Retail businesses thrive on essential retail reports for sustainable growth. Retail reporting and analytics provide critical insights that help to know exactly how a business is doing.
In retail, there are reports to help you run your store better to drive business growth, enhance efficiency, and boost profitability. But it’s not always easy for retailers to know which data to look into, when it is relevant and what it means.
In this post, we explore the importance of retail reports and seven key reports every retail business should utilize for sustained growth.
Why Retail Reports are Important for Business Growth
Retail reports are essential for business growth because they provide actionable insights that inform strategic decision-making.
With all the variables surrounding businesses, business owners and entrepreneurs, including retail, must rely on quantitative data to make decisions. These data come from retail reports.
Reports help businesses understand sales trends, manage inventory, monitor expenses, and analyze customer behavior. In addition, the reports support forecasts and timely action.
By leveraging these insights, retailers can optimize their operations, improve customer experience and satisfaction, and increase their sales, revenue, and profitability.
7 Retail Reports for Business Growth
Effective retail management relies on comprehensive reporting to understand your business performance and the environment within which your business is operating. Here are 7 essential retail reports that can significantly contribute to your business growth:
1. Inventory Reports
Keeping track of your retail business inventory is essential to running a profitable business.
You want to know how much merchandise you have in-store, how quickly it sells, and which items contribute the most to your bottom line.
This information is contained in your inventory reports.
The inventory reports help retailers manage stock levels, avoid overstocking or stockouts, and identify popular products to maximize sales.
With BizKit, you can get real-time inventory management to easily and effortlessly add, edit, and track your products, set low stock alerts, and generate comprehensive inventory reports. This will help you stay on top of stock levels, reduce wastage, and never miss a sale.
2. Sales Reports
Tracking your retail sales is the perfect way to know whether or not your retail store(s) is generating revenue. Is the store performing to your expectations? Are you meeting your monthly sales targets?
This information is contained in the sales report.
Sales reports give you a clear picture of your overall sales performance. They are essential for monitoring the revenue generated by your retail stores, analyzing sales trends, and identifying peak sales periods.
Some sales reports you can generate through BizKit to get a clear idea of how your retail store is performing include:
- Daily sales report
- Sales by payment methods
- Sales by product variant
- Sales by product type
- Sales summary location (if you have multiple stores)
Generate accurate sales reports from BizKit and track your retail stores’ sales performance. The information in the sales report is used to plan marketing strategies and inventory purchases.
3. Net Sales
Net sales reports calculate total sales minus returns and discounts. Your business management solution should help you create a net sales report to reflect the store’s top-line revenue.
The net sales report is used alongside daily sales trends to understand your retail sales reports.
Tracking net sales over various periods, including weekly, monthly, quarterly, and annually, provides a comprehensive view of revenue growth and highlights areas for improvement.
Bizkit gives you your sales reports to help you track your net sales and understand your revenue growth, including items that sell more.
4. Customer Reports
When operating a retail store, customer acquisition, engagement, experience, and retention are important factors. For example, customer acquisition costs are currently on the rise—a trend that’s not slowing down any time soon.
Customer reports track your customers on different fronts, such as:
- Customer acquisition rates
- Customer engagement rates
- Customer experience rating
- Customer retention rates
- Customer purchasing power
- First-time vs. returning customers
- Customer demographics (location, age, etc.)
You’ll also be able to track customers who purchase on credit and those who return products.
These reports provide valuable insights into improving customer experience, reducing debt and understanding customer behavior with a focus on customer acquisition and retention. Analyzing customer reports helps develop targeted marketing campaigns and improve customer retention.
5. Expenses Report
While analyzing your sales and customer reports, you also need to understand your business expenses.
Expense reports monitor business expenditures, providing a clear overview of spending to help manage budgets efficiently. What is consuming most of your expenses?
- Ads?
- Cost of customer acquisition?
- Cost of operations?
- Cost of employees?
Expense reports categorize all your expenses, identify cost-saving opportunities, and ensure that the business remains financially healthy by avoiding unnecessary expenditures.
In Bizkit, you can use the statements and tax reports to understand your expenses, separating each expense according to where it went and its contribution to your revenue.
6. Inventory Report
When it comes to managing your inventory, the inventory report is a game-changer. It provides a detailed breakdown of the remaining stock for each product and variant in your inventory, enabling you to understand sales velocity and plan restocking effectively.
Additionally, you can access stock movement reports, giving you insights into how products are moving across your store.
By leveraging this report, you can ensure your retail store maintains optimal stock levels and prevent lost sales due to stockouts.
This also applies to Multi-Store Management. Managing multiple dukas or retail stores from a centralized platform like the BizKit app will help you monitor sales, inventory, and employee performance across locations, ensuring consistency and efficiency.
7. Point-of-sale Analytics
For retail stores, BizKitPOS comes with store-level analytics to help you run the store, track sales, and manage staff.
In the BizKit app, you can see key retail reports, including:
- Net sales
- Average order value
- Top products by net sales
- Inventory resorts
- Custom reports
- Real time reporting and analytics
- Staff reports
Store managers — or any staff with appropriate permissions — can view the data from BizKit and use it to support their decision-making.
BizKit offers a suite of highlighted reports designed to streamline retail operations. These reports enable retailers to make informed decisions and drive business growth.
Use BizKit to Produce Retail Businesses Reports for Business Growth
The BizKit app offers a comprehensive suite of tools that help retail businesses produce detailed reports essential for growth. With BizKit, retailers can easily generate inventory reports, sales reports, net sales reports, customer reports, expense reports and inventory sold reports. The platform’s user-friendly interface and advanced analytics provide actionable insights that empower retailers to make data-driven decisions, optimize their operations, and enhance profitability.
