This post was originally published on April 16th, Do you know your sales trends by product type, region, or time period? Do you know how much inventory you have of each product? They want to know the right levers to push and pull to increase sales and customer satisfaction. However, there are many obstacles in their way that keep them knowing this insightful information. This post will discuss what capabilities you need to effectively perform sales trend analysis and what the benefits are to your business when using them.
Performing sales trend analysis gives you valuable insight into the inner-workings of your business. When looking for trends or patterns in your sales data, you can determine both opportunities and potential problems. You can track if a particular product is increasing or decreasing in sales. If an item is selling off the shelves, you can be sure to stock inventory accurately across channels. All retailers should have the ability to become data-driven businesses. With the right capabilities, you can have confidence in the decisions you make because they are backed by your own data.
To perform sales trend analysis, you need a place to input and analyze your sales data. There are many available resources online that help users understand and use Excel to its full. Another option is to use a platform built for business intelligence. There are software options that automatically pull in data from your different systems. They then provide the same type of powerful dashboards and reports, without all the manual inputting and analysis work on your part.
You need a unified view of all orders and inventory by product, category, sales, and more to map KPIs to actual sales. This allows you to have a trusted source of data so you can make accurate and timely decisions like when to move inventory from one location to another or mark down products.
It then becomes difficult and time-consuming to make accurate and impactful interpretations. Data visualization tools, like a sales dashboard, make it easier to analyze your sales trends.
People respond better to numbers in a graphic format. When comparing business intelligence platforms, be sure to check out what tools are available to create graphs and tables. Your sales dashboard should be accessible by any device — phone, tablet, or computer. You can also easily share it across your business. You can collaborate with others on what needs to be done. A business intelligence platform offers the best mobility. When evaluating a business intelligence solution, look for something that is cloud-based.
You need to be able to narrow it done to specific locations, product lines, or sales channels. This granular view is important when understanding your business as a whole.
Being able to drill-down to more precise levels makes sure you understand every aspect of your sales. You need to be able to analyze your sales trends over a particular time period. You then can adjust accordingly. You can determine if the measures you took after last year helped you meet your goals this year. When you combine these capabilities, retailers can gain major benefits from performing sales trend analysis. You can take your business to the next level. Any business intelligence platform should give you the ability to do time-based analysis, but evaluate which ones allow you to do it the easiest.
Your ability to do time-based analysis in Excel depends on how you have your data structured. But, you can unlock a lot of interesting trends by using pivot tables and filters to realign different data sets.
Keep in mind that many of these capabilities rely on what endpoints you use and how they are integrated. This can lead to sales information that is rarely timely, accurate, or actionable for store associates and management teams. To gain better control of your sales data, you might first want to consider upgrading your technology stack. Legacy, on-premise eCommerce, ERP, or POS software could be holding you back from managing your planning, purchasing, inventory, sales, marketing, and finance functions.
You need user-friendly interfaces that integrate well with your other systems. After choosing the right platform, the next step is integrating your systems. Capabilities like gaining a single source of all sales data, real-time data updates, and anytime, anywhere access rely on system integration. Your frontend sales channels should be tied to your backend fulfillment locations so you can sync data between your systems. This provides you with one point of control for your operations.
See how an integration platform like nChannel can help. Being able to effectively analyze your sales trends can have a major impact on how you run your business. Through your data, you can gain valuable insight into your operations. Through key capabilities, like real-time updates and data visualization, you can make better informed business decisions. To analyze your sales trends, you can use Microsoft Excel or a business intelligence platform.
With many available online resources, mangers can use Excel to create customized dashboards of their sales trends. See articles about whether pay to join loyalty programs are effective, preparing…. BigCommerce and Magento are two leading eCommerce platforms available for sellers. The Importance of Sales Analysissales opedia sales opedia.
It is not really easy to connect all possible factors and calculate all needed ratios. We use special tool for trend analysis from neoneuro pivot table which suggests ready-to-use analytic dashboard. Histograms show the maximum dropdown for regions, products, etc. December 5, Shopify vs Etsy: Should You Sell on a Marketplace or Website? If you need support with your nChannel implementation, send us an email at: We're here to help!
The Benefits of Using Sales Trend Analysis Performing sales trend analysis gives you valuable insight into the inner-workings of your business. How to Perform Sales Trend Analysis To perform sales trend analysis, you need a place to input and analyze your sales data. How to Do It A business intelligence platform offers the best mobility. How to Do It Any business intelligence platform should give you the ability to do time-based analysis, but evaluate which ones allow you to do it the easiest.
Choosing the Right Systems and Integrating Them Keep in mind that many of these capabilities rely on what endpoints you use and how they are integrated. What to Do Next Being able to effectively analyze your sales trends can have a major impact on how you run your business. Sign up for Multichannel Insights! See articles about whether pay to join loyalty programs are effective, preparing… view article. Learn key… view article.
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