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7 Useful Annual Reports in Lightspeed Retail

7 Useful Annual Reports in Lightspeed Retail

Have you started thinking about your business goals for 2020?

Kick-off 2020 on the right foot by taking a look at how your retail business fared last year. Running these seven Lightspeed Retail and Analytics reports annually will give you actionable data you can use to make the right decisions when it comes to inventory, sales and labor. 

  1. Sales over time
  2. Sales year over year
  3. Profit year over year
  4. Units per sale
  5. Dusty inventory
  6. Holiday performance year over year
  7. Top employee

 

1. Sales over time report

Report available in Lightspeed Retail

The sales over time report is a straightforward way to see how your business performed throughout the year. 

If you have multiple stores, running this report by store and by overall business performance is crucial. If you only view your data as a whole, you may find one of your locations had a particularly good month that masks weak performance in another location. If you only view your data by store, you may miss how well you’re doing overall and miss opportunities to grow.

Once you have your data, you can start making decisions for replicating your successes and addressing any low points. If you had strong sales in the summer months, whatever promotions and deals you were running clearly resonated well with your customers—can you replicate that success again this year? If you identify any weeks and months that had unusual slumps, can you apply your promotional tactics from your better months to those periods in the future?

How to run this report:

  1. Open Lightspeed Retail and navigate to Reports.
  2. Start a new Sales over time report. Set the date range from January 1st to December 31st of the previous year.
  3. Specify if you want the data to be grouped by day, week or month in the dropdown menu. We recommend reviewing this data by week or month.
  4. For multi-store accounts: under the Shop dropdown menu, select the store you’d like to run the report for, or select All shops to see aggregated data.
  5. Hit Search to run the report. 

 

2. Sales year over year report

Report available in Lightspeed Analytics

If you’ve integrated Lightspeed’s advanced retail analytics into your POS, you may want to consult this report instead of a sales over time report (mentioned above). It will give you the same underlying data, but it digs deeper.

As you run this report, be sure to evaluate your performance both overall and by individual store. In addition, run the report through different variations, such as by brand or by category—this data will help you make informed decisions to better stock your stores in the future. It may be time to say goodbye to a vendor if their products trended negatively last year, or it may be time to start stocking more products from a particular brand that sold well. 

How to run this report:

  1. Open Lightspeed Analytics and navigate to Sales and Inventory > Reports
  2. Start a new Sales year over year report by clicking the Options button. Select the report variant you wish to view, i.e. default, by vendor, by category.
  3. For multi-store accounts: under Dimensions > Multi-Shop, find the Store dimension. Add it to the report as a pivot and hit Run.

 

3. Profit year over year report

Report available in Lightspeed Analytics

Your sales are your overall totals—reports on your sales will tell you how much revenue you made without any caveats or qualifications—and your profits are what you take home at the end of the day. Making that distinction crystal clear is crucial, so be sure to run this report alongside your sales report.

A report on your profits will take factors like expenses (salaries, purchases), fees or overhead (rent, bills) and taxes into account. If your sales trended upwards last year, but your profits didn’t follow the same trend, you know you need to do some digging into your expenses and costs going forward.

Be sure to run this report with variations to get the full picture. You may want to adjust your purchasing plans based on the true profits a brand may be bringing in. If sales for a brand or category are low, but the relative profit percentage on those sales is very high, you could consider promoting the products to broaden their potential reach. 

How to run this report:

  1. Open Lightspeed Analytics and navigate to Sales and Inventory > Reports
  2. Start a new Profit year over year report by clicking the Options button. Select the report variant you wish to view, i.e. default, by vendor, by category.
  3. For multi-store accounts: under Dimensions > Multi-Shop, find the Store dimension. Add it to the report as a pivot and hit Run.

 

4. Units per sale report

Report available in Lightspeed Retail
Running the units per sale report will give you some insight as to why your profit may have increased or decreased; historical data will come in handy here. If your employees were successfully upselling last year, your units per sale will trend upwards. If your units per sale didn’t significantly increase, but your profits did, your customers were likely more drawn to higher-value items than in previous years.

Essentially, having this information helps you make the right decisions for growth in the upcoming year. If you’re operating multiple stores, run the report for each shop individually because what is true in one shop may not be the case in another.

