Knowledge is power, or so the saying goes. Thanks to Electronic Point of Sale technology and sophisticated analytics, modern retailers have access to unprecedented amounts of information concerning customer wants and needs.
But gathering data and putting it to good use are entirely different things. Without the right application, even the most complete dataset can become a hindrance. Unfortunately, the volume and complexity of the data in question often makes it tricky to act upon.
Data made meaningful
Successful charity retailers are like any other kind of successful organisation: they observe their environment (in this case, consumer behaviour) and adjust their behaviour accordingly. Without that observation, after all, we’re all fumbling blindly (and often ineffectually).
Guesswork and instinct will get you so far, but eventually a lack of quality data will lead to mistakes. That’s where we can help. We can tailor your EPOS system to create bespoke reports that you can understand. That way, the strategic decisions you make will be informed by the data you collect. That way, they’ll be rooted in reality. But more than that, you’ll also be able to arrive at them quicker, and with greater confidence.
Accounting for every variable
Of course, customer behaviour is driven by many variables. Failure to account for an important one can lead to a misinterpretation of the data. You might conclude that surging sales are an endorsement of your new visual merchandising, when they’re really being driven by a change in the store layout.
We can account and adjust for every possible factor, and thereby zoom in on what’s really driving your business.
To do this, we make use of data from your EPOS system.
The right EPOS should produce reports contents can be quickly taken in by your store’s team decision-makers. This means a dashboard that’s free from clutter, and which provides an at-a-glance indication of:
Product Category performance
Gift Aid performance
Stock donation performance
Cutting through the Noise
We can filter your data to provide a better insight into your business and how it is performing. As well as cutting out unnecessary formatting issues, we can also tailor reports to the requirements of the individuals who’ll be reading them. Every decision-maker in your organisation will be interested in slightly different data – we can make the process that much easier, and cut out mistakes, through bespoke reporting. That way there’s no need for one manager to wade through irrelevant data to get to what’s important.
Measuring Performance Effectively
Data allows us to measure the performance of every product category against industry norms. Through it, we can identify areas of weakness before implementing fixes. By the same token, we can look at where your strengths are, so that you can optimise your floor space according to what’s going to sell.
A little bit of training can help your decision-makers to understand what it is that they’re acting on, and limit the opportunity for misunderstandings.
Effective use of data allows issues to be identified and corrected before they have a chance to escalate. Early intervention can make the difference between a problem that lasts for a few days and one that persists for years. You can’t intervene to correct a problem you don’t know about – and that’s where proactivity comes in.
Seeing the Big Picture
If you’re spending lots of time trying to parse the fine details of the available information, then you may lose sight of the big picture. By having the data arranged in a way that’s comprehensive and comprehensible, managers can enjoy the freedom that comes with perspective. They can take a broader, ‘helicopter’ view of the entire organisation, and make decisions that are right for everyone.
Regular Performance Dashboard
When we make the data-analysing process easier, we allow it to be done more regularly. A weekly performance dashboard provides automated briefings to everyone who needs them.
Our extensive experience of working with various EPOS systems means that we’ve come across every situation – and so we’ll be able to help you develop a reporting solution that’s right for you.
Need help monitoring the performance of your business? Come speak to us. We can help you to stay informed – and to make evidence-driven decisions that are right for your charity.
We would like to take this opportunity to say thank you for the amazing work carried out by the Charity Retail Association; not just at this difficult time, but day in and day out. Their leadership, guidance and support helps to bring to life the vision of a successful charity retail sector in the UK. As a corporate member, we’re incredibly proud to work alongside the Charity Retail Association as an advisory body and highly recommend all charity retailers to join this informative and knowledgeable community, which strives everyday to be The Voice of Charity Retail.
Get In Touch
Charity Retail Training & Support Services 78 York Street London W1H 1DP