Many successful retail stores still use old, bare-bones checkout systems.
While these work well enough for basic transactions, they don’t offer much insight into how your business could be streamlined. Point-of-sale (POS) systems designed with retailers in mind are loaded with reporting functionality to increase sales and minimise waste.
If your retail establishment has recently transitioned from basic checkout to a POS system, or if you’re simply considering doing so, this guide can serve as an introduction to basic reports that many retailers may find useful.
Most retail POS systems allow remote managers to view real-time sales data, but past sales reports can also be helpful. The ability to view retail sales reports by date ranges as well as times, down to the hour, can help you compare your business’s success during various times of the day, week, month and year.
Cost & Profit Analysis:
Identifying top sellers is easy, even without specific reporting software, but items that sell in the largest quantity aren’t necessarily the ones netting you the most profits. POS retail reports break down sales in terms of the itemised cost for you, retail margin percentage or amount, and profit.
Inventory Management Reports:
Retail POS systems make inventory management a breeze. Inventory management reports allow you to track stock based on SKUs, even across multiple locations. Inventory management isn’t just for maintaining existing inventory but also for tracking quality. In a good inventory management system, you can see how many damaged goods you’ve received from different vendors, and how often you’ve had to send things back. Identifying low-quality suppliers is key to maintaining high retail standards.
Store Comparison Reports:
For small business owners who have multiple retail locations, reports that provide side-by-side comparisons are invaluable. You might find that one of your shops sells more of a certain type of product than the other, or that each shop experiences peak selling at different hours or times of year. Comparisons can also help you see the differences in your staff at various locations and identify weaknesses and strengths on your sales team.