Five ways AccuStore® Drives Growth to Bottom Line
1. Understand the real difference between top performing stores and “dogs”
Use non-financial data to make sense of each store’s financial results. When sales numbers from your stores don’t seem to add up, often the answer is hidden in your non-financial data. On paper, two stores with the same resources should have similar results, but in the real world their performance may be drastically different. Non-financial factors, such as local competition, divergent product offerings, store conditions, and number of parking spots or available staffing can have an important impact on store revenues
For example, imagine two similarly appointed stores with the same number of comparable foodservice offerings, but with widely divergent revenue performance records. The reason for their performance difference may be hidden in non-financial data. Does the under-performing location have more national brand competitors than the successful location? Financial data cannot provide the answer, but AccuStore® can.
With AccuStore you have the ability to gather and compare information on local competition, collect merchandise profiles from your stores, check on department resets, fixtures, signage and even gather and review pictures of these store assets.
2. Increase Speed to Market
AccuStore shortens the traditional survey process by leaps and bounds. Imagine you are rolling out a new customer loyalty program that you project will increase gross profit margin by $1000 per store per month. Step one in the roll-out is to determine which stores need training on the program and have the room for the in store promotion. Gathering and compiling this data can take weeks—delaying roll-out of the program and thus expected sales increases.
With AccuStore the process of collecting information is streamlined dramatically. With centralized communication for your entire organization, AccuStore allows you to conduct short term, targeted surveys in order to gather limited information without having to worry about the expense of conducting surveys thorough traditional methods. When the cost of collecting data is drastically lowered, the opportunities for information gathering, and increasing speed to market based on that information, become limitless.
3. React faster to Competitors
Know how effective the competition is before they do. Reacting quickly to competition can spell the difference between growing profit and a significant dip in retail sales. But making the right tactical move in response to competition depends on having the right information. If several of your retail locations experience a drop in sales that coincides with different market conditions, accurate competitive information is key.
If several of your stores experience a drop in sales that coincides with a competitor’s promotion, you might feel that it is time to react. But can you be sure that the two incidents are linked? It’s easy to incorrectly generalize based on anecdotal information, but that’s not the best way to make a strategic retail decision.
AccuStore can help you make the right decision. With AccuStore, it is easy to track which of your retail locations share the same local competition, then compare sales of a specific product, and spot a trend. It may be that your dip in sales has more to do with geography, the local temperature or vendor problems. On the other hand, your assumption may be right, and your sales might be suffering due to fierce competition. Either way, your choice should not be based on a hunch, it should be based on data.
4. Increase Budgeting Accuracy
Knowing your stores means knowing what they need to improve performance for growth. Quantitative data gives you a better insight on your bottom line. In order to accurately predict expenditures, it is essential that you have a precise understanding of your store assets. Is it time to upgrade your display cases to a newer model? How many will you need? Most of your stores will have different equipment and display hardware. Unless you have the data at hand, how can you be certain that each of your stores is equipped to handle a new promotion, fixture or needs upgraded display cases?
AccuStore offers a simple solution to accurate budget forecasting. When a major budget expenditure approaches, use AccuStore to ensure that you know how much you need to spend by gathering accurate data on your stores. AccuStore can help keep your budget in line by making sure you can predict your expenditures based on real numbers, not guesstimates.
5. Spend Capital More Efficiently
Never over-order expensive equipment again. Maintenance and engineering present a significant challenge to large store chains. Especially in chains that have grown through acquisition, maintenance and engineering staff face significant obstacles in understanding the needs of each store in the organization. Store needs can be as individual as the people who manage them.
For example, when upgrading stores, it is difficult for managers to gather data on the specific equipment needs of each location. AccuStore allows them to get exact counts, to view the age of the asset and the date last serviced, even to view asset pictures in order to determine the condition of the asset.
As a result, managers can have exact counts for vital equipment upgrades and will never have to resort to rounded figures or multiple orders resulting from bad data. Managers know the details and can act on confirmed data before making any purchase.
Contact Accustore today to learn how to turn your data into dollars.