Why Should we hire you? Why should we hire you is another one of the most important job interview questions asked in the interview and if you are not prepared for this question well in advance then it will be the toughest. So prepare the answer beforehand. To answer this question then you should have a good understanding of the key requirements of the job. To answer this question you should highlight what makes you a perfect candidate for this specific job opportunity. Describing the selling points relevant to the job such as job experience, industry experience, technical skill and company cultural fit will ensure your success in getting this job opportunity. If the job opportunity requires a change in industry or career, you should convince the interviewer that your experience and background will match the new role. This has to be done i f your experience does not match directly with the job. And if the job candidate has little or no experience then you should convince the ...
Different Types of Reports in Retail
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Management Information System is very important in retail store operations which help in decision making concerning the business. There are various kinds of reports one needs to maintain in retail for the smooth operations of the store. Here we will be discussing some of the most important reports used in retail for the decision-making process.
1) Daily Store Sales Analysis Report:
This report has all the sales data of the particular store. The day sale, Week sales, and Month sales are part of this report. This is the most basic report and every retail store will have this daily sales report. The report also contains the Department and Category wise sales which specify which department has done how much sales for a specific period of time.
2) Store Manager Recap Report:
This is the most detailed report which contains all the operational parameters and KPIs of the store. Store Manager Recap report is extracted daily and it contains previous day sales, Week Sales, Month Sales and Year till date sales. This Report also has the KPI's which include Average BIll Value, Units Per Transaction, Number of footfalls for the store, Conversion rate, Average Selling Price of the product, Gross Margin, and all the department sales in detail.
This report also mentions the Inventory present in-store, Sell Through Rate, Inventory Turn over and Top 5 and Bottom 5 articles selling for all the departments. POS wise sales and all the commercial aspects are also covered in this report - Total Cash Collected, Card Payments, Payments through gift cards and Loyalty payment made, all the things are covered in detail in Store Manager Recap Report
3) Sales KPI Report
This report has in a detailed analysis of all the KPIs of the store which are Sales Achievement, Gross Margin, Net Margin, Conversion Rate, Average Bill Value, Average Selling Price, Sales Per Square Feet, Customer Complaint closure rate, Net Promoter Scores - with help of this report one can analyze how well the store is performing and also one can analyze this report to make sure all these parameters are improved and KPIs are taken care of.
4) Zero Sales Report:
Zero sales report contains the articles which are not sold within a given period of time. This is an SKU-wise sales report that shows how many products made ZERO sales in a given period.
What is the importance of the Zero Sales Report? Is this report generated to "never source the items again"? No, Absolutely not. This report is generated whether the Zero sales article is displayed on the floor or not. Most of the time the ZERO sale article will be kept in the store warehouse and also it may be displayed on the floor wherein the customers cannot find it. Because of this, it might have not sold and it will be reflecting ZERO sales report
5) Top 10 & Bottom 10 Article Sales Report:
As the name of the report suggests, it contains the Top 10 and Bottom 10 articles which are sold in a specific period of time, this is a department and category wise sales report. It contains Top 10 and Bottom 10 selling articles from all the departments and categories.
What is the importance of this report? This report will help in planning the inventory. One must make sure that we have sufficient stocks of Top selling articles so that those will not be Stock Outs. Also, we much check whether we have sufficient stocks of Bottom 10 articles, sometimes due to stock-outs, the article might be reflecting in the Bottom 10. If we have sufficient stocks of Bottom 10 selling articles then we must think of maintaining the stock in minimum quantity as it is not selling in the retail stores.
6) Sales by Category Report:
This report will help understand how much sale is the particular Product Category contributing to the overall store sales. This report can be generated on the department level as well as a product category level.
For Example, You can generate reports of the Men's Department as a whole and Men's Formals Sales, Men's Trousers Sales, Men's T-Shirts Sales, Denim and Jackets sales, etc. Similarly, it can be done for the Women's Wear And Kids wear category also.
7) Service Quality Audit Report:
Service Quality Audit report also called the Mystery Audit report will tell the service level and service standards of the given retail store. The mystery audit happens once every month and the auditor will judge the store on the following parameters:
- Look and Feel of the store
- Cleanliness of Store Facade
- Digital LED Signages working or not
- Staff Grooming and Approachability
- Product Availability
- Display Standards of the store
- Exchange Policy
8) Inventory Management Reports:
Inventory management involves proper maintenance of the stocks, in- warding and outwarding as per the SOP, and maintaining overall healthy inventory. To track these we have some of the important inventory reports, which are:
Inventory On Hand Report - This report will give the details about your existing inventory in the store. This report will help us to understand what all inventory we are carrying in our store.
Sell Through Report - this report will help us understand the amount of inventory sold in a given period of time, relative to the amount of inventory received within the same period of time at the retail store.
Low stock Report - This report will help in understanding the low stocks at a given point of time, with this report we can analyze that which inventory needs to be reordered and which inventory has to be stopped sourcing based on the sales trending.
Inventory Performance Report - This report has details like Inventory turnover, Item fill rate, and Inventory accuracy rate which will help in analyzing the inventory of the retail store.
9) Employee Sales Report:
Employee sales report will give the details of the sales which is done by each employee of the store. The Sales will be recorded on the employee sales ID and through this, we can understand which employee has done how much sales. This is very important to know and evaluate the productivity of the sales associate. Here, the employee sales can be taken according to department and category.
10) Profit and Loss Report:
P&L report is the most important report as it will tell how well your business is doing and also we can get to know the profit made by the retail store for a given period of time. P&L is a monthly and yearly report in retail. The Components of the P&L are Sales, Gross Margin, Net Margin, Marketing Cost, Supply Chain Cost, Rent, Staff cost, Utility Cost, Security and House Keeping cost. All these will help in understanding what is the expense made by the store to carry out the operations. This is called an Operational expense - the expense made to run the store on a day to day basis.
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