Most retailers wish to understand more about their sales and customer behavior. They understand that the only way to do so is by collecting sales data.
Unfortunately, most of the time, their data is disorganized and split into disconnected systems — making sales data analysis complicated and inefficient. As a result, they are unable to extract valuable insights from their data.
So, Why should I look at my historical sales?
From capturing data and analyzing historical sales, retailers can identify patterns and correlate sales performance with various events happening in and around the business easily. It will also help you find out whether your business goals are being met, how certain changes in pricing or advertising impacted your sales, and so on.
Understanding Sales Pattern
To help you understand the importance of historical sales patterns, let’s take a look at this data. The graph above shows the daily sales between 2 outlets (Shahalam dan Midvalley) from 19 to 25 April 2021.
From the data above, we can see that there is a significant surge in sales for both outlets on the 25th of April, which falls on a Sunday. If this sales surge consistently happens every week, then we can conclude that Sunday will generally be the busiest day for both outlets.
Therefore, retailers need to monitor their inventory and make sure that they order enough products. Retailers can also design various promotions to drive traffic to the store during off-peak days.
Keep in mind that this is just a sliver of what you can gain from data analytics. By using a data analytics tool like SYCARDA, you can also figure out your best-selling items per outlet, average basket size, hourly sales pattern, product pairings, and so much more.
Interested in learning more about your sales pattern?
FAQ
How can SYCARDA’s data analytics tool help retailers optimize inventory?
SYCARDA’s data analytics allows retailers to analyze sales data, identify patterns, and forecast demand. With these insights, retailers can ensure optimal inventory levels and reduce excess stock, leading to cost savings and improved efficiency.
Can SYCARDA’s data analytics drive targeted promotions for my retail business?
Yes, absolutely! By analyzing sales data and customer behavior, SYCARDA can help retailers design targeted promotions and marketing campaigns that resonate with their customers, driving store traffic and boosting sales.
How can I make data-driven decisions for my retail business with SYCARDA?
SYCARDA’s data analytics provides valuable insights into sales trends, customer preferences, and operational efficiency. Armed with this data, retailers can make informed decisions to enhance their business strategies and stay competitive in the market.
