Retail has become vastly more complicated in recent years, with new fulfillment demands like BOPIS and rapid delivery on the customer side and bottlenecks on the supply side. As a result, the old ways of measuring store success no longer give an accurate picture of the health of a business.
To succeed in today’s omnichannel world of retail, executives must adopt a new set of data-based Key Performance Indicators (KPIs). Here are some key traits of “retail winners,” i.e. retailers whose sales outperform the norm:
- They use executive dashboards to keep top leadership informed on the business in real time;
- Findings are delivered in a manner that is clean and concise, making decision-making quick and easy; and
- They use modeling tools to anticipate operational scenarios before they happen.
To learn more about the new retail KPIs and how executives are executing on them, check out this report from Retail Systems Research.