As a retailer, it is important that you have access to product sales data and understand how that data plays a role in your business’ success. You should be able to quickly pull information on your best selling products and use this data to make smarter purchasing decisions, improve customer satisfaction, and increase sales. However, considering all you have to manage in a day, it can be tough to find a solution that simplifies sales reports and provides you with the information you need to grow.
This is where Stitch comes in. Stitch, an inventory management and multichannel selling platform, provides you with real-time analytics from all of your sales channels in one location. No more exporting data from different channels and dealing with Excel spreadsheets. We give you access to more than 30 different reports including sales by product, variant, customer and more, all in one beautiful application that you can access from anywhere.
But accessing these reports is just the first step. In order to turn these reports into truly actionable insights, you must leverage the data points they provide to grow your business. Letting them sit behind a login screen, sad and neglected, won’t get your business to the next level.
Let’s start with your best selling product. When you log into your Stitch account, you can go into the Reports section and access the “Product Option Drill-Down” report. This is one of our most viewed reports for retailers and wholesalers. This report breaks down what your best selling products are based on both units sold and revenue. You can filter by channel or compare how products perform across all of your sales channels. For example, you can see if your teal, leather-strap backpack sells more on Shopify, Amazon or in your brick-and-mortar shop via Square POS. We make it simple for you to view these reports in real-time, assuring that the second a transaction is completed, you can see it and all your sales activity from your Stitch account.
Don’t have a Stitch account? No problem! Get one now and discover your best selling products for FREE.
Once you’ve determined what your best selling products are, there may be a moment of, “Okay. What now?” Whether you’re a current Stitch user or just want advice on what to do with your sales order data, here are a few tips to leverage that knowledge:
Make smarter purchasing decisions:
No one likes to be left with an overflow of unsold inventory. It’s a burden that all retailers try to avoid. Now, with the insight you have about your best selling product, you’ll be able to scale your purchasing decisions next time you order from suppliers. If you find that you’re quickly running out of your best selling product, bulk up on your next purchase order. Review seasonal transactions and look for patterns based on the time of year. Is your best selling product today the same in winter and summer? Do certain sizes sell faster than others? Look at your shelves. What patterns do you see among the stock leftover?
Conduct ongoing conversations with your team to assess what makes your best selling product so special. Use this information to make smarter purchasing decisions so that you can increase sales and decrease stock overflow.
Engage with customers to sell more:
If you have a very popular product, chances are your customers are willing to share why they love it so much. This opens a great opportunity to leverage customers as product evangelists. Engage with them via social media, and ask them to share a photo on Facebook, Twitter or Instagram. Gain additional exposure by leveraging the already existing product popularity through your customers. It’s a simple, cheap way to keep your products top-of-mind.
If you’re not into the social engagement strategy, you can glean information directly through a customer survey. There could be a million different reasons why people buy your best selling product, but don’t you want to know of any patterns? Use a customer survey or poll to gather descriptors and better understand what makes that product so special from the customer’s perspective. Use their language to test content within your product descriptions and strengthen your brand.
Reevaluate and improve product design and marketing:
If you have a flexible product design process, you can leverage the insights you uncover to improve the quality of your other products. For example, if you notice that repeat customers tend to purchase your brown wingtip shoes more than your plain black oxfords because they are “more comfortable”, maybe you can reassess your manufacturing process. Are there opportunities to improve production? What sets your most popular products apart from your least popular items? Is it betterfor your business to expand or simplify your product lines?
Not all retailers have the flexibility to reevaluate their entire product line. In this case, you can use sales analytics to test product marketing instead. Several ecommerce sites allow you to A/B test product copy. Try different product descriptions and photos across multiple channels to see how it affects sales. Perhaps you’ll find that your best selling product is only popular because of its position on your website or in your store. What if you made it less visible and put another product at the forefront? Never underestimate the value of a customer survey and frequent testing.
Did you know you can find out what your best selling product is for FREE today? When you sign up for a free Stitch Labs trial, we can import you historical orders from any of our integrated sales channels.