We have always talked about the importance of data and their value when it comes to making decisions. Every time we close a month or a year of exercise, we usually have accounting and fiscal data that show us the results of how the business has gone. But, these numbers are not enough the future, since they do not have much to do with the behavior of our customers or the importance of our brand in the potential market.
Surely, you’ve heard of the “big data” and the information obtained throughout the thousands of data that is picked up by our behavior as buyers can serve the retail companies to launch new strategies.
I propose to use the data we have at our disposal and take advantage and analyze it to draw conclusions: the “little” data of our store. These are the data that will allow improving the profitability of the point of sale. Knowing the causes of possible problems that prevent progress. By knowing them, we can make sound decisions to improve our results.
What is our store’s important data?
Data related to our clients’ behavior:
- Number of clients entered: know how many people enter the store is a way to determine how attractive your business is.
- Number of clients that buy: It’s not enough for people to enter if many of them leave without buying anything. We need impressive commercial actions in our clients to achieve it and also excellent attention to them.
- Value of the average purchase ticket, or: How much is the average expense of each person who enters our store? One of our objectives to improve the profitability and results of our store may be that it increases the value of the ticket. If we already have clients that come to buy, why not make them spend more?
- Number of items per purchase ticket: an indicator related to the previous one. When implementing strategies to increase the value of the ticket we can do so for our customers to buy items of higher value or to acquire more items in each purchase. The type of products we sell and their value will mark the way in which the number of items per ticket can be increased.
These are the essential KPI’s (Key Performance Indicators) in any commerce. The relationship between them can give us the clues of what needs to be improved to make our stores more profitable and give better results.
Information about the products we sell in our store
Controlling the assortment will also be one of the most important tasks in the store. We must obtain data on:
Most sold categories.
- Service level.
- Most sold items.
- Items that generate more profitability.
- Number of clients in our database.
- Cost of client acquisition.
- Number of clients that respond to every promotion.
- Purchase frequency
Broadly speaking, these would be the most important indicators when analyzing and making decisions that are vital for the future of our stores.