Note: reading this report will be easier if you select a date range of less than a year. We recommend running the report for your highest and lowest sales points of the year, as identified in your other reports.

How to run this report:

  1. Open Lightspeed Retail and navigate to Reports.
  2. Start a new Units per sale report. Set the date range to your desired date range, i.e. July to August of the previous year.
  3. For multi-store accounts: under the Shop dropdown menu, select the store you’d like to run the report for, or select All shops to see aggregated data.
  4. Hit Search to run the report. 

 

5. Dusty inventory report

Report available in Lightspeed Analytics

The dusty inventory report identifies any inventory that has sat unsold on your shelves for more than 180 days. If you’ve been performing your inventory cycle counts you may have already identified these products on your own, but this report will put them all in one place for easy reference.

Dusty inventory weighs you down—if cash isn’t coming in, you can’t purchase new products. Running this report lets you know what products to liquidate and what brands you may want to transition away from in the future.

How to run this report:

  1. Open Lightspeed Analytics and navigate to Sales and Inventory > Reports
  2. Start a new Dusty inventory report by clicking the View report button. 
  3. For multi-store accounts: under Dimensions > Multi-Shop, find the Store dimension. Add it to the report as a pivot and hit Run.

 

6. Holiday performance year over year report

Report available in Lightspeed Analytics

If you have historical data stretching back further than a year, you should run this report. The holiday period generates up to 30% of a retailer’s profits—solid holiday sales set the stage to grow in the new year. 

If you made more profit this holiday period as compared to previous years, make notes of what promotions you were running and what sales caught the eyes of your customers. In addition to applying those lessons to your next holiday period, you can start implementing them throughout the year. 

If you didn’t outperform previous holiday periods, use the insights you gain from running the other reports to plan for your next busy season. Perhaps it’s time to switch vendors for your holiday goods—have you checked the profits on the products you were heavily promoting?

Follow these steps to build this custom report:

  1. Open Lightspeed Analytics and navigate to Sales and Inventory > Reports
  2. Start a new Recent sales report by clicking the View report button.
  3. Set the Sale completed date filter to sales in the last 3 complete years.
  4. Under Dimensions > Sale, add the Completed date > Month Name dimension as a filter. Set the filter fields to November OR December.
  5. Click the New button on the Custom Fields header. Select Custom dimension and input the following code: date(extract_years(now()),extract_months(${sales.time_stamp_date}),extract_days(${sales.time_stamp_date}))
  6. Name your new dimension Relative Day of Year. Click Save and add the dimension as a pivot.
  7. Under Dimensions > Sale, remove the Completed date dimension by clicking it. 
  8. Under Dimensions > Sale, add Year as a pivot.
  9. Click Run to generate the new report. Sort the results by sale line total.
  10. Click Save as new report to save this custom report to run again in the future.

For more detailed steps on how to build this report, see Analytics Custom Building: Holiday Season Year over Year.

 

7. Top employee report

Report available in Lightspeed Analytics

Your superstar employees are leaders in your business. Scheduling your top sellers during crucial shifts will boost your sales, and celebrating past successes increases overall morale. By running this report, you’ll be able to identify who on your team is going above and beyond.

This version of the report measures sales totals. You can add further pivots in Lightspeed Analytics, such as average basket value or margins, according to the sales targets you set for your team.

Follow these steps to build this custom report:

  1. Open Lightspeed Analytics and navigate to Sales and Inventory > Reports
  2. Start a new Recent sales report by clicking the View report button.
  3. Set the Sale completed date filter to sales in the last 1 complete year.
  4. Under Dimensions > Sale, remove the Completed date dimension by clicking it. 
  5. Under Dimensions > Sale line, find the Employee dimension; add it as a pivot.
  6. Click Run to generate the new report. Sort the results by sale line total.
  7. Click Save as new report to save this custom report to run again in the future.

For more detailed steps on how to build this report, see Analytics Custom Building: Top Employees Last Year.

 

Get the data you need to grow with Lightspeed

Trying to grow your business on gut feelings is difficult at best. These 7 retail reports will help you make the right decisions, backed up by your own data you can trust.