As with all KPI’s (Key Performance Indicators) it is important to keep your eye on the items you’re special ordering. Special orders are your client’s way of telling you that you don’t have what they’re looking for. And with so much invested in the stock that you already have, we want to minimize having to order items as much as possible.
We understand there will always be special orders, that we can’t have every item our customers want but if it seems like you’re doing a lot of special orders, then you probably are. What are these pieces? Do they have anything in common? Are they similar to other pieces that you already have? If so, what were the objections to your existing stock over the item that was special ordered?
The Edge & Edge Pulse can’t answer all of those questions for you but we can help you track and analyze your special orders which in turn could help improve your existing stock.
In The Edge:
- Using Reports – Inventory – Sold – by Category/by Vendor reports and using the Stock Type Special Order, you can see every special order (with pictures) for a determined time frame. Are you ordering a lot of items from a specific category or vendor? Have you ordered the same item multiple times?
- Using Reports – Rapid Reorder report you can see your fast selling items each week. A fast selling item is a great indicator that you got the right item in. Re-ordering these items quickly shows that you’re listening to your customers and will have want they want when they come in.
In Edge Pulse:
- On your Edge Pulse Dashboard you can see the percentage of your sales for the day/month/28 days that are being done through special orders. A green, yellow and red gauge indicates if that sales percentage is too high, too low or just right. Keep your eye on this each month and discuss with your associates if the numbers become out of line. Why are we doing so many special orders this month?
- Once you’ve identified specific vendors or categories where you seem to be doing a lot of special orders you can use the AdvantEdge report to help you look at fast selling merchandise in those categories or vendors that may be the same or similar to the items that your customers are telling you they want.
- You can also use the Superstore & Market Trending report to see if the category and/or vendor you’re looking at is trending up or down. Are you customers pointing you in the direction of a new trend?!
With an Edge Retail Academy Mentor:
- You can utilize an Edge Retail Academy mentor to help you understand & implement strategies in your business that are unfamiliar or a challenge. The Edge Retail Academy mentors are here for you to help make sense of it all and to help you grow. Inventory control is a key area that you may need a mentor for and only scratches the surface of what a mentor can do for you.