Apparel store Retail KPI includes visitors, conversion rate, net transaction, unit per transaction, net sales per transaction, average price, return rate, sell-throu , DIO, best seller/worst seller
Now, with development of technology, offline retail has the chance to get same convenience as online store to track customer route. Using Wifi technology, retail store can record the lingering time of every customer in each section. And by having cross check with receipt, we can have an idea of the conversion of each category. For example, if we find one section has extremely low visit rate, we need to think about the VM, or the in store traffic flow.
Different kind of retail business may have different emphasis.
For restaurant, it is also a kind of retail format. But I think KPI maybe slightly different from apparel stores.
For example, conversion rate may be not relevant. In most cases, people come, people order and eat. Instant walking out rate may be very small. On the other hand, restaurant need to check the size of the group of people. How many people tend to come together? It is critical for table settings and also menu design.
We need to check the waiting time from order to food delivery. kitchen productivity.
Table turnover rate. How long it takes. It's crucial in peak season.
Want people like to order. This enable us to understand what we need to do to improve our menu. maybe sometimes return rate. Whether people will complain.
gender/age, we can have a better idea of customer profile
waiter productivity, how much they sell. Whether we have some specialist. like bear, wine, spirit, or other alcohol.
stock management. how to do the buying. how to management inventory. sell-out rate (similar to sell-thru rate in apparel business), but considering food has more pressure than apparel.
Success restaurant:
1, Location--traffic
2, VM/SP -- how to attract people to come in
3, food (kitchen) -- visit again
4, service (waiter) -- visit again and again