Salient’s performance applications for retail are specifically designed to deliver the instant answers that help your store and category managers, merchandisers and buyers make the decisions that maximize profitability down to the store, department, shelf, facing and square inch. It’s everything your professionals need for more efficient buying, selling and promotion management.
Optimize Promotion Pricing, Locations and Timing
Pricing is one of the key levers for increasing customer value and maximizing profitability. Discounts and promotions can certainly move more product. But do they produce the long-term results that are good for your business?
By matching survey and third-party price-to-consumer information with your own POS data, Salient’s retail solution shows at a glance — for each store and/or store attribute — when a product is priced too low for profit, too high for volume or too frequently to keep the consumer’s interest.
- Discover the best price point for any brand or product SKU
- Offer promotions at the most effective frequency
- Measure any promotion’s effect on regularly-priced products
- Track promotional efficiency for any product SKU over time
- Find performance outliers by price, volume, margin or any other measure
- Master timing for feature ads
- See product flows and profitability shares by vendor
- De-list losers sooner to eliminate unnecessary inventory and mark-downs
Fine-tune Category Management
Salient’s retail solution correlates invoice data, scan records, cost of goods, vendor rebates, plan-o-gram data and more to help you optimize space, increase sales volume within your category and accelerate inventory turnover. In seconds, you can see a complete picture of net profitability by day, individual SKU or unit of facing or floor space. Drill down for further insight, or roll up any grouping to look at performance by vendor, department, store or territory.
With Salient’s retail solution, previously hidden or latent information becomes immediate and actionable:
- Product movement and actual profit-to-space ratios
- Promotional event profitability and cannibalization within product line or category
- P&L, ROA, ROE even EVA down to the store, department or SKU/vendor level.
Allocate Space Most Effectively
Are your top sellers getting the facing they deserve? Are facings in general in line with revenue? Are all your stores following the most effective planogram? Salient’s retail solution correlates facing and overall layout to correlate space allocation to sales and show you where changes could maximize revenue and profit per square foot.
- Monitor allocation of SKUs by store
- Spot trends and possible problems
- Correlate causal changes in shelf space or position with changes in volume, revenue, cost or margin
- Monitor days on hand and out of stocks
- Identify opportunities for increased sales
- Optimize product turns
Track Loyalty Program Results
Salient’s retail solution draws on census and loyalty card information to show if sales results are coming from the customers, territories or stores that are getting your marketing dollars. Optional Geo-spatial analytics let you see the facts from many geographical perspectives: all customers at once, by demographics such as income level, gender, ethnic group, by location such as county or zip, or by sales characteristics such as customers whose purchases represent significant profit. Choose the performance criteria important to you, then instantly map locations that pass or fail. Or drill into specific areas or even individual locations for deeper analysis.
Bring in time-and-attendance data and employee performance metrics and Salient’s retail solution can help managers optimize scheduling and improve associates’ productivity. Salient’s retail solution correlates store traffic, volume and revenue with employee head count, hours and payroll costs, enabling managers to match skill sets with shift needs to assure the right staffing for traffic, promotions and seasonal changes. And by comparing total and average sales, as well as shrink, to associates on duty and hours worked, managers can identify top performers and those who need improvement.
Get More Value Out of Your Traffic
Turning browsers into buyers is one of the toughest challenges in retail. Salient’s retail solution can integrate traffic and ring counts with transactional data to determine conversion rates and provide immediate insight into the relationships of traffic to labor, volume and profit. Salient’s retail solution can show you which stores have your lowest conversion rates and what else might set them apart from your more successful locations. Will a change in signage, promotions or layout get shoppers to spend more money? Are there opportunities for cross-selling? Salient’s retail solution reveals connections and possibilities you might not otherwise see.
Salient’s retail solution’s inventory tracking delivers new insight at every stage of product flow from supplier to consumer. It automatically computes ratios of inventory and supply chain constraints to volume and turn, helping improve re-stocking and re-order timing. Managers can more easily determine reasons for stocking errors, and make necessary adjustments to achieve maximum supply chain efficiency. Near-real time data on vendor pricing and variances, on-time performance and fill rates provide continuously up-to-date P&L and net productivity by SKU —information you can use to optimize vendor performance.