Even the most intuitive retail buyers — ones that lead with gut and instinct — look to key performance indicators to evaluate the choices they’ve made around customer experience.
Regardless of your personal confidence with business analytics, you can and should use these simple retail reporting metrics to up-level your business.
This week, as part 2 of a 3-part free inventory management class, I dive more deeply into how to make these KPIs more relevant and actionable for your brand:
- Stock-to-Sales Ratio
- Sell Through Rate (%)
- Forward Weeks of Supply
- Inventory Shrinkage (%)
- Average Inventory at Retail Price
I share my recommendation for which metrics to start with and a step-by-step case study to understand how to calculate these equations. More importantly, this free bonus PDF includes steps to complete the problems through follow-up steps.
- How choosy is your ideal customer?
- How much inventory is left over after the season?
- When are you going to run out of stock?
- Do you know where every unit of inventory is?
- Do you analyze both sales and inventory?
Don’t forget to get your cheat sheet here. Join me next week for part 3 of this free inventory management class -- Applied Inventory Management for Small Businesses.