Introduction:
Key Performance indicator app provides performance measurement capability to an organisation. A good KPI will help you and your team to understand whether you’re going in a right direction to achieve your predetermined. We have defined certain KPIs for Retail are:
Retail KPIs
- Sales By Region: Thorough analysis of multiple regions will provide better feedback for underperforming regions. This will help you meet the sales objectives by taking certain strategic decisions.
- Cost Of Goods Sold:By tallying all production costs for the company’s product will give a better idea of product mark-up and your actual profit margin. This information will play a key role in outperforming your competitors.
- Percentage Of Product Defects:the lower you can get this number, the better. It will reduce the losses and increases the profit margin. Also, it will help in reducing the operation cost, wastage of resources and efficient inventory management.
- Number Of Customers:This goes without saying, this is one of the most important performance indicators out there. By determining the number of customers you’ve gained and lost, one can further study the areas of concerns where we are unable to meet customer’s requirements.
- Customer Churn Rate: Make the customer happy and they will continue to be your customer. This metric indicates the ratio of customers that either fail to make a repeat purchase or discontinue their service during a given period. There are multiple performance indicators to measure CCR, including customer satisfaction scores and percentage of customers repeating a purchase.
