5 Important Retail Sales Metrics for Retail Business
Today, we take a look at the 5 key retail sales metrics for any business. Keep in mind, your purpose of offer POS system will be a significant as you pull reality about your retail business.
1. Retail Sales Metrics per Employee
Measuring every individual employee`s sales is extraordinary for helping you settle on future decisions about employing, scheduling and compensation. Use your POS system to track employees, come up to with sales targets and determine your best colleagues.
2. Gross and Net Profit
These key indicators will eventually let you know toward the day`s end the amount you really made. Gross profit is calculated as the sales revenue minus the cost of goods that were sold. Net profit is calculated as all revenues minus total costs. By enabling your POS to follow these numbers, you can pull up the data whenever and make smart decisions about product sourcing or operational costs.
3. Average Transaction Value
This metric discloses to you how much customers are spending on average per transaction. Higher numbers could mean they are buying higher priced items or large quantities. An average transaction esteem may mean you need to consider new sales strategies like cross selling or up selling.
4. Year over Year Growth
Are you growing? The most ideal approach to track year over year growth is to measure the present year`s outcomes against the earlier year`s outcomes. This is a decent indicator of how your business is getting along and you can make a move as required.
5. Deals per Square Foot
To figure out your store productivity starts with sales per square foot. Calculate this by taking your net sales and partitioning it by the amount of sales space. This will let you know whether you are making great use of your space and can help with planning out store layout and merchandise.
After you audit these key retail sales metrics how is your business doing? What changes do you have to implement? Was your POS software ready to enable you to pull this data? If not, consider a EPOS Direct Retail EPOS System. It`s a standout amongst the most advanced epos systems in the point of sale industry.