Not just about having good sales, but to take advantage of that information generated by your customers to make them even better, this is possible by applying the various types of sales analysis. Learn more in this post!
In principle, we should know that the sales analysis is the practice of generating insights from sales data, trends and metrics, to set goals and to predict the future performance of the sales.
The sales analysis should focus on improving and developing a strategy for achieving the highest performance in the income of the store to the short and long term. Today retailers must have the ability to convert their business in stores data-driven.
The analysis of sales helps you to make better business decisions helping the retailer to better understand your business and the activities involved. In addition, it gives you ideas on how to make project proposals, marketing plans, action plans or any plan of work for the profit of the shop.
What are the main type of sales analysis?
Most companies have massive databases of historical sales, but not all of them invest the money and time required to take true advantage of intelligence hidden in those databases.
Below is a list of the most important types of sales analysis to achieve the best returns in the retail market:
1. Sales by SKU
The first and most basic level of analysis is to examine the sales data by product and maintenance unit of stock (SKU). That is to say, every size and variation of consumption on the basis of its location in the geographic areas and over time.
2. Sales per capita
The analysis of per capita sales is one of the types of sales analysis most used, because it allows conducting the mediation, taking into consideration the location and the number of potential customers in a particular space.
The analysis of per capita sales may be based on total population, male population, female population, the adult population and/or the child population. These figures are divided by the total population of each geographical area.
3. Trends competitive
This is to track what you are doing to the retail market, that is to be attentive to the behavior of the sales of your competitors. This valuable information obtained allows a better analysis of sales, and take the necessary corrective action for the business to continue its growth.
4. Multivariate analyses
Companies always have an explanation for the success, or failure, of a product, but these analyses are not always very accurate but rather are often viewed as mythology.
This is to measure the cause and effect and to determine which variables are driving the growth or decline of your store. Once the marketing managers of the store start to build an analytical database of your company can improve it through the use of economic data historical.
5. Loyalty programs
Many retailers, have large clusters of data in relation to the loyalty programs they offer to their clients. Retailers often know exactly what a family is buying to take home, and how those buying patterns have changed over time.
Conclusion
The sales analysis provides the retail industry with a valuable information on the internal operation of a store, allowing retailers to use these data to make decisions based on accurate information.
To meet the objectives of the store, there are various types of sales analysis, focused on the various aspects involved in the trade,retail, with the goal of determining if you are reaching your sales goals.
This is possible by providing a easy way and measurable to track the sales of the store to compare with historical data.
