14 June 2016
In any store portfolio, there are stores that under-perform and stores that exceed expectations. We can measure retail performance by monitoring revenue, gross margin, average sale value, footfall, and this data is pretty easy to come by. Whilst these metrics are important, is this data enough understand what is driving store performance?
Does your retail operations team know how to improve store performance at store level?
Retail Operations Managers know the key factors that drive success – selling effort, store presentation, operations management, and successful merchandising. But these aren’t always quantified with metrics, or monitored over time. So working out which “levers to pull”, and which of those levers generates the best ROI, is notoriously difficult. Furthermore, senior management often don’t know what is going on at store level.
With online retail you can measure sales, AOV, traffic and conversion with ease, by monitoring these metrics on the website. Changes and tweaks are instant and measuring the ROI of each lever you pull can easily be determined. The website can constantly be optimised and everyone from CEO to web analyst can monitor it.
They can, but you need the right tools.
StorIQ’s mobile optimised, cloud based software helps our customers thrive in a multichannel world. We streamline store communications, task management, store reviews and photo uploads – simplifying processes to save time, increase visibility of store performance and provide greater clarity for both store and head office teams. Our aim is to help all stakeholders – Store managers, Area Managers, and Head Office – identify what must happen to improve the performance of their retail portfolio.
When you begin to gain real insight into operational performance measures you can compare them with more typical performance metrics to truly evaluate store performance.
Want to find out how we can track your retail operations performance? Click here to find out more.