What retail KPIs should I be measuring in my stores?

• Yes, absolutely. You can steer Quorso’s Opportunities to align with or to prioritize company initiatives, campaigns, promotions, etc.
• You can also integrate Quorso with your BI tool, combining the charts you love with the actions that will improve them.
• Learn more about using Quorso to enhance your existing tech stack here.

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:

1. Only compare you to stores that have the same format as you.
2. Only compare you to stores that have the same shelf space allocated to the particular product a Mission relates to, relative to its category (e.g. Mushroom Soup accounts for 10% of the space allocated to Soups).
3. Adjust sales values of the comparison stores to factor out differing store revenues and customer traffic. This will even take into account exceptional events, like storms, local holidays, or Covid restrictions.

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:

• Storm Uri hits and this is driving down footfall in my store: Let’s say store A footfall drops and as a result Accessories sales decline by 50%, and bandanas also decline. However, on inspection, I can see they still account for 10% of Dog Clothing sales. If all things stayed the same with my peer group, (e.g. their sales of bandanas stayed at 15% of Accessories sales) then although I have seen a physical reduction in sales and footfall, my proportion of item sales, relative to the category parent, when compared to my peers, would remain the same.
• It’s the Super Bowl and this is driving up sales in other stores but not mine: Let’s say stores B-K experience a doubling of footfall and Accessories sales, and similarly, my bandanas sales also increase. However provided that bandanas still only account for 15% of Accessories sales and if all things stayed the same with my store (e.g. my sales of bandanas stayed at 10% of Accessories sales) then although stores B-K have seen a physical increase in sales, my proportion of item sales, relative to the category parent, compared to my peers is still the same.
• My store runs a specific NFL promotion in support of Super Bowl: Let’s say my store doubles its share of bandana sales to 20% of Accessories. If all things remained equal with my peer group, then relative to peers, I am now outperforming them by 5% which in this case equates to a sales uplift of $10. This is a Successful Mission.

In the same way, Quorso takes account of the impact that Covid-19 has had on footfall in different areas.