As a merchant, it’s crucial to understand your sales performance and identify trends in your business. One of the most critical metrics in measuring sales performance is the Average Daily Qty Sold.
The Average Daily Qty Sold is calculated as the average number of daily units sold over a specified period. The formula for this metric is simple:
Average Daily Qty Sold = Total Units Sold / Number of Days
This metric provides a clear picture of your products’ average daily demand and helps you determine inventory levels and make informed business decisions. It’s beneficial for merchants who sell products with different sales patterns throughout the year, as it helps to identify slow-selling products and optimize inventory accordingly.
Here’s an example of what an Average Daily Qty Sold report could look like:
|Product||Total Units Sold||Number of Days||Average Daily Qty Sold|
In this example, Product A had an average of 3.33 units sold per day, Product B had an average of 6.67 units sold per day, and Product C had an average of 1.67 units sold per day over 30 days.
Understanding Average Daily Qty Sold by Dimension
In addition to understanding your Average Daily Qty Sold by product, you can also break it down by different dimensions like vendor, product type, product collection, or store location. This can give you a deeper understanding of your sales performance and help you make informed decisions about your business.
For example, if you break down your Average Daily Qty Sold by vendor, you can see which vendors contribute the most to your sales. This information can help you prioritize your relationship with certain vendors and make informed decisions about your supply chain.
Breaking down your Average Daily Qty Sold by product type can give you insight into which product categories are selling well and which are not. This information can help you decide about your product mix and optimize your inventory accordingly.
Breaking down your Average Daily Qty Sold by-product collection can give you a better understanding of which collections are selling well and which ones are not. This information can help you decide on your product collections and prioritize which ones to continue investing in.
Breaking down your Average Daily Qty Sold by store location can give you insight into which locations are performing well and which are not. This information can help you decide your retail strategy and optimize your sales by store.
By using the Average Daily Qty Sold metric and breaking it down by dimension, you can understand your sales performance and make informed decisions about your business. Contact us today to learn more about how Assist can help you grow your e-commerce business.
“Ready to take your e-commerce business to the next level? Download the Assisty app on the Shopify App Store and take advantage of the powerful Average Daily Qty Sold metric and other analytics tools. With easy-to-use reports and insights, you’ll be able to make informed decisions about your inventory, sales strategy, and overall business growth. Don’t wait; install Assisty today and start growing your business!