In the search to study and learn from the success of others in our industry, you’ll be hard pressed to find a merchant who willingly ignores the growth potential inherent in understanding their financial results.
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.
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.
In an interview with Stitch Labs, an online inventory control solution, I shared five KPIs for scalable growth.
​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:
​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.
​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.
As you watch this week’s free inventory management lesson, pay special attention for these important questions:
- 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?​​
Which KPI is most actionable in your business? Take some time to reflect right now and then comment below!
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.
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.
Read the full interview with Stitch Labs:
Did you miss the first inventory management class?
Catch up and watch The Art of Inventory Management here.
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