10 essential retail kp is to display in the digital workplace
Post on 09-Jan-2017
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10EssentialRetailKPIstoDisplayintheDigitalWorkplace
SteveJellinek
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Thisaccountsforthecostofinventoryproduction,namelymaterialsandmanufacturing.Costsfromshippingandemployeesareexcluded.ThisKPIiscalculatedbyaddingthevalueofyourinventorypurchasedduringatimeperiodtothevalueoftheinventoryheldatthebeginningofthatperiod.SubtractthevalueoftheremaininginventoryattheendofthetimeperiodtoobtaintheCoGS.ThisKPIisthestartingpointforretailerstodetermineproducts’markupoverwholesaleprice,grossmargins,andotherKPIs.
CostofGoodsSold(CoGS)
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ThisKPIisthe differencebetweenrevenueandcostofgoodssold.Investopediacalculatesgrossmargin astheratioofprofittorevenue.Forretailers,grossmarginshowsprofitasapercentageofthesalesprice.Thisallowstheretailertoquicklycalculatetheprofitfromasalestotal; forexample,ifyourgrossmarginis25%,andyousell $100,yourprofitis $25.
Gross Margin
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Relevantforbrick-and-mortarretailers,thisKPImeasurestheaveragesalesgeneratedfromeachsquarefootofretailspace.Salespersquarefoot givesaretailercomparativeinsightontheperformanceofthestorelayoutandsalesassociates;thisKPIcanindicatewhichlayoutworksbestfordifferentstorebranches.
Sales perSquareFoot
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ThisKPIindicatestherateatwhichatypeof inventoryissoldinayear;inorderwords,howquicklyyousellcertainproducts.Retailerscancalculatethisaseitherthecostofgoodssoldorthenetsalesdividedbytheaverageinventory.(Averageinventorycanbecalculatedastheaverageofthebeginningandendinginventoryinaperiod.Usingmultipledatapointscangiveaclearerpictureofinventoryturnover.)
InventoryTurnoverRate
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Averagecustomerspendisthetotalsalesrevenueinaperioddividedbythetotalnumberofcustomersforthatperiod.ThisKPIisusefulformeasuringthesuccessofpromotionsorsalesinitiativesamongassociates.
AverageCustomer Spend
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Thisistherateatwhichcustomersreturnforrepeatbusiness.Thisrateiscalculatedbysubtractingthenumberofnewcustomersinaperiod(month,quarter,year)fromthetotalcustomersattheendofthatperiod,thendividingbythenumberofcustomersatthestart.ThisKPIcaninformaretailertotheperformanceoftheircustomerservice,thesuccessofpromotionsandtheeffectofcustomersatisfactiononbrandloyalty.
CustomerRetentionRate
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Customersatisfactioncanbemeasuredthroughvariousways.Afairlystraightforwardmethodistoincludesurveysin-storeoronlineaftercustomersmakeapurchase.Amoretechnicalapproachwouldusesocialmediaanalyticstogaugepeople’simpressionsthroughcomments,likes,tweetsandposts. Thisdatacanbevisualizedandpresentedingraphsthatcomparecustomersatisfactionoveraspanoftime.
CustomerSatisfaction
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Thisindicatestheaveragevalueofeachpurchaseduringagiventimeperiod.(Forecommerceretailers,thisKPIisalsoknown asAverageOrderValue.)ThisKPIisdeterminedbydividingthetotalsalevaluebythenumberoftransactions.Thiscaninformaretailertotheaveragefirsttimeorderofacustomer,whetherpromotionsaregeneratinghigherorlowervaluesofdeals,andhowmanydealsyou’llneedtogeneratetoreachothermetrics(suchasanincreasedgrossmargin).
AveragePurchaseValue
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ThisKPIisrelevantforonlineretail(ecommerceoronlinesales).Theconversionrateisthetotalnumberofconversions(desiredactions)takendividedbythetotalnumberofclicks.Aretailercanevaluatewhichonlineadsorcalls-to-actionhavethehighestconversionratesundercertainparameters,andoptimizetheircontentaccordingly.Thisallowstheretailertoputtheircontent infrontofthepeoplemostlikelytoclickandinitiateconversions,leadingtogreaterperformanceinotherKPIs.
ConversionRate
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ThisKPIallowsretailerstocomparetheirperformanceinacertainperiodwiththeirperformanceforthesameperiodinprevious years.Retailerscancomparetheperformances ofproducts, locations, departmentsorotherparameterstochartgrowthandmakeforecasts.
Yearover Year
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