How to Increase Sales at Your Lowest Performing Stores
You know which of your stores are performing poorly, but do you know the why behind the low sales figures and how to address it? Point-of-sale data is like an iceberg — there’s a mountain of data beneath the surface, and you only see the fraction above the waterline. But sales opportunities lurk below, begging to be addressed. We’ll show you how krunchbox illuminates those opportunities and leverages your POS data to help you cluster the right products in the right stores to drive incremental sales.
Stores are Unique
Every store has a different profile. Different demographics, different competitive set, different seasonality, different promotional calendar, and so on. So it stands to reason that the assortment should reflect those differences. But how? Point-of-sale data empowers you to build sophisticated models and insights into how best to optimize your inventory.
Free Up Working Capital
Look at your low performing stores and identify which store/article combinations are growing and which ones have peaked. Use the 80/20 rule to see the twenty percent of items generating eighty percent of your sales. Then free up working capital with poorly performing items and increase stock depth in the twenty percent of items bringing in sales. With krunchbox’s Quadrant Analysis tool, you can create a pareto analysis of your range to visualize relative contribution to performance and determine where working capital is being tied up and where it is needed. Consider reducing the width of range, but increasing depth of best sellers to drive higher sell through.
Fix Out of Stocks
Do you know the value of sales missed each week through out-of-stocks? Krunchbox gives you an out-of-stocks percentage and the ability to drill down to store/article level. With krunchbox, you’ll be able to quantify the value of sales missed, prioritize high-value articles and fix the high-value opportunities. Furthermore, you have visibility of slow moving articles and where stock is sitting so you can take action and shift stock before it becomes an issue.
How to Optimize Your Inventory and Increase SalesFree Download
Adjacencies and Communication
Where your product is located in store can have a dramatic effect. If you can, locate the products where they make sense in terms of related categories. Logical associations create impulse purchases. Also, give customers appropriate information about your product range to assist them in understanding the choice they have. Make it simple for them to understand, identify features and benefits, and then find the product that meets their need.
Retail is dynamic and it can be a struggle to quickly assess priorities and take action. You need to optimize your supply chain to be responsive so that you can replenish the better sellers, faster. With krunchbox, your time to action goes from two weeks to two minutes. Our quadrant analysis, built-in dashboards and real-time alerts help you identify opportunities as they come in, so that you can prioritize and pick your battles based on facts.
Collaborate: Key to Increasing Sales
Unless you can share your insight with others who can help you capitalize on it or fix it, you are compromised. Krunchbox helps you quickly identify anomalies in your data and share insights with all of your supply chain partners. Armed with actionable insights, krunchbox helps you head into meetings with the knowledge you need to make impactful decisions that increase sales for both you and your retailers.
Demo krunchbox with your own data and see how to drive incremental sales with real numbers. When you sign up for a demo, we load your own retail data into our software so you can experience the full benefits of krunchbox for your organization. We offer month-to-month, all-inclusive pricing for unlimited users, with no fixed-term contracts. That means no risk for you – just more sales and better stock efficiency. Contact us for a no obligation trial!