By Abe Sherman
We are excited to launch the new Balance to Buy™ Sales report. The new Sales report is an extremely comprehensive view of your sales data, which you will be able to run Daily, Weekly or Monthly.
Clients were asking us to design a sales report that they would receive automatically each day showing sales from the day before – primarily to be used to manage fast sellers and check on things like excessive discounting. While this report certainly can be used for daily sales data, we have far more flexibility in Balance to Buy™ and can expand the scope of the report to include weeks or months to the sales-reporting option.
For those of you who may want to reorder their fast-sellers every day, you will be able to receive emailed reports each day. However, for those who only want to reorder weekly, you will be able to select that option as well. Also, if you are one of the retailers who have partnered with your suppliers to help with inventory management, a monthly report, sent directly to your supplier, may be in order. There are many options.
Because you are able to set up the Sales reports as saved reports and schedule as many of them as you’d like, you will be able to design the report you would like to send. For example, if you prefer to report to your top five vendors, those reports can go to them (and you) automatically every week or every month, letting them know to fill in just those fast-sellers that are out of stock. Of course, the reports will be sent to you in Excel, so you also edit them beforehand if you’d prefer.
And as with all of the other Balance to Buy reports, you will have the option to filter and sort the data in the reports any way you would like; by store, by category, by vendor, by sales associate etc.
We have also added a new data field in the Sales reports: Days Out-of-Stock is now a reportable item. At first glance, one might ask why we need Days Out-of-Stock if the reports are going to come in every day… and, of course, you wouldn’t. However, because you have the option to run these reports for any length of time, we wanted you to start thinking about one more attribute when it comes to inventory management; how long is the item out of stock compared with how fast it is selling!
Replacing fast-sellers is Inventory Management 101, but we often have to recommend that jewelers back up their multi-selling items. One of the things to consider when ordering inventory is the time it takes to order and receive inventory from your various vendors. You can order a single item if the vendor ships in days, but what about suppliers that takes 3-4 weeks, or longer, to deliver? When considering the Average Days-to-Sell, the Total Sold in 12 Months and the lead time for that particular supplier, you may want to start ordering two instead of one. You may have heard the expression: One to show and one to go, we want to make sure that you are not running out of your best selling items.
You will find the Sales Report at the top of the Re-Merchandise drop-down menu in Balance to Buy. Please check it out, try running reports for one day, one week or one month. Sort the data anyway you’d like and set them up to come in per your schedule. If you need any help, of course, just let us know and we’ll schedule a call.