Retail Math – Why It Is Important Sales – Expenses = Profits Retail organizations – in fact, any type of organization – have figured out this equation. Or have they? Plenty of businesses go ‘Out of Business’. Maybe they didn’t have it figured out….
Retail Sales Metrics In a retail environment, there are 3 key factors that have an immediate impact on sales performance. Sales = Traffic (Footfall) x Conversion Rate x Average Sale Traffic is the number of new prospects and repeat customers coming into the store….
Manage the checkout lines to avoid aggravating your paying customers! Business must have picked up a bit lately because, over the past few weeks, I’ve been stuck in checkout lines fairly regularly. I’ll tell you a short story below… While having more customers is great for…
Sometimes the easiest way to solve a problem is not the most obvious. When sales are down from a previous comparable period, or under target, when people are not performing as well as they need to and when all you hear are excuses day…
Retail Staff Motivation and KPI’s As any retail professional knows, KPI’s (Key Performance Indicators) provide valuable information about the retail operation as a whole, and about individual business units – stores, for instance. Often, store performance is quickly evaluated on the basis of a…
More information and insights in Retail Math & Analytics Workshop Online – Check it Out! What is Big Data? Big Data refers to data sets so large and complex that they must be processed in innovative and strategic ways. It breaks down into…
The WOS report can be a great help for DM’s who want to be on top of their inventory picture, district wide. For a District Manager who regularly travels between different stores (and for Store Managers) the Weeks of Stock report can be a…
Know how to interpret your Retail KPI’s? When thinking about retail management training, one subject comes to mind as being the one so many retail management people steer clear of. That’s retail math. Retail math is really not anywhere near as complicated as many…
Retail Math – Managing by Numbers The first time a Retail Manager realizes that their company, district or store, and their performance in managing that, is being judged by the numbers they quickly understand that there is more to managing retail than getting all…
Numbers are NOT the Business! Numbers are the PICTURE of the Business! – Harold Geneen (CEO, ITT) 5 Reasons why you need Retail Math training: You’ve probably heard of the saying: “If you can’t measure, you can’t manage”. That is an important and true…