provides data on purchase
made by retailers, stock position, daily
and weekly sales turnover.
Shop audit
Purchase panel method
Audience panel method
Product testing panel
Answers
Answer:
You will learn:
The top stock management metrics and reports to monitor.
The measures to keep an eye on if you want to generate more revenue.
The retail reporting tools to use in order to automate and streamline your operations.
Reporting and analytics are essential to any retailer because they tell you exactly what’s going on in your business. Analyzing your data correctly enables you to make well-informed decisions around things like stock ordering, promotions, and staffing, among other things.
However, having too much data (or worse — looking at the wrong info) can lead to mishaps, overwhelm, and a lot of business headaches. That’s why it’s important to run the right reports for your retail stores.
Need help doing that? We’ve put together a list of the top retail reports to monitor in your business. So the next time you log into your inventory management software, keep an eye out for the following.
Inventory Reports
Keeping your product assortments fresh and relevant is a must if you want to stay in business, so track your inventory like a hawk. You can do that with the following reports:
1. Inventory On Hand
You always want to know how much merchandise you have in your stores, so if there’s a report that you should run regularly, it should be this one.
Your “inventory on hand” report should show how many product units you have in each store as well as the current stock value. That information tells you how much capital you have in your inventory, which in turn can help you in your financial plans and forecasts.
2. Low Stock
Out of stocks are a no-no in retail. Not only do they lead to lost sales, but out-of-stocks also result in reduced customer satisfaction and can send people straight to your competitors.
Prevent that by regularly generating stock reports that display items that are running low. For best results, set a re-order point for your products and make sure that you’re notified when your stock levels reach a certain point so you can replenish as necessary.
Answer:
A purchase involves the acquisition of goods or services in exchange for payment of some kind. Payment is usually by cash or credit.
Explanation:
1. Inventory On hand
You always want to know how much stock you have in your stores, so if there's a report you should run regularly, it should be this one.
2. Low inventory
Out of stock is a no-no in retail. Not only do they result in lost sales, but out-of-stocks also result in reduced customer satisfaction and can send people straight to the competition.
To stay in business you need to keep your range fresh and relevant, so keep an eye on your stock like a hawk. You can do this using the following reports.
3. Summary of Sales
This report gives you an overview of your sales over a given period of time. Your sales report should also list your cost of goods sold, gross profit, margins and taxes so you have a better idea of how much money is actually going back into your business.
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