How would you measure your business performance and progress as a retail store owner? KPIs, such as sales per employee, inventory lead time, conversion rate, and many other metrics, are critical to this process. A retail store performance dashboard can access all this data.
A retail store performance dashboard allows you to track everything, whether it’s the number of visitors your site gets each day or the number of people who complete a sale.
However, the most important question you need to ask yourself as a retailer is whether you have the right tools to access the key figures that a store performance dashboard provides. Moreover, what are the essential metrics you need to consider in a store performance dashboard? And last, how can the right point of sale software help you get the data you really need for your business growth?
Read on to find out the answers to these questions.
Key Takeaways:
- A store performance dashboard is a crucial tool for retail store owners to track and analyze key performance indicators (KPIs) in real-time, providing a comprehensive overview of the store’s performance.
- The dashboard consolidates data from multiple sources, including point of sale systems, inventory management software, and customer relationship management tools, allowing retailers to make data-driven decisions.
- Key metrics to track in a retail store performance dashboard include sales and revenue metrics, inventory metrics, customer metrics, marketing metrics, staffing metrics, operational metrics, and goal tracking.
- Benefits of using a store performance dashboard include real-time visibility, improved decision-making, better inventory management, enhanced customer experience, increased sales and profitability, and more effective marketing.
- KORONA POS is highlighted as a cloud-based point of sale software that offers a powerful store performance dashboard, providing real-time insights into sales, inventory, customer behavior, and employee productivity.
- Regular updates to the store performance dashboard are crucial, with the frequency depending on the business needs and data collection methods. Many stores update their dashboards daily or weekly to stay current on sales and inventory levels.
What is a Store Performance Dashboard for a Retail Store?
A store performance dashboard is a tool used to monitor and analyze the performance of a retail store. The dashboard provides a real-time snapshot of the store’s key performance indicators (KPIs) in an easy-to-read and interactive format, allowing retailers to quickly identify areas where their stores excel or struggle. KPIs may include sales performance, inventory levels, customer traffic, customer satisfaction, and employee productivity.
Store performance dashboards typically rely on data from multiple sources, including point of sale systems, inventory management software, and customer relationship management tools. By consolidating this data into a single dashboard, retailers can get a comprehensive overview of their store’s performance and make data-driven decisions to improve their operations.
These dashboards can also help retailers identify trends and patterns to better evaluate and determine everything from product pricing and promotions to staffing levels and store layout. For owners with multiple retail locations, these reports allow them to analyze the performance of multiple stores in a region or make important decisions about the future of their product categories.
Overall, store performance dashboards are an invaluable tool for retailers looking to improve their operations and maximize their profits. By providing a real-time overview of key metrics, these dashboards can help retailers stay ahead of the competition and provide the best possible shopping experience for their customers.
What Are the Benefits of Using a Store Performance Dashboard?
In today’s data-driven business environment, retail store performance dashboards have become a critical tool for retailers, both for brick-and-mortar and eCommerce businesses. Here are some of the benefits of using store performance dashboards:
- Real-time visibility: These dashboards offer real-time visibility into store performance, allowing retailers to see how the business is doing at any given moment. This real-time data can help retailers make timely decisions to optimize operations.
- Improved decision-making: Store performance dashboards give retailers data-driven insights into customer behavior, sales trends, and inventory levels. This information helps retailers make informed decisions about everything from inventory management to marketing and sales strategies.
- Better inventory management: Retailers can use store performance dashboards to keep track of inventory levels, monitor stockouts, and forecast demand. This data helps retailers optimize inventory levels and reduce inventory holding costs.
- Improved customer experience: They can provide valuable insights into customer preferences and buying patterns. This information helps retailers personalize the customer experience and increase customer satisfaction.
- Increased sales and profitability: Retailers can use store performance dashboards to identify sales trends and opportunities, as well as identify areas where costs can be reduced and profits can be increased. This will help retailers improve their bottom line.
- Better staff management: The retail performance dashboards can help retailers monitor staff performance, including sales, attendance, and productivity. This data can help retailers identify training needs and optimize staffing levels.
- More effective marketing: Store performance dashboards can help retailers identify marketing trends and opportunities. This data can help retailers develop more effective marketing campaigns and promotions.
7 Reports You Want to Track In Your Retail Store Performance Dashboard
Here are some key elements that should be included in a store performance dashboard:
Sales and revenue metrics
This element of the dashboard should highlight sales and revenue performance, including total sales, sales by category, average transaction value, gross margin, and revenue growth over time. These metrics help retailers to identify top-performing products and areas for improvement. Let’s break down some of these store’s financial performance:
- Total sales are the gross sales value over a specific period. This metric provides a high-level overview of revenue generation.
