Apparel marketers’ love for ERP software
Key marketing metrics of apparel stores that ERP software must track
Apparel stores use ERP software for its several benefits to their processes. The software streamlines processes, making them more productive and efficient. ERP collects customers’ data and generates insights for making strategic decisions. It helps you deliver the best services to customers, increasing your ROI.
But, the POS, business intelligence, and CRM features of the ERP software make it attractive to marketers. Specifically, marketers love the various sales KPIs and analytics the software generates.
Let’s look at the key performance measures of an apparel store that marketers take an interest in:
Customer acquisition cost
Companies spend a lot on acquiring new customers. They spend on advertisements, salaries, and overhead expenses. But it’s not one advertisement for one customer. You target a big base of customers with every advertisement that you bring to the market.
To calculate this KPI, you can divide the total expenditure on acquiring new customers during a defined period by the number of newly acquired customers. This metric helps you determine how effective your customer-acquiring strategies are.
You must try to reduce this number as much as possible. You can use email marketing, chat features, and compelling copy to attract customers to buy the product.
Average transaction value
It’s good to know when customers buy your product. But, marketers of apparel stores derive satisfaction when their customers spend more on every visit.
By measuring the average transaction value, you can know how much customers spend every time they enter your store. You can find this number by dividing the total sales by the number of transactions.
Marketers can increase this value by:
• Devising and implementing promotional strategies
• Offering combo products
• Executing merchandising strategies
• Advertising popular products more
Your job as a marketer is not only to attract visitors to your store but motivate them to buy. Your marketing campaigns must attract potential visitors to your store, develop an interest in the product value, and encourage them to spend money on it to derive that value.
You can calculate the conversion rate