The 6 Retail Data Reports You Need to Analyze for 2021
I2020 was an unpredictable year, full of challenges and opportunities. Now that we’re in 2021, it’s time to look back and see your successes, what worked and what didn’t, and what retailers should build on in the months ahead. Start 2021 off right by reviewing your retail data with these six reports from Lightspeed Retail and Analytics . They’ll provide you with actionable insights to make the right decisions about inventory, sales, and labor.
In this article, we will review
Why is retail sales data important?
6 Important Retail Reports and Why You Should Read Them
The new era of retail has arrived
It’s time to move on from your traditional POS recent works system and set your restaurant up for short and long term success.
Why is retail sales data important?
Analytics gives you the data you need to make informed decisions. Data helps you measure successes and failures, so when you’re faced with a problem—or an opportunity—you can make the most of it.
2020 set a new standard for businesses. 2021 will be a year of new digital sales tactics and more omnichannel thinking. If you dive into new tactics without being able to measure their impact on your business, you won’t be able to pinpoint what exactly is giving you the results you want. That means you risk falling behind competitors who are analyzing data in detail.
By becoming familiar with retail sales reporting, you aleart news can respond more quickly to changes in your business while planning for the future of retail. By running these reports, you can confidently head into 2021; you can double down on results, reinvent what’s not working, and know when you’re on the right track.
6 Important Retail Reports and Why You Should Read Them
1. Sales over time
The Sales Over Time report is a simple way to see how your business performed throughout the year. Your 2020 results will likely not be the same as previous years, although you should congratulate yourself if you’re seeing consistent growth compared to 2019’s numbers!
Once you have your retail data, you can start making 5 e-mailových tipů pro návrat do školy decisions to replicate your successes and address any weaknesses. High sales tell you that you’ve used effective COVID-19 measures, like curbside pickup or virtual shopping appointments.
If your sales were strong during the summer months, think about what you were doing at that time, can you replicate that success again this year? If you identify weeks and months that saw declines, can you apply your promotional tactics from the best months to your 2021 business plan to avoid those declines in the future?
t’s critical to run this report by store and by overall business performance. If you only look at your data as a whole, you might find that one of your stores had a particularly good month, which masks poor performance at another store. If you only look at your data by store, you might not know how well you’re doing overall.