🤔 What is the Least Performing Products Report?
Most e-commerce store owners spend most of their time focused on top-selling products and driving lead conversion. However, there are opportunities to drive sales and profit growth by improving lower-performing products. Whether you update either the way a product is produced or marketed, making improvements to your least performing items is important to success.
With the Least Performing Products Report, identifying products with room for improvement takes only seconds. Let’s dive in and see how your organization can benefit from the Least Performing Products Report.
⚖️ How is the Least Performing Products Report calculated?
The Synder platform automatically calculates the Least Performing Products Report by utilizing sales information from your e-commerce site. Once transferred over, our software will generate the report by sorting each product from lowest to highest based on the individual item’s gross income.
🔎 What does the data from the Least Performing Products Report tell us?
While the primary data that the report offers to business owners focuses on identifying the items generating the lowest amount of gross income, it also provides several other key metrics. For example, owners can sort the Least Performing Products Report by quantity to show which items are sold least.
Sorting the report by quantity can be a great way to identify different seasonal trends with products and prepare your production team to increase or decrease inventory levels based on forecasts.
📈 What can be done to grow sales based on the data from the Least Performing Products Report?
- Identifying why it’s performing poorly
Once you’ve had a chance to review the report, there are several ways you can address the items that perform the worst. For instance, if you notice that a product is constantly the lowest-performing month after month, you can begin identifying why it’s performing poorly.
- Review the feedback
Often customer surveys and reviews are a great place to start. Review the feedback from your consumers and decide whether the product needs to be rebranded or cut completely. Making these decisions on your worst-performing products will help you save costs and generate more revenue for the company.
Let Synder Business Insights do the numbers so that you can focus on the right strategies for your business!