While ecommerce sales continue to take a larger percentage of total retail sales, shoppers still appreciate visiting physical stores to see, touch, feel, and try out items.Īnd those tactile experiences result in over 70% of shoppers spending more in a store visit than when they shop online. It also gives you a comprehensive and transparent view of performance. Tracking performance helps you understand where you need to make changes or improvements to increase sales and customers. While not knowing about the former isn’t necessarily a problem, the latter can sneak up on you and ultimately shut you down. If you don’t track your performance, you don’t know if your business is booming or in a major lull.
That’s just one reason you need to keep an eye on your KPIs. You want to increase your store sales and grow your business, right? Studies show that tracking your metrics is directly correlated with your retail store’s profitability. You’re seeing revenue come in, but do you know which products you need to buy more of, which products you need to buy less of, or if your expenses outweigh your revenue? Importance of monitoring retail metrics If you don’t keep an eye on your retail metrics, you have no idea how your business is actually performing. Deloitte shows the important metrics at different times in a company’s development. They also differ depending on the maturity of your business. They tell you where you might be overspending, which products or collections are less popular than others, or whether you’re meeting your overall goals. These numbers are important for any retail business, whether it’s a brick-and-mortar store or a website. They include things like sales per employee, gross profit, foot traffic, and more. KPIs, or “key performance indicators,” help you understand your bottom line they’re the retail metrics that actually matter to your business’s success. Use Shopify POS to track key retail metrics.
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