Keeping track on Reporting and analytics is essential to any type of business because it tells you exactly what is going on at a given point and it also helps you make connections and analyze trends. Analyzing data patters will help you make well informed decisions around operations like inventory re-order, promotion planning, staffing and user permissions.
However, if you were to make decisions on purely numbers, it could overwhelm you and even mislead you. That’s why, among many other things data should always be paired with a certain element of experience and implementation skill.
However, we are here to help you with the data extraction part, with the least hassle and many visually pleasing reports to take in information in bite sizes pieces. Let’s take a look at these 6 types of reports that suits any type of retail store.
Inventory keeps the business going, weather you are an online business with physical stock or a drop shipping business, managing inventory on behalf of other vendors. You would always want to know how the inventory movement took place over a period. An inventory history report outlines the movement of stock, additions, deductions, balance stock and over-rides.
Out of stock is not a good situation to be in if you are in direct retail business. Especially if you are a pharmacy or grocery store. Prevent this by using an inventory management software that allows you to detect low stock levels.
Inventory expiry report Low stock reports comes useful because you can understand current stock in hand and how much was expired. Having the number of goods expired displayed along side the status of GRN quantity prevents you from overstocking. This might also help you spot patterns around which products are running low constantly adjusting re–order points
Having an overview of sales is great, but to get even more meaningful insights, you also need to be granular with your analytics. This is where sales per product reports come in. How fast are the products selling? Which products brings in most money? These are few of the questions that can be answer by the product performance report. Ideally this report should tell you how much inventory was sold in each shop over a time. These results can be combined in considering bundled offers and combos as well as planning for promotions.
A good product performance report should also give you the total shelf life. If there is a larger gap between goods received and last item sold, you should consider re-ordering capacity. However, there is a possibility there could be a difference if you have shops in multiple locations. By pairing it with the sales by Category report, you can also gauge pairing to increase sales.
Bernadeth Smith, founder at Sally’s Shoes said that he regularly reviews their product sales reports “to ensure availability is maintained.” He adds that they also use number of refunds for each product to identify low quality products and eliminate low quality suppliers. Each product should also give you how much margin you make above the product cost this will make us identify the profitability at the item level.
Note: If you’re using SalesPlay and want an overview of how to use your inventory on hand and low stock report, we’ve put together a handy video here:
If you are functioning multiple shops with the same inventory, transferring goods between these locations can be tracked by the TOG report. You should be able to understand the date the transfer was initiated and the date it was received. Ideally to prevent over transfers, or loss of transfer there should be a status tab on each transfer that helps you understand and inform the teams about its status.
When you run physical inventory in your shop all suppliers will expect the consignment to be initiated with a Purchase Order. Give 100 such suppliers operating within your business in multiple locations, you need a software to keep track of goods received and pending.
The GRN notes report in the inventory management software should be a tool to empower your entire inventory management cycle efficiently. Ideally, by understanding the status if its completed/ pending or cancelled will save you a load of time and money.
If you have multiple shops spread across a few geographical locations, the shop wise sales reports will help understand which shops have a tendency of adopting and blending in with a unique caliber of craters and the products associated with them. Constantly keeping track of the shop Wiese sales reports will help you plan promotions and stock goods relevant to the demands of the locality, giving you the ability to be relevant and increase sales.
For example, a food truck chain will have hot dogs and sandwiches selling faster in a fast urban area but dinner packs selling faster in a residential area.
This report gives you an overview of your sales for a given time period. It extracts data off the past receipts you have generated. Your sales report should also show your cost of goods sold, gross profit, and tax, so you can have a better idea of how much money is actually going back to your business.
The sales summary report provides a more macro view of your retail sales. the amount of discounts that were given etc. These numbers offer some general insights around the health of your business, and they can inform your medium to long-term decisions.
This type of report makes it easy to identify your best (and worst) selling product categories, so you can get a handle on your revenue from a category level. This is a great report to run if you want to identify broader trends or insights. As well as understand product parting for seasonal promotions or price promotions.
What this means is that a restaurant in Texas can gauge movement of cool drinks and ice creams higher during summer and stock up accordingly while its branch outlet in Australia would stop up on soups and hot chocolate within a same period.
Stylish Blooms, an Australian based flower shop has the ability to view stock and sales grouped by variation such as White roses in June and Red roses in February.
This allows them to plan for promotions, stock up accordingly and understand profitably from each outlet.
The process for generating these reports will depend on your POS or retail management system, but here are a few general tips and information to keep in mind:
1. Make sure it runs in the cloud – A cloud-based system lets you track your business from anywhere (as long as you have an Internet connection). This is especially handy if you’re running multiple stores or are constantly on-the-go because you’ll be able to check in on your stores — and make data-backed decisions — even when you’re not there physically. The best approach is to choose a system that has POS and inventory management features available on one platform, so all your data lives in one system.
2. Ensure universal accessibility: Viewing data, tracking inventory, expenses, sales and outlet performance should be possible any time from anywhere with an active internet connection. It should also make it possible for you to view real time data and access reports through the cloud accounting software.
3. Arm yourself with a flexible retail analytics solution – Make sure your retail POS or inventory software lets you use reports and understand deeper insights to fit your needs. If you really want to get the most out of your retail analytics, you need a system that enables you to filter and view information in different ways.
Rather than just giving general sales reports, your analytics platform should also have the option to filter the data — i.e., by product type, category, etc.
4. Secured privacy and data: the SalesPlay POS and Cloud based accounting software gives you a unique role based access control.
Reach out for advice: When ever you need clarity on a function or a goal like transferring a Purchase Order based on a GRN or how to get a report of creditors you can reach out to our customer success teams on social media or email and we will reach out for help
If you have not yet availed SalesPlay Point of Sale Software, then it is time to download and start using today.