Providing an outstanding shopping experience while increasing sales and protecting profits is always a balancing act for retailers. Nowhere is this more critical than at the storefront—the place where all of an organization’s planning and preparation come into play. After the focused hard work of everyone from corporate to the field, it all comes down to the customer shopping experience. The right data and analytic solutions can ensure they are interacting with your business in the best way possible.
Key components of a business analytics retail solution:
- Planning and measuring store performance by organizational hierarchy and by store attributes including store type, floorspace, store size, location, and opening information.
- Setting standards and completing exempt and non-exempt head-count, position-level plans, based on revenue, store attributes and other standards.
- Modeling and planning store-level initiatives, conducting promotional programs or limited time offers to plan financial impact on sales, costs and margin.
- Automatically calculating reoccurring expenses, such as credit card processing fees, based on drivers such as sales and company-negotiated costs.
- Generating profit and loss statements and KPIs to track financial and operational metrics.
- Tracking variances between actual performance and plans to identify trends and determine highest and lowest performing stores.