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…
For a District Manager who regularly travels between different stores, and for Store Managers, Weeks of Stock can be a very useful number. Weeks of stock is: $ inventory divided by average weekly sales for that category/department, etc. Example: Inventory level: $8,000.00 Total…
Retail Key Performance Indicators (KPI’s) (This is a sample only – detailed analysis of Retail KPI’s can be found in Retail Math-Made Simple) Sales compared to budget/target: Actual sales $ divided by budget/target sales $. Sales compared to last year (or any other period):…
Customer Lifetime Value Prediction DMSRetail uses sophisticated predictive analytics to help retailers build Lifetime Value (LTV). Attrition and Retention scores for their customers, products or segments. Strategic deployment of these results are proven to reduce churn and increase marketing ROI across the most profitable…
Introducing the 6th Pillar of Retail: It started out with 4 pillars (or 4P’s): Product, Promotion, Price and Place. People did not count for much back then. In early 1980’s with the revolution in management fueled by such publications as “In Search of Excellence”,…