Comparison is an important part of retail. Whether it is a comparison between different products, different variations of the same product, different departments within a retail location, different retail locations entirely, or even competitors owned by a parent company, comparing provides valuable insight into what the future holds.
While most of our other software solutions focuses on quantitative methods to forecast upcoming events, our retail analysis software provides you with quantitative data and then allows you to make a qualitative forecast about the future.
Our retail analysis software provides you with a custom filter set that allows you to compare statistics between any aspect of your business. You are provided with a report of the past 3 years across different key indicators. The report then shows you the percentage of change based on the comparison between present day and last year so you can either see a growth, stagnation, or decrease in that key indicator which is subsequently represented by a green up arrow (growth), grey horizontal dash (stagnation), or red down arrow (decrease).
The indicators that you can compare among your customized filter set includes: (If Applicable)
Units: The amount of each physical product that was sold.
Retail: The total revenue generated from the number of units sold.
Acquisition: The number of new locations acquired.
Margin: The profit generated from the units that were sold.
On Hand Units: The number of units on hand at the end of the previous years and the current year-to-date.
On Hand Price: The price that you are selling the on-hand units for.
On Hand Cost: What is cost you to produce the on-hand units.
Out of Stock Items: The number of items that were out of stock at the end of the previous years and currently.
In Stock – No Sales: The number of products that were in stock but had no sales.
Inventory Turns: The ability to turn inventory.
Weeks on Hand: The number of weeks of available inventory.
Each of these indicators provide you with information that can be compared, typically across customers or separate retail locations (if you own all the locations that your product is sold at).
Rather than making decisions on an individual product level, using our retail analysis software you can create priorities based entirely on the success and comparison between multiple retail locations. This provides management with data to make important decisions on where to close potential locations, cancel contracts with current clients, open new locations, increase or decrease spending at certain locations, create contracts with stores in new locations, and much more.
The value for retail analysis software comes from the expertise of your team and a discussion about the indicators across locations or customers. To gain a more in-depth understanding of how retail analysis software can benefit your business model or company type, you can book a demo with one of our representatives and see your data physically represented in the system.