Store performance: Which reporting solution should you choose?

Performance indicators, whether qualitative or quantitative, are essential for driving the success of a retail network. From customer retention rates and online sales growth to revenue per square meter, margin, average basket size, and regional comparisons, the sheer number of indicators can quickly become overwhelming. Moreover, the need for specific indicators varies depending on the roles within your network. Which performance reporting solutions do you need to effectively execute your strategy? What advantages do these solutions offer you as a retail chain executive?

Why implement a performance reporting solution for your stores ?

As a retail leader, you establish strategic growth goals and outline the path, including means and steps, to reach them. You require a store performance reporting solution and key metrics to:

• Assess your progress towards your objectives,
• Determine if store performance outcomes align with expectations,
• Adjust your strategy based on network performance,
• Equip your in-store teams with essential operational management tools.

What constitutes effective reporting for your store performance?

An effective reporting solution consolidates extensive data and various sources. It must address specific, predefined challenges to be valuable for you, your network, and your in-store teams.

Key Features of Effective Reporting

A robust reporting tool, one that is instrumental in analyzing store performance, is characterized by the following features:

• It centralizes all aggregated data and presents it on a unified performance management platform, accessible from any device.
• It provides a clear, concise, and visual interpretation of data to understand which factors have driven or hindered your revenue.
• It contributes to the development of your strategy across geographical expansion, store size, product ranges, brands, and more.
• A reporting tool enables the assessment of your store performance, acting as the true conductor of your network.

The Advantages of a Robust Reporting Solution for Your Store Network

Three essential characteristics define an effective store performance reporting solution:

• Real-time data access for in-store operational management.
• The ability to make comparisons (periods, geographical areas, etc.).
• Access to this data from any device and location.

A robust reporting solution automatically consolidates a variety of data. The digital information retrieval chain is crucial for 1) team buy-in (reducing tedious and time-consuming tasks), and 2) data accuracy (eliminating manual entries) and analyses.

The observed data should cover the broadest scope to meet the needs of all roles within the network: customer data, inventory, sales performance, traffic, digital metrics, etc.  What insights can be gained from an effective store reporting solution?

A 360-degree and comparative view of your network

A performance reporting solution provides key real-time data on the activity of each store: sales per square meter, margin evolution, foot traffic, conversion rate, etc., with the ability to compare equivalent stores (same area, for example), geographical areas, brands, etc. This data is not only useful for your daily management but also for your long-term partner relations.

You gain a comprehensive view of the most profitable stores or those needing a review of the offered positioning, established brands, communication, promotional activities, etc.

Customer Data to Remember

The CRM (Customer Relationship Management) solution provides key insights to understand who your customers are. How many new customers signed up for a loyalty card this month? What is their average basket size? Are there regions with a stronger loyal customer base? Is the loyalty program effective? Do my teams manage it well?

All these questions are answered by a comprehensive reporting solution, including the impact of your e-commerce activity: Are your online and in-store customers the same? Do they have the same expectations? Building a promotional program should be done coherently between the web and the store.

Maximize Successful Shopping Experiences Within Your Brand

Analyzing stock-related indicators enables your teams to optimize stock turnover rates: having enough products in the right place, without having too many! This daily operational management is an excellent growth lever for revenue.

It also helps better meet customer needs. Trend analysis through stock movements provides a clear and comprehensive understanding of the offers your customers expect. Your purchasing teams know which brands to prioritize within your network and which trends to follow. 

Engage Your Partners with Convincing Arguments

A robust reporting solution aggregates a comprehensive set of data, enabling you to analyze trends and validate your decisions.

Not only does it help you forecast your future business plan, but it also assists in convincing investors and partners to support your project

Promising Future Developments

Big Data & Artificial Intelligence: New Horizons for Reporting Solutions

Big Data and Artificial Intelligence (AI) are opening new perspectives for the evolution of reporting solutions. Imagine if, in the future, your store performance reporting tool could recommend different strategies based on a multitude of data from various sources (sales, weather, social media trends, supplier price changes, etc.)? This is the exciting path ahead of us.