There is so much that can be done to increase KPI’s in retail stores provided you don’t spend all your time complaining about a poor economy, or lack of traffic or employee turnover, etc.
You have to take action on the things you can control to some extent. And what are those things? Conversion, Average Sale, Units Per Transaction, and there are more. The key is to focus on what needs to be done.
First of all look at the calculations for these KPI’s. You can refer to a retail math book if you’re not sure of how some of them are calculated. DMSRetail offers Retail Math – Made Simple and it will walk you through everything you need to know about KPI’s, common math formulas, pretty much everything you need to know about retail math for retail store staff.
Once you know how to calculate the numbers, go ahead and do it and compare your results against benchmarks. One thing you can do to increase KPI’s is to follow this rule. Keep it in mind at all times.
Sell more items to more customers more often, and preferrably at regular prices.
Of course nothing is that easy but following this rule is a great starting point. Let us know how it works for you.
All the Success!
DMSRetail
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