Skip to main content

Let's discuss KPI

Good morning, 

Lets discuss today on KPI ..First will learn what is KPI ?
K- Key
P- Performance
I- Indicater 

Will understand the same with attached video .
Now what are things which are comes in KPI ?
First of all will learn what is importance of KPI in retail life ..


Suppose you are doing your own business or any work where you are calculating the profit and loss you need to set some benchmark. Like if I do this much will not go in loss , or if I will do this much will be on profit. 

So the main thing is to measure your benchmark and to measure your success rate we need some KPI tools which helps us to improve our work and to identify the opportunity area .
So what we track in KPI at a retail store leval.
We track our Bill, 
ATV, 
Quantity, 
LY vs TY sale , 
Conversion, 
UPT . 

What is Bill ? 
Bill the main reason of generation the business, so this is main that how much bill we are making in a single hour ,day . 
 What is ATV? ATV means average transition value after making a bill we track that what is our bill value that we called ATV . 

Quantity:-  
Quantity play a major role in KPI 
, how much Qty we sell on daily basis that shows how much adon selling and ups we are doing.  It's effect directly in our stock and stock sell thru as well. 

Last vs This year sale :- 
 Most of the case it's 
called L2L growth which means how much growth we have in our business compair to last year . 

Conversion:- 
Conversion is depand on your footfall, that much footfall you are getting and how much you are converting, that particular amout called conversion. 
Conversion is another tool where we can major our staff KPI and selling skills as well. 

UPT:- ( Basket size)
U- Unit 
P :- Per 
T :- Transition
So it means how much unit you are selling in one bill , it's shows the extra selling and advanced selling of your staff. In our retail 
Store there are lots of category we have so staff need to sell all these available category, some of staff are good in selling footwear only and some of staff are good in selling apparel only, but all of the staff need to sell all available category. So store can increase UPT. 

Comments

Post a Comment

Popular posts from this blog

Customer service in Retail

 Hi friends,  Today we will learn about customer service in retail , customer service has a main role in retail market.  It's like give and take service, if you provide a best customer service the happy customers will give you more customers.  As its said one happy customer will give you ten new customers.  So the agenda is very clear you need to treat the customer like king once he/ she  walk in your store or shop.  So below are the some tips for a awesome🤗 customer service.  1:- GREETING: - Greetings is what we do on our daily basis, we great our senior, parents, and lots of other whom we know,  Basically greetings is there types . A:- SOCIAL GREETINGS:-  Greetings like RAM RAM, Namste, Good morning, Afternoon, Evening, are called social Greetings.  In retail mostly we follow Good Morning, Afternoon, Evening and Namste Greetings.  B:- MERCHANDISE GREETINGS:- If a customer who is walking inside of your retail outlet and weari...
Post a Comment
Read more

Retail Management - A success path

 Hi Friends, 👋 I am back with some new and interesting knowledge, where will learn how a retail can give you a successful path .  If you are already on the path to becoming a retail manager or are simply considering it, here are some important and interesting things to consider before embarking upon a retail management career. 1. You Must Have The Right Personality:-  Compare your traits to those commonly found in successful retail managers. Results-oriented Ability to motivate, train, and develop others Strong customer service skills Natural leader Patient Cheerful Good communicator Professional Good listener Strong negotiator 2. Retail Management Is More Than Just Sales Retail managers oversee everything that makes a store work, from behind the scenes functions (such as buying, inventory, and merchandising) to the sales floor (such as sales and customer service). Some common tasks you can expect to perform during your retail management career include: Hiring, managing,...
Post a Comment
Read more

importance of morning huddle.

 Hi Friends,  I am back with my new topic morning briefing importance in store .  So will know today that why morning briefing is important for a retail store team or Store . Team briefing provides: A channel for delivering clear messages and encouraging open communication. Timely face-to-face communication which prevents rumour and the grapevine from gaining credibility. ... The ability to reduce misunderstanding within your team and within other parts of the University. The daily briefing is importance to know activities are going on in order or you/staff have faced with some problem and obstacle. Then is more easy to fix it or to make effort for improvement. Maybe during the day some easy things you will not remember, but in the night or next day you will have idea what you should do, because you already have made report. After short period this daily briefing becomes usual and normal thing to do, like a habit when you say "good morning". Daily briefing is better then ...
1 comment
Read more