Store KPIs are going public in Times Square, New York. We share 6 creative ways to engage consumers in your store KPIs. Ideas on next generation reporting.
There are many ways to report inventory turns and as New York is an expensive retail place, retailers there have to be more creative about how they do this. Nygård’s Times Square store for example, communicates stock turns on a live ticker (similar to those at the NY Stock Exchange) in their store window. “We sell a pair of leggings every 45 seconds!” tells consumers that stock turns fast and you had better hurry up if you want to participate.
Nygård’s store doesn’t seem to have more footfall than any other Times Square brand stores, but the more we think about the ticker, the more we like this idea of sharing store KPIs with consumers. When we see what’s happening on the internet, we wonder if sharing store KPIs is the next generation of reporting – consumers give ‘likes’ for retail services & products on social media, so why not engage them in similar ways to contribute to store KPIs?
Some of the common store KPIs (Visual: Brand Pilots)
Our Next Generation Store KPIs
To inspire your forward thinking, here are our top six ideas for potential future reporting messages in your downtown windows:
- “Support us to sell 1 pair of leggings every 42 seconds (3 up from last year)”
- “Buy 3 for 2 and ensure that our staff achieves this month’s units per ticket bonus”
- “Our landlord increases rent by 30% – learn from our sales team how to ease our performance pressure”
- “This store’s #L4L has been down 3%, for three years in a row. If you want to keep the friendly store clerks in your neighbourhood employed, help them boost our numbers!”
- “Use our QR codes on display in store and by shopping online, you help to reduce our overheads so we can pass savings on to you in the future”
- “You may not shop bricks-&-mortar anymore, but hey, this is a click & collect location. Feel free to buy online then come say hi and pick up your order!”
You may not like the idea of public store KPIs, but we guarantee your windows will get higher attention and your stores will become talk of the town. It will make your sales team want to engage for higher performance. Can there be a more effective way of growing, like for like?
This is a variation of an earlier post published in retail-intrapreneur
About the Author:
Guido is a collector of brand and retail KPIs, benchmarks & best practices. His collection of ‘commonly used’ KPIs exceeded 100 a long time ago and he strongly believes there are more KPIs to discover. So share your KPI thoughts, ask for an opinion and rest assured he will help you, with tips & feedback. You reach him best by email or see more from him here.
