Poorly performing items may be down to the quality of information or language that is presented to the buyers, so analyse the areas where you can improve your listings and adjust them accordingly. Identify not only the items that are selling well with a particular supplier, but also those items that are not selling well due to inferior or inaccurate accompanying information.
Manage inventory breadth
Take in supplier feeds so that you’re analysing your total inventory picture.
Analyse your stock and sales across channels, regions, SKUs and suppliers.
Study the sales velocity of your items and variations to see your future sales growth and spot competitive pricing swings. Calculate the best reorder times and quantities to avoid expensive stock outages.
Achieve channel balance
Analyse the performance and coverage of your products across the different channels – marketplaces, website(s), price comparison sites, daily deal aggregators, physical store(s), mail / telephone orders and so on. Look over different time periods and times of the day, and also by supplier to see where the growth areas are, as well as the areas for improvement.
Find new promotions
Analyse what the best promotions are and what products suit promotions better than others. Study which SKUs sell well with other SKUs to put together new bundles that the market is effectively identifying and demanding from you. Analyse buying patterns and use your email marketing system to deliver targeted, appropriate and relevant content.
Interrogate your performance across different countries, for specific timeframes and specific products. Identify good, profitable sales in emerging markets and further drill into performance to see what products, from which suppliers, through which channels, are accounting for the growth to provide a potential bank of delighted repeat customers for your stock.
Getting great at reporting & analysis for growth
When you’re great at reporting and analysis for growth, you can spot trends and opportunities to increase sales. Volo helps companies grow revenues through dynamic, accurate reporting, automated reordering processes and informed business planning. Home & Garden merchant Bamford Trading uses Volo for reporting and analysis and upped sales by 29% in its eighth year working with Volo.