Many retailers miss out on sales and profit because they don’t use all the tools at their disposal to track their store’s performance.
Did you know there's a major reason to start?
Many retailers miss out on sales and profit because they don’t use all the tools at their disposal to track their store’s performance. Even those shops that have EpoS systems don’t regularly use their sales reports to:
|
1
Review their product range |
2
Identify “profit hotspots” so they can merchandise to maximise profit |
3
Optimise pricing |
At The Retail Data Partnership (TRDP) we notice which retailers use their reports, and which ones don’t. So we looked at a sample of retailers who started to use their reports in the quarter beginning 1st March this year.
In one store, sales grew by £13,000/month compared to the same month last year.
Others showed 8-10% increase in basket size!
We compared average sales from 262 advanced report users with 800 non-users in the key categories Tobacco, Confectionery, Soft Drinks, Alcohol & Snacks, and found that the annual sales uplift potential is between £45 – £100,000 a year which works out at improved profit of around £9 – £20,000.
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1
See which 20% of your range produces 80% of your sales. |
2
Test price increases combined with special offers within this 20% of best-sellers and evaluate the impact. |
3
Try changing the layout of your store. Move some of the best-sellers to other parts of the store and see the impact on sales. |
4
Try multiple locations for some best-sellers. You can quickly see what works and what doesn’t work. |
5
Stop stocking the weak sellers. Reduce your range, and give the space to products that make you more profit. |
6
Read the TRDP Newsletter to find out how your sales, footfall and baskets compare locally. |
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