The retail industry data analysis is done for the purpose of improving the overall business by analyzing the resources. Retail businesses need to be constantly updated about their internal management and external sales and performance. The retail industry data analysis takes into account all particulars such as the retail sales items, same store sales, and inventory turnover and revenue generation after a stated period of time. This analysis takes into account the customer feedback for the services provided and the products purchased.
The analysis is done periodically to ensure that the retail business is running successfully and also figure out new ways in which it can be improved further. This analysis needs to be done by a professional analyst. It is important that the analysis is directed towards a particular product or objective so as to get an accurate result. It is essential that the analysis does not have any errors.
Sample Retail Industry Data Analysis
The retail data industry analysis is being created for Coles Grocery Chains.
Analysis conducted by: Ryan Stock Co.
Overview of the analysis: The purpose is to assess the performance of Coles in the past 5 years and determine what direction to take in case sufficient progress has not been made.
- Performance from 2007-2011: Coles has shown decrease in the sales revenue in the past 2 years by at least 23%
- Performance prior 2007: There was a steady progress to an 11% decline by 2006.
- Coles Products: All new products that have been introduced in the past 5 years have resulted in 5% loss
- Prices: Increase in MRPs for most of the products have been seen by 19%
There needs to be a new marketing strategy developed for the purpose of increasing the revenue and bring back stability to Coles.