Let’s Talk Retail – 3 Reports Successful Retailers Use to Grow Their Business

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(singing) This hit, that ice cold Michelle Pfeiffer, that white gold Welcome everybody to our new series where we’re gonna have a little coffee and we’re gonna chat about retail a little So today what I want to talk about is 3 reports if you’re a starting out retailer that you should be looking at Before I talk about those reports, I want to talk about one more thing It’s the importance of classifications or categories for your products. When you’re creating all these products in your new point of sale It’s important to categorize them or classify them So it’s important to look at how much denim you’re selling or how many tops you’re selling, whether they’re long sleeve or short sleeve These classifications provide really important information on our reports that we’re going to talk about in a second So the three reports: The first one – you guessed it – sales by category This report shows us the sales that we’re making relative to the kind of items that we’re selling This is really insightful in being able to see how much denim you’re selling or how many tops you’re selling, how much jewelry or accessories if you’re a clothing store. If you’re an outdoor store maybe you’re seeing how many tents you’re selling or how many backpacks you’re selling Just by classifying our items and then looking at the sales by classification or category, we get really really valuable information to see which products and kind of products are selling best in your store. The second one is also about categories It’s gonna be the inventory assets by categories. See this lets us look at how much we have in our inventory of a particular type of item When compared to the sales by category inventory assets by category can give you really insightful information. The last one is going to be sales by customer So this is where we get to see what customers are buying the most at your stores And can I be honest with you? If you really looked at your customers, I’m gonna bet that at least the majority of your sales come from the top Let’s say 20% of your customers And so if you’re able to use this report, the sales by customer report, to identify those customers we can start to offer them like unique promotions and say hey, I really value your business It’d be great if you came back in for this discount. So that’s it folks It’s the 3 reports that you could be looking at if you’re a starting out retailer. I’ll talk to you soon But until then enjoy your chat and enjoy your coffee. Floyd out

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