Retail Data 2019: 20 Retailer Stats You Need to Know - Vend Retail Blog (2024)

FAQs

How to measure retail performance 5 essential metrics? ›

US Retail Sales is at a current level of 598.58B, up from 596.52B last month and up from 594.23B one year ago. This is a change of 0.34% from last month and 0.73% from one year ago. US Retail Sales measures the total sales within the US economy excluding food services.

To calculate, divide net income by net sales, then multiply that number by 100 to create a ratio. Each industry has a different average net profit margin ratio, so business owners should compare their business's net profit margin ratio to the industry average to assess yearly performance.

The 5 Ps of product, price, promotion, place, and people are the holy grail of business for retailers and consumer packaged goods (CPG) enterprises.

With retail analytics, businesses can quickly understand customer purchasing patterns, predict future patterns, and optimize inventory. For example, Canadian Tire used self service BI from ThoughtSpot to quickly identify changing demands from customers and shift inventory in the early days of the pandemic.

A common example of a sales analytics activity is setting role-specific objectives for your team in the form of KPIs or metrics. For instance, setting a revenue target for your sales director while setting a sales productivity goal for your account management team.

US Retail Sales Growth YoY data is updated monthly, available from Jan 1993 to Apr 2023, with an average growth rate of 4.7 %. The data reached an all-time high of 42.0 % in Apr 2021 and a record low of -15.8 % in Apr 2020.

What is big data in retail industry? ›

Big data analytics in retail enables companies to create customer recommendations based on their purchase history, resulting in personalized shopping experiences and improved customer service. These super-sized data sets also help with forecasting trends and making strategic decisions based on market analysis.

What is Sales Trend Analysis? Sales trends analysis refers to collecting sales data over a period of time from multiple sources and comparing it with previous timeframes to identify patterns and project future trends.

One of the most important KPIs for retailers is sales performance. This includes metrics such as total sales, sales per square foot, and same-store sales growth. These metrics can provide insight into the overall health of a company's sales, and can be used to identify trends and patterns over time.

Gross Profit Margin Ratio. Net Profit Margin or Net Profit Percentage. Operating Profit Percentage. Return on Assets.

Metric Units

Length: Millimeter (mm), Decimeter (dm), Centimeter (cm), Meter (m), and Kilometer (km) are used to measure how long or wide or tall an object is.

What are 3 examples of a retail business? ›

Examples of retailers include supermarkets, department stores, specialty stores, convenience stores, and online stores.

With predictive analytics, retailers can create a predictive model to score customers by their likelihood to buy a certain category of products. For example, if a customer often buys cereal, they might be more likely to buy cereal bars in the snack category too.

There are three types of analytics that businesses use to drive their decision making; descriptive analytics, which tell us what has already happened; predictive analytics, which show us what could happen, and finally, prescriptive analytics, which inform us what should happen in the future.

Quick Analysis takes a range of data and helps you pick the perfect chart with just a few commands. Select a range of cells. Select the Quick Analysis button that appears at the bottom right corner of the selected data. Or, press Ctrl + Q.

Customer data can be collected in three ways: by directly asking customers, by indirectly tracking customers, and by appending other sources of customer data to your own.

For example, bar charts are best if you are looking to compare sales for different periods, while line charts are best if you want to show trends over time.

This type of analysis helps describe or summarize quantitative data by presenting statistics. For example, descriptive statistical analysis could show the distribution of sales across a group of employees and the average sales figure per employee. Descriptive analysis answers the question, “what happened?”

While the sell-through rate isn't the only metric a retailer should use to calculate product demand and how much inventory will sell (more on that later), a consistent sell-through rate of 75% or more is considered strong.

To calculate the growth rate, take the current value and subtract that from the previous value. Next, divide this difference by the previous value and multiply by 100 to get a percentage representation of the rate of growth.

What is a good sales growth ratio? ›

Growth rates differ by industry and company size. Sales growth of 5-10% is usually considered good for large-cap companies, while for mid-cap and small-cap companies, sales growth of over 10% is more achievable.

Retail analytics is the science of collecting, analyzing, and reporting on data related to a retailer's operations. It complements the art of retail. Retail analytics can apply to analyzing customer behavior, tracking inventory levels, measuring the effectiveness of marketing campaigns, and more.

Retail data refers to any facts or figures that retailers can collect about their business, which they can use to improve it. It comes in many different shapes and forms, including point of sales data, loyalty card data, and market data.

Predicts demand and managing inventory

Data analytics helps retail companies to understand the customers' buying needs and focus on areas that have high demand. The conclusion derived from data helps the companies to forecast the demand and accordingly manage the inventory.

Entrepreneurs should observe at least four types of trends—economic, social, technological and regulatory—to identify business opportunities and grow their startups. By paying close attention to economic trends, they can identify areas that are ripe for new ideas.

A trend in data analysis describes the general change in a variable with time. An example of a trend is the gradual increase in the Earth's average temperature with time due to climate change.

In order to do trend analysis, you must decide on what segment, industry, or even asset you want to use. For example, you may want to look at the bond market. Once you make this decision, you also need to determine the period. There is no consensus on the actual amount of time for the movement to be considered a trend.

The four gold standards of retail marketing are product, price, place, and promotion.

Four ways to increase business profitability

There are four key areas that can help drive profitability. These are reducing costs, increasing turnover, increasing productivity, and increasing efficiency. You can also expand into new market sectors, or develop new products or services.

What are the 12 types of KPI? ›

Retail sales is a leading indicator that tracks the amount of spending in an economy. This indicator provides information on how much money consumers are spending on various goods and services in the economic marketplace.

Your profit margin can tell you how well your business performs compared to other market players in your industry. Although there's no magic number, a good profit margin will typically fall between 5% and 10%.

Sort, shine, set in order, standardize and sustain. These are the 5 S's of the 5S Method.

Retail KPI is a defined and quantifiable measure that is used to assess the performance of a retail business. These are performance metrics that can be used in various ways to monitor and track retail performance.

According to this typology, there are four types of indicators: input, output, outcome and impact.

What are the 5 criteria in monitoring and evaluation? ›

Evaluation of a project will generally consider the indicators for the five criteria in terms of relevance, effectiveness, efficiency, impact, and sustainability, and specific evaluation factors will be developed accordingly.

So, which KPIs should you measure? For marketers, the best guidance for choosing KPIs comes directly from your Intro to Marketing class: the four P's. For you non-marketers out there, those would be product, price, place, and promotion.

Key performance indicators are comprised of four elements: a measure, a target, a data source, and a defined reporting frequency.

Key Performance Indicators are performance measurements that help you know if your business is reaching its goals and operating optimally. Use a KPI checklist to help you measure, detect and respond to dips in sales and margins and other strategic facets of your business.

Retail Price = Cost of Goods + Markup. Markup = Retail Price – Cost of Goods.

Procurement ROI is one of the most important metrics that determine the cost-effectiveness and profitability of the procurement investment. This metric is valuable for internal analysis of the procurement function.

It's determined by calculating the ratio of the number of times the products were made available by the supplier to the total number of orders placed with them. By monitoring the supplier availability values, you can establish how reliable they are in the face of urgent demands.