It was very likely that I would write on KPIs in Retail or Store Analytics since my last post on Marketing and Customer Analytics. The main motive behind retailers looking into BI is ‘customer’ and how they can quickly react to changes in customer demand, rather predict customer demand, remove wasteful spending by target marketing, exceeding customer expectation and hence improve customer retention.
I did a quick research on what companies have been using as a measure of performance in retail industry and compiled a list of KPIs that I would recommend for consideration.
Customer being the key for this industry it is important to segment customers especially for strategic campaigns and to develop relationships for maximum customer retention. Understanding customer requirements and dealing with ever-changing market conditions is the key for a retail industry to survive the competition.
- Average order size per transaction
- Average sales per transaction
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