Are you tired of feeling behind in trying to keep up with the latest retail trends and changing customer preferences? One key to staying ahead is your supplier sales data.
Monitoring your suppliers' performance can be a key differentiator. This often overlooked strategy works by pigging on the backs of your suppliers. You look to see which supplier is working and then move to them while using fewer of those that are not working. This can revolutionise your inventory management.
Why Supplier Sales Trends Matter More Than You Think?
In today's retail battlefield, knowledge truly is power. Here's why keeping tabs on your suppliers' performance is a game-changer:
- Spot emerging trends before they hit the mainstream: Be the first to stock the next must-have item.
- Make inventory decisions backed by hard data: Say goodbye to guesswork and hello to optimised stock levels.
- Negotiate like a pro: Use sales trends to secure better deals and terms with your suppliers.
- Align your shop with market shifts: Stay nimble and adapt to changing customer preferences.
Let's explore how your POS software can unlock these powerful insights.
Supplier performance tracking
- Open your POS system's reporting module
- Go to the register sales reports and call up the "Sales Comparison by supplier"
- Set your date range (e.g., current financial year vs. previous year)
- Choose to view results as percentages for easier trend-spotting
I prefer to look at percentages as it shows trends.
Hit "View Report" and watch the magic unfold!
What You Might Discover: Retail Market Trends
Imagine stumbling upon this eye-opening data:
Key Takeaways:
- ABC supplier is on fire! Their products are resonating with your customers.
- The drink supplier is losing ground. Is it time to review their range? My advice would be to start some negotiations with their reps. The existing strategy is not working.
- Eco Essentials is gaining traction. Riding the sustainability wave?
- The card supplier has taken a significant hit. Economic factors at play?
Digging Deeper
Your POS Software here offers a treasure trove of additional metrics:
- Profit margins: Your profit, both in absolute and percentage, as well as the change.
- The average price you sell: Check what price you are getting and check to see what others are getting. In my experience, it is interesting if there are wide changes between what you sell at and what others do.
- The number of sales: I consider each sale to be a vote, check how your customers are voting for your products
From Data to Action: Supercharging Your Retail Strategy
- Schedule supplier check-ins: Share insights and brainstorm ways to capitalise on trends.
- Retail inventory management: Boost stock for rising stars and pare back on underperformers.
- Retail sales optimisation: Highlight products from trending suppliers.
- Supplier negotiation strategies: Use data to drive better deals and partnerships.
Your Turn: Unleash the Power of Supplier Insights
Don't let this data goldmine go to waste! Dive into your POS reporting features today and start uncovering the stories your suppliers' sales are trying to tell you. Your shop's future success might depend on it.
Remember: Your POS is more than just a fancy till – it's your crystal ball for retail success. Use it wisely, and watch your business thrive!
