Top 10 Retail KPIs You Must Monitor to Succeed
In today's rapidly changing retail environment, data-informed decision-making is the secret to long-term success. Monitoring the right Key Performance Indicators (KPIs) allows brands to track store performance, find areas of improvement, and streamline operations. With a small boutique or a big retail chain, keeping an eye on these critical KPIs will keep you one step ahead of the competition. 1. Sales Per Square Foot Sales per square foot is an important measure that determines how effectively a store is making use of its space to earn revenue. A greater number suggests that the product placement, merchandising techniques , and store layout are operating efficiently. 2. Conversion Rate Having foot traffic is desirable, but more important is how many shoppers actually turn into customers. A conversion rate shows the store's capability to make browsers purchase. Having a lot of foot traffic and low conversion means there is probably something wrong with the prices, products off...