NRF 2023 Wash-Up: What were our highlights?
NRF trend reports are everywhere this week, so we thought we’d do something different. Highlight the 5 things we actually enjoyed most about NRF.
Retail is changing rapidly, so looking at Last Year comparable sales growth is no longer enough. Assigning 400+ store KPIs is not the answer either.
Retailers need a new approach to identify the best measurements for store performance.
Focus every store's efforts. Quorso continuously crunches your data to find the top areas where each store is leaking sales, costs, and other KPIs.
Daily Missions drive rapid action. Quorso nudges each store to take 3 daily Missions, guided by real-time District Manager coaching on tap.
Track, measure, and learn. Quorso tracks the $ improvement from each Mission and team member, flagging issues and scaling what works.
A Mission is a specific sales improvement opportunity that Quorso has found for your store, and is the suggested area that you should focus on this week to improve overall sales performance. You can do this by choosing to ‘accept’ a Mission.
Quorso identifies Missions by crunching through all of your sales data each week, and finding areas where your store has an opportunity to improve based on how it’s performing vs all of the other stores. Even if these stores vary in size, revenue, and popularity, our calculations level the playing field. To make the comparisons fair, Quorso will:
When you get a suggested Mission, you should try and understand why this suggestion has been sent to you. Once you have investigated the potential root-causes, you need to decide whether or not there is something you can do to fix the problem and drive improvement. If there is, accept the Mission and log your proposed action.
If there is nothing you can do, you should choose to reject the Mission. That might be because it’s not something that can be fixed in store, or it’s an availability issue that you can’t control, or you’ve investigated it and can’t find any issue.
If you choose not to take action, it’s important to reject the Mission. If you do not, Quorso will try to measure and track the impact of something you have not done.
Yes it does. To make the comparison fair, Quorso only compares you to other same-format stores, and those that have the same shelf space allocated to the product area in question, relative to the category to which it belongs (e.g. Mushroom Soup accounts for 10% of the space allocated to Soups). Therefore, if you receive a Mission, it is because your current sales for that product or category are lower than would be expected considering your shelf space.
Remember…we also take other factors into account, like store revenue and customer traffic, to ensure you’re being compared fairly.
Yes it does. Quorso adjusts the sales of the group of stores you’re being compared to, in order to take account of things like customer traffic and customer demographics. It does this by looking at the performance of the product area that you have received a Mission on, relative to the performance of its parent category sales. Here’s an example:
My store (Store A) sells $10 of bandanas, which accounts for 10% of the Accessories category sales ($100). On average, Stores B-K (with the same Accessories range & space) sell $15 for every $100. In this example, I’m underperforming vs my peers by $5 (5%). Let’s look at 3 different scenarios to show how Quorso accounts for the impact of exceptional events on Missions:
In the same way, Quorso takes account of the impact that Covid-19 has had on footfall in different areas.
If you're keen to know more and have over 50 stores, let us know your business goals and our Quorso analysts will respond with a bespoke KPI profile for your stores.