July 22, 2019

Ending Inventory Formula: How To Calculate EIF

When it comes to important calculations for your business, ending inventory formula is one that’s super important. Ending inventory formula is used to calculate the value of goods available for sale at the end of the accounting period. When it comes to inventory management and utilizing your POS data, these formulas can play an important… Read more »

July 20, 2019

Inventory Control: What Is It And How To Control Any Amount Of Inventory

If you’re familiar with inventory management, you’ve likely heard of “inventory control.” Just in case you haven’t, inventory control refers to the process used to maximize a company’s use of inventory. The main goal of inventory control is to generate the maximum amount of profit from the least amount of inventory. Among companies that have… Read more »

July 16, 2019

Demand Forecasting: What It Is And What You Should Know

The definition of demand forecasting is exactly how it sounds, it refers to the process of using historical sales data to build an estimate of an expected forecast of customer demand. The purpose of demand forecasting is to provide your company with an estimate of the amount of services or goods that customers will purchase… Read more »

July 13, 2019

Price Analysis VS Cost Analysis

While both price analysis and cost analysis are familiar terms in business, the two terms are sometimes confused with one another or their true meanings are took out of context. We want to help you clear them both up as business analytics are always valuable to a company that knows how to read such data.… Read more »

July 12, 2019

What Is Price Elasticity Of Demand?

Price Elasticity is used by economists to understand how supply or demand changes work in the real economy when price changes are made to a product or service. When it comes to setting the prices for your products and services, it can be a difficult decision to face. At some point, every company or business must… Read more »

July 5, 2019

Forecasting Inventory: How To Do It Right

It doesn’t matter what type of business you run, an online ecommerce store or a brick and mortar store, inventory forecasting is vital to the success of your business. Think about it, what happens if you don’t have enough inventory on hand? Simple, you lose sales! What happens if you have too much inventory on… Read more »

July 5, 2019

POS Reporting: What It Is And How It Can Grow Your Business

While there’s a number of different data points that can help your business grow, few are as important as the insights you get back from your POS. If you’re a retail business, analyzing sales data, inventory performances and employee sales is vital to the growth of your company. Before we dive in, what are POS… Read more »

June 7, 2019

How To Use Business Analytics To Fuel Your Company Growth

Business Analytics (BA) refers to the practice of exploring a company’s data with a core focus on statistical analysis. Business analytics is used by companies that are committed to data-driven decision-making, which is vital for fueling the growth of your business and gaining a competitive advantage over your market. It requires quantitative methods and evidence-based… Read more »

May 1, 2019

5 Ways to Increase your Sales in 2019

Retail can be a volatile space – at times, it’s a feast-or-famine situation. Many times, a sharp decrease in sales are due to factors outside of human control such as bad weather, product recall, new competition, changing consumer preferences, etc., but there are plenty of ways to combat the bottom-line-eating “slump” in sales. Your business… Read more »

April 24, 2019

Generational Differences in Your Retail Consumer Base

Buy Now If it seems like Generation Y consumers are always shopping with their phones, well, they are. New research from GfK shows that 73 percent of those ages 29-38 report using a smartphone for shopping over the last six months. That’s compared with just 33 percent of baby boomers (ages 54-72) and 59 percent… Read more »