However, as I took the time to answer interview questions from Stitch Labs, an inventory management software provider, one thing rang out loud and clear:
I've been growth hacking retail and manufacturing brands for over 20 years. It's likely you've been growth hacking your own business too.
Using quantifiable or numeric data is one important piece of this experimentation and, when it's used well, can lead to rapid growth.
Recently I shared with Stitch Labs five inventory management key performance indicators that every merchant needs to adopt:
- Stock-to-sales ratio
- Sell through rate
- Forward weeks of supply
- Average inventory
As you review your data, consider the big picture and ask yourself:
- How does each insight relate?
- Do the insights suggest a consistent conclusion?
- Are there atypical factors that influence the insights?