Retail Management Identifying Each Salespersons Lowest KPI Can Boost Sales By 30%
Stick with me here for minute its not hard math.
There are five retail KPIs worth tracking at the individual Salesperson level: Sales per hour; items per sale; average sale; conversion rate; wage to sales ratio.
If you add them all up (individually) and divide by the number of staff you get the store average of each KPI.
You can now compare each Salespersons five KPIs to the store average KPI instantly revealing the MOST deficient statistic or undersupplied KPI for each individual Salesperson.
Why is it important?
Well you are now able to say with perfect clarity that:
HAD (employees) average sale of say $69 been at the store average of $114, (employee) would have sold $2803.
HAD (employees) “Items per sale” of 1.68 been at the store average of 3.02 (employee) would have sold $3471.
HAD (employees) “Sales per hour” of $129 been at the store average of $169, (employee) would have sold $1355.
And so on
Thus, $3471 is the greatest sales increase (employee) could have achieved – the deficient...