Navigating through today’s retail landscape can be very demanding for most business owners. In order to stay ahead of the competition, you need access to in-depth reporting tools that can help you to manage your day-to-day operations, analyze your sales, and plan your future. From end-of-day summaries to detailed analytics that let you study your business from every angle, reporting can provide the information you need to make critical commerce decisions. Below we’ve shared four key reports that can ultimately improve the flow of your store.
Daily Point of Sale Reports
For retailers, you should always be aware of how much you sell, what product or service you sold and how you received payment. Consistently keeping track of this specific information on a day-to-day basis is the foundation of running a successful business. One key benefit of implementing any point-of-sale package is easy access to precise information, so it is best to opt for a solution that can offer a variety of daily point-of-sale reports that provide end-of-day balancing, summarizes your daily sales, and allows you to analyze profitability by department, user, and salesperson.
Inventory reports provide current and historical information about your inventory, helping you make pricing, merchandising, and purchasing decisions, increase your turn rate, and maximize your gross margin return on investment.
In order to be a successful business owner, you must be able to effectively meet a variety of customer demands. Today, consumers have all the control, so their opinions are of the utmost importance. In order to create a seamless shopping experience for consumers and keep them coming back again, you need access to customer reports to gain insight into their in-store experience from your shoppers’ own viewpoint. Customer reports can print detailed or summarized customer lists to review general customer information, credit ratings and credit limits, and AR payments.
Sales History Reports
Sales History reports are an essential tool you can use to run your store more effectively. These reports allow you to analyze what merchandise is being sold and who is purchasing that merchandise. These reports may be created for a selected range of items, customers, stores, dates, categories, or any other reportable criteria, and allow you to drill down to additional levels of detail. Sales History reports can be grouped by item, and then by customer, or vice versa, and include the applicable sales, quantities, profitability, and percent-of-total values.
Utilizing these key reporting tools that provide detailed information regarding your customers, inventory, product and sales can help you to easily and quickly identify retail trends and segments of your business that could be improved.