- Net sales are gross sales minus returns, allowances, and discounts. They offer a more accurate picture of revenue.
- Sales by product/category: Helps identify bestsellers and underperformers, aiding in inventory and marketing decisions.
- Average transaction value (ATV) is total sales divided by the number of transactions. This metric helps understand the average spending per customer.
- Sales per square foot: Total sales divided by the sales floor area. It’s a key performance indicator of space utilization.
- Year-over-Year (YoY) Growth: This is a comparison of sales figures from the current period to the same period last year, indicating growth trends.
Inventory metrics
Inventory metrics help retailers track stock levels, identify stock shortages, and manage inventory replenishment. You’ll need a solid inventory management software to have access to these metrics. This dashboard element should include metrics such as inventory turnover, days of inventory, stockouts, top-selling products, and lead time.
- Inventory turnover rate: The cost of goods sold divided by average inventory measures how quickly inventory is sold and replaced.
- Days sales of inventory (DSI): This metric indicates the average number of days inventory is held before being sold.
- Stock-to-sales ratio: Average inventory divided by sales. It helps manage inventory levels to avoid overstocking or stockouts.
- Shrinkage: The difference between recorded inventory and actual inventory, often due to theft, damage, or errors.
- Gross margin return on investment (GMROI): Gross profit divided by average inventory cost. It measures the profitability of inventory.
Learn how to manage your inventory effectively with this free eGuide.
Customer metrics
Customer metrics are essential for understanding customer behavior, preferences, and loyalty. The customer metric store performance dashboard element should include metrics such as customer satisfaction scores, customer retention rates, and customer lifetime value, and many more.
- Customer count: The total number of customers visiting the store within a given period.
- Customer acquisition cost (CAC) is the total marketing and sales expenses divided by the number of new customers acquired. It helps gauge the efficiency of customer acquisition efforts.
- Customer retention rate: The percentage of returning customers over a specific period. High retention indicates customer satisfaction and loyalty.
- Customer lifetime value (CLV): The total revenue a business expects from a customer over their relationship. It helps in understanding the long-term value of customers.
Marketing metrics
Marketing metrics help retailers to measure the effectiveness of their marketing campaigns and promotions. This dashboard element should include metrics such as conversion rates, customer acquisition costs, and return on advertising spend (ROAS).
- Return on marketing investment (ROMI) is the revenue generated from marketing campaigns divided by the marketing cost. It evaluates the effectiveness of marketing efforts.
- Conversion rate: The percentage of visitors who make a purchase. It indicates the effectiveness of marketing and sales strategies.
- Cost per lead (CPL) is the total marketing spend divided by the number of leads generated. It helps assess the cost efficiency of marketing campaigns.
- Traffic sources: The origin of store visitors, such as organic search, social media, email campaigns, or referrals. This helps allocate marketing resources effectively.
- Promotional performance is the sales and revenue generated from specific promotions or discounts, which helps assess the success of marketing campaigns.
Staffing metrics
Staffing metrics help retailers manage labor costs and ensure that they have the right number of staff members at any given time. This dashboard element should include metrics such as labor cost as a percentage of sales, employee turnover rates, and staffing levels by department or time of day.
It should also display data on employee performance, such as sales per hour, units per transaction, and customer satisfaction ratings.
- Sales per employee: Total sales divided by the number of employees. This metric helps measure employee productivity.
- Labor cost percentage: Total labor cost divided by total sales. This percentage helps manage payroll expenses relative to revenue.
- Employee turnover rate is the percentage of employees who leave the company within a specific period. High turnover can indicate issues with employee satisfaction or management.
- Average hourly rate: Total payroll expenses divided by total hours worked. It provides insights into labor cost management.
- Employee scheduling efficiency is the alignment of staffing levels with peak and off-peak hours to optimize labor costs and customer service. Having the best employee scheduling software for your retail store will be crucial to have this metric.
Operational metrics
Operational metrics help retailers monitor store performance and identify areas for improvement. This dashboard element should include metrics such as store traffic, return rates, and checkout times.
- Order fulfillment time is the average time taken to process and deliver an order. It impacts customer satisfaction and operational efficiency.
- Return rate: The percentage of sold products that are returned. It helps identify issues with product quality, customer expectations, or delivery processes.
- Operating expenses are the total costs of running the business, excluding the cost of goods sold. Tracking these helps manage profitability.
- Compliance and safety metrics: Ensuring adherence to industry regulations and maintaining a safe environment for employees and customers. This kind of store performance dashboard metric can be important for liquor store, vape and tobacco shops, CBDs, and more.
This guide has tips to help you become the best manager you can be! Plus, free printable templates and checklists are included for use in your retail store operations.
