How to Know What’s Going On In All Corners of Your Retail Stores
Retail analytics is one of the least understood aspects of retail chain operations. If you’re a retail chain operations manager and your job is to oversee several hundred stores in several diverse communities, how do you gather the information you need to make sound decisions? Reporting is very important, but reports can tell you just as much with what they don’t show as with what they do.
The key is to know what the analytics reports are saying with the information they are reporting. Here are 5 ways ChainDrive’s Retail Analytics solution can benefit your business.
1. Custom Reports
No two retail operations are alike. You need information that is unique to your operation, not some template that applies only to one type of retail store. Jewelers require different data than sports retailers do, but even within a single retail sector there are differences between operations.
Get the information you need at the time that you need it.
2. Real-Time Data
Speaking of when you need it, wouldn’t it be nice to be able to check inventory, pricing, and product levels in real time? You should know when it’s time to replenish your inventory.
Real-time reporting brings you all the information you need as your retail operation changes from minute to minute. One store sells an item as another store receives an order for it. Your reports tell you when your retail chain is in critical condition and when it is it operating at top efficiency.
3. Key Performance Indicators
Get a realistic picture of your entire retail chain operations by measuring the data that is important to your success. You can get real detail on all the best indicators that your company measures to determine your success.
4. Drill-Down Intelligence
Want to know what’s going on in store #59? Your reports will allow you to get a bird’s-eye view of retail operations at each store as well as the situation across the entire chain.
5. User-Definable Data
As operations manager, you need different kinds of information than your regional managers need. Both levels of management are responsible for operations, but each also has specific information that is important to them. ChainDrive customizes data so that everyone in your organization who needs information on metrics can view that information in their own language. Your operations will run much more smoothly.
Metrics Are The Key to Retail Success
No retail operation succeeds without metrics. You have to know what to measure and understand the data you are looking at. ChainDrive makes that easy.