The Data Retailers Need for Holiday 2023
Posted: Sun Dec 22, 2024 6:57 am
Black Friday, Cyber Monday and the rest of the holiday shopping season are just around the corner. It’s an exciting time for retailers – but it can also be a source of anxiety.
Do you have what you need to keep your shelves stocked? Do your managers have the data they need to plan schedules? Are you able to track your sales throughout the season?
Analyzing your performance and making informed decisions is easy when you know what to look for. That’s why we developed Lightspeed Analytics , a new way to store, schedule, and analyze your data.
In this article, we'll cover the three biggest challenges of Black Friday poland number for whatsapp and Cyber Monday, and the data you need to overcome them:
Stocks
How to have the right products in stock?
What items have been out of stock recently? What is selling well?
Discounts and promotions
What items should I put on sale?
What proportion of your inventory is old stock?
Team management
What should your schedule look like?
Who are your best sellers?
When are your stores busy?
Take control of your inventory (and everything else) with Lightspeed.
Don’t have Lightspeed? Not sure what you’re missing. See how our platform could change the way you manage your inventory—and everything in between.
Watch a demo
The Holiday Challenge: Having the Right Products in Stock
Unsurprisingly, customers don’t like empty shelves. In fact, if the item they want is out of stock, 70% of them will go elsewhere instead of waiting for a restock.
For a successful holiday season, your inventory management must be optimized . You don't want to find yourself running out of popular seasonal products, which could cause customers to shop elsewhere.
Rather than relying on your gut and what your store managers tell you, use data to strategically manage your holiday inventory.
The data you need: Recently out of stock with sales (and sell-through rate)
To get a more dynamic picture of your inventory, check what sold out so quickly that you didn’t have time to get new inventory. In Lightspeed Analytics, we call this the Recently out of Stock with Sales report . This report shows you which items are selling well, a useful report that contrasts with your Dusty Inventory report ( which we’ll talk about later), especially if you plan to create bundles.
But maybe your orders were timely, so you have few or no out-of-stock items. Or maybe you just want a more holistic picture of your sales. That’s when you want to look at your sell-through rate , a metric that measures how efficiently your stores use inventory ordered from a manufacturer.
So you know how fast your inventory is selling. Now what?
Cross-reference the results of the two reports to get a picture of what you need to have on your shelves this season.
First thing's first: If a product is out of stock with recent sales, chances are it's a popular enough product to warrant reordering.
Do you have what you need to keep your shelves stocked? Do your managers have the data they need to plan schedules? Are you able to track your sales throughout the season?
Analyzing your performance and making informed decisions is easy when you know what to look for. That’s why we developed Lightspeed Analytics , a new way to store, schedule, and analyze your data.
In this article, we'll cover the three biggest challenges of Black Friday poland number for whatsapp and Cyber Monday, and the data you need to overcome them:
Stocks
How to have the right products in stock?
What items have been out of stock recently? What is selling well?
Discounts and promotions
What items should I put on sale?
What proportion of your inventory is old stock?
Team management
What should your schedule look like?
Who are your best sellers?
When are your stores busy?
Take control of your inventory (and everything else) with Lightspeed.
Don’t have Lightspeed? Not sure what you’re missing. See how our platform could change the way you manage your inventory—and everything in between.
Watch a demo
The Holiday Challenge: Having the Right Products in Stock
Unsurprisingly, customers don’t like empty shelves. In fact, if the item they want is out of stock, 70% of them will go elsewhere instead of waiting for a restock.
For a successful holiday season, your inventory management must be optimized . You don't want to find yourself running out of popular seasonal products, which could cause customers to shop elsewhere.
Rather than relying on your gut and what your store managers tell you, use data to strategically manage your holiday inventory.
The data you need: Recently out of stock with sales (and sell-through rate)
To get a more dynamic picture of your inventory, check what sold out so quickly that you didn’t have time to get new inventory. In Lightspeed Analytics, we call this the Recently out of Stock with Sales report . This report shows you which items are selling well, a useful report that contrasts with your Dusty Inventory report ( which we’ll talk about later), especially if you plan to create bundles.
But maybe your orders were timely, so you have few or no out-of-stock items. Or maybe you just want a more holistic picture of your sales. That’s when you want to look at your sell-through rate , a metric that measures how efficiently your stores use inventory ordered from a manufacturer.
So you know how fast your inventory is selling. Now what?
Cross-reference the results of the two reports to get a picture of what you need to have on your shelves this season.
First thing's first: If a product is out of stock with recent sales, chances are it's a popular enough product to warrant reordering.