Goal tracking
The dashboard should display the store’s goals for each KPI and the progress toward achieving those goals. This can help store managers and employees stay focused on achieving their targets. By including these seven elements in a store performance dashboard, retailers can gain a comprehensive view of their business’s performance and make data-driven decisions to drive growth and success.
- KPI benchmarks: Setting and tracking Key Performance Indicators (KPIs) against industry benchmarks or internal targets to measure progress.
- Monthly/quarterly objectives: Regularly setting and reviewing short-term goals to ensure the business stays on track.
- Progress towards annual goals: Monitoring the achievement of annual objectives, such as revenue targets, market expansion, or new product launches.
- Action plan performance: Tracking the implementation and effectiveness of strategic initiatives and action plans.
- Budget Adherence: Monitoring actual expenses and revenues against the budget to ensure financial discipline and identify variances.
FAQs: Retail Store Performance Dashboard
What is a store performance dashboard?
A store performance dashboard is a visual representation of key performance indicators (KPIs) for a retail store. It provides an overview of important metrics such as sales, inventory, and customer satisfaction. This dashboard allows store managers and executives to make informed decisions about how to improve store performance.
What KPIs should be included in a store performance dashboard?
The KPIs included in a store performance dashboard depend on the goals and objectives of the store. However, some commonly tracked metrics include sales revenue, gross margin, inventory turnover, customer traffic, and average transaction value. Other useful metrics may include customer satisfaction ratings, employee performance, and marketing campaign performance.
How often should a store performance dashboard be updated?
Store performance dashboards should be updated regularly, depending on the frequency of data collection and the business’s needs. Many stores update their dashboards daily or weekly to stay up to date on sales and inventory levels. However, some stores may only update their dashboards monthly or quarterly if their data is less time-sensitive.
What are the benefits of using a store performance dashboard?
There are many benefits to using a store performance dashboard. First, it allows store managers and executives to quickly and easily access important data about store performance. This helps them make informed decisions about inventory management, pricing strategies, and marketing campaigns. Additionally, a performance dashboard can help identify trends and patterns in sales and customer behavior, which can be used to inform future business strategies. Finally, it can help identify areas of the store that need improvement, such as underperforming products or inefficient processes.
Can you build a retail store performance dashboard in excel ?
Yes, you can absolutely build a retail store performance dashboard in Excel. While it might have limitations compared to dedicated business intelligence tools, Excel offers a great starting point, especially for smaller businesses. By leveraging features like pivot tables, charts, and conditional formatting, you can create a dashboard to visualize key performance indicators (KPIs) such as sales, profit, inventory turnover, customer metrics, and more. However, for larger datasets and complex analyses, consider more advanced tools for optimal performance and scalability.
Store Performance Dashboard Example – Korona POS
KORONA POS is a cloud-based point of sale software designed for retailers of all sizes, from small businesses to large chains. It offers a wide range of features, including inventory management, customer management, employee management, and reporting. It can also integrate with other systems, such as accounting software and eCommerce platforms.
One of the most powerful features of KORONA POS is its store performance dashboard, which provides retailers with real-time insights into their store performance. With this dashboard, retailers can monitor sales, inventory levels, customer behavior, and employee productivity all in one place. This information can help retailers make data-driven decisions to improve their operations and increase profitability.
Below are some specific benefits of KORONA POS performance dashboard:
- Real-time sales data: Get sales data as it happens, so you can react quickly to trends and make adjustments as needed.
- Inventory management: Provide up-to-date inventory levels and alerts for retailers when products are running low or out of stock.
- Customer insights: Track customer behavior, such as purchase history and preferences, to personalize marketing and improve customer experience.
- Employee performance: Monitor employee productivity and track sales performance.
Store Performance Dashboard: Conclusion
As we’ve explored, the benefits of implementing a store performance dashboard are numerous. From real-time visibility and improved decision-making to better inventory management and enhanced customer experiences, the impact on your business can be transformative.
By focusing on the seven key report areas we’ve discussed – sales and revenue, inventory, customer metrics, marketing performance, staffing, operations, and goal tracking – you’ll be well-equipped to navigate the challenges of retail and seize new opportunities.
Remember, the true power of a performance dashboard lies not just in the data it presents, but in how you act on those insights. Regularly reviewing and updating your dashboard, setting clear goals, and making data-informed decisions will help you stay agile and responsive to market changes.
As you consider implementing or upgrading your store performance dashboard, solutions like KORONA POS offer robust features tailored to the needs of modern retailers. Whichever tool you choose, investing in a comprehensive dashboard is an investment in your business’s future success. If you’re interested in knowing more about KORONA POS, click on the button below for a demo.
