How much has the business sold to it’s customer in the last week? Which commodity has been the best seller? How much sales was done last weekend? Which brand has been the favorite of customers? Which store has performed most sales? The answer to all these questions can be found by a simple process called Sales Analysis.
Analyzing sales has been a well known method to determine the sales and performance of a business. A proper insight of own business is a must to pin-point short comings and innovate our way towards finding better ideas for better profits. Hence it is a necessity that a businessman must look at the pattern of sales and analyze the commodities and other factors of sales affecting it.
Working as a business without actually analyzing the sales and reports is just like cycling blindfold. One must know how has the past accepted our present business ideas and what can be changed or amended for a better future. Although analyzing sales can be a long and a tedious job if the business is not using technology to its potential. Smart businessmen these days use quick and authentic ways to analyze their sales. Using a Billing and Accounting software such as Innoventry is an easy and the quickest way to find out the insights of the business.
Importance of Sales Analysis:
Sales largely depends on the liking of the customer. A business usually targets onto a particular customer base. This customer base largely decides on the profits that the business would be earning. For instance, a particular shop or store may have stock of products with very good specifications. But the buyers may not have a better user experience with the product. Hence no matter how good the product is, the buying ratio will be quite poor.
Sales analysis helps a business in analyzing the demand of the market. The business can then get a go ahead idea on to what are the products which can lead to better sales and larger profits.
Mix-Match Your Product Catalogue
A balanced diet is must for a healthy body likewise a perfectly balanced range of product is vital for a healthy business. With the increase in buying capacity of people these days a businesses also have got wider horizon to increase sales. With the variety of people visiting stores, the need for different category of customers can be completely different from one another.
To target a larger customer base, a business must have the data on the best ratio with which people are buying different products. Once the data is in the hand, capitalizing on it to generate more sales becomes easy and pretty authentic.
Analyze Missed Opportunities
Opportunities missed never come back. But opportunities missed can help someone realize the mistakes and help us prevent such conditions in future. Analyzing the sales can help a business determine the shortcomings that may have taken place. For example, if on a day where there was sale and a product was sold out. The business can determine that on next such sale, the product shall be kept in stock for any future sale.
Also the stock and product wise analysis can help a business determine the demand of the products in various seasons. For example, if an apparel business sells more jackets than sweaters in winter season. This means that the demand for jackets is more. Hence, more jackets are to be kept in stock than sweaters. Also, quality and range of sweaters may be taken to a next level so that it catches the eyes of the customers and the sales increases.
Informed Decision Making
As businesses we try to innovate various ideas to increase sales. For instance, even the slightest detail in the appearance of our store. We try the best to display the best products in the business. But how do we know which product is the best to display? We get that detail using the sales analysis.
The business can also decide on the products to be promoted and the products which don’t need much of a promotion. This aids to an optimum use of business resources. The business can get to know the mood of the market and make a very authentic and informed decision.
How to do Sales Analysis on Innoventry?
Innoventry provides a specialized feature using which businesses and stores can easily analyze various aspects of the sales. There are a number of filters that can be applied into the dashboard to obtain a specific type of analysis.
Analyzing sales was never this easy. The sales analysis window is integrated in the Innoventry Billing and Accounting Software. So there’s no need to spend hefty bucks to get the insights of your business performance.
The dashboard shows the sales analysis also in a graphical form so that the user can analyze the sales performance at a glance. The user can also filter the time range for which he/she has to analyze the sales for. For example, if the user wants to determine the change in sale intensity after a major strategical change in the business he/she can select the appropriate dates and determine the sales graph and data. Not just this, the user also gets predetermine range of dates like, a week or month.
The user can make specific analysis on the basis of various factors such as Item/Commodity wise, which salesman made how much sales, which manufacturer brand was most liked by the customers. The business can also determine which ledgers/customers have done how much buying. This helps to determine the customer which have bought the most from the store and special measures to retain them then can be decided by the store.
Moreover the owner of business can also analyze the sales from various outlets separately by applying the “User Wise” filter. The owner can have a full control and check on the various outlets and manage them with ease.
So now that we have the power to analyze our sales, we can create better ideas and help our business grow. We can determine what permutation and combination of products are optimum to create more sales. Let’s utilize the power of knowledge that we obtain with the help of Innoventry and optimize our sales to create more profits.