New business typically translates to increased revenue for the store. Knowing about new business enables the store to forecast revenue growth, allocate resources effectively, and capitalize on emerging trends or customer preferences.
Click Menu at the top of the screen
2. Click Point of Sale to expand the menu
3. Click Reports
4. Click the Sales Performance tab
Selecting a Time Period:
The New Business report defaults to the last 30 days when reporting. The date range can be revised by clicking the Date Range field or selecting a date range from Advanced Filters
Navigating the New Business Report:
Total New Business displays the total dollar amount of new sales written in the given time range.
Extended Service Contracts displays the total dollar amount of new extended service contracts written in the given time range. Attachment rate represents the percentage of customers who purchase an extended warranty or service contract when buying a product.
Clicking either Total New Business or Extended Service Contracts effects the data on the graph.
To group data by day, week or month, click the Group By drop down.
To view total expenditures by date, hover your cursor over the date.
Viewing Cumulative Versus Non-Cumulative Totals:
Checking the Cumulative box will display a cumulative total when viewing total new business dollars or new extended service contracts. Each individual date displays a cumulative dollar total.
Unchecking the Cumulative box will omit a cumulative total, but give a total for the given time period.
Viewing Comparative Data:
Clicking Show Comps. will display Total New Business, Month-to-Month New Business and Year-Over-Year New Business for the given time period.
Deselecting Show Comps. will display only Total New Business totals.
Exporting to Excel:
To export to Excel, click Excel icon in the corner of the report.
NOTE: Exporting the report detail to Excel allows you to access more data regarding your new business.
Using the New Business Report:
By leveraging insights from the new business report and taking strategic actions based on the findings, retrailers stores can maximize sales, attract new customers, and drive business growth.
Identify High-Performing Products: Export the report detail to Excel and analyze the report to identify which brands or categories are driving the most new business. Focus on promoting these high-performing products through targeted marketing campaigns, in-store promotions, and sales incentives to capitalize on their popularity and maximize sales.
Identify Trends and Seasonal Patterns: Analyze YoY or MTM new business data to identify trends and seasonal patterns in sales. By understanding when sales tend to peak or decline throughout the year, the store can adjust inventory levels, staffing, and marketing strategies accordingly to capitalize on peak seasons and mitigate challenges during slower periods.
Identify Customer Preferences: Analyze new business data related to extended service contracts to identify patterns and preferences among customers. Determine which types of goods or customer segments are more likely to purchase extended warranties or service contracts. Use this information to tailor marketing efforts and sales pitches to highlight the value proposition of extended service contracts for these customers.
Optimize Pricing and Promotions: Analyze pricing data from the new business report to determine which pricing strategies are most effective in driving sales. Adjust pricing and promotions for different products or categories based on their performance and profitability.