a report looking for these issues, just present them in a clear, simple format.
To see more examples, click here.
