Why Leveraging Retail Data Analytics is Critical for Success
The retail business can be an almost impossible balancing act of ensuring you’re providing customers with the products they need against maintaining profit margins at a level that can sustain the business. This is made even more challenging when profit margins range from pennies on the dollar for fuel sales to more than 50% on fresh food items – without the right tools guiding your sales and marketing plans, your profits can end up deep in the red. In this blog, Success Systems provides insight into ways that retail data analytics can be leveraged into improving the overall business’s performance.
Promotions Built Around Item Sales Velocity
Targeted promotions management can be the backbone of any strong retail sales strategy. Understanding sales volume and trends help to effectively implement inventory management controls and to capitalize on consumer behavior. An effective convenience store management software package can provide enough insight to create promotional programs bundling the sale of related items into more affordable groupings and drive consumers to increase basket size. Proper data gathering through the point of sale system can also provide the foundation for a robust customer loyalty program, a great tool for gathering store analytics and using them to create programs that drive sales throughout multiple dayparts.
Fuel Sales Forecasting and Reconciliation
No convenience store management software package is complete without some form of fuel management module. Fuel supply distribution and cost management tools allow access to the analytics necessary to make fuel sales a profitable service offering by managing and maintaining delivery schedules, inventory levels, and pricing. With profit margins on fuel extremely tight, these tools also help minimize and correct sources of waste before they become a serious issue.
Informed Labor Decisions
Managing labor costs in the sphere of retail and convenience stores is already a daunting task. Turnover, training, the associated costs of benefits, labor is a huge chunk of your operating costs. However, it’s also one of the few places that with the right convenience store management software in place, you can track traffic throughout every shift, and using the resulting retail analytics to schedule enough staff to handle high volume and minimize staffing during slower dayparts.
Partner with the Leader in Retail Data Analytics
At Success Systems, we believe that store analytics and business intelligence must be concepts with which your team must be highly adept. If you and your management team are not fully invested in the concept of store analytics as the gateway to success for your convenience store operation, then you’re not going to be able to compete in a market full of competitors who have accepted this fact. The use of analytics as a business driver shouldn’t be tied to a single goal or line of business, but rather inform the entirety of your business plan, from efficient inventory management to promotions management.
Our family of data analytics products allows for the in-depth collection of data from the sales activity in your store and converts it into actionable and timely reports. The decisions you make based on this information combined with the automation in systems such as promotions management and inventory management will turn your operation into a highly profitable and competitive force within the convenience store market segment.
Contact us today to schedule a free demo of our products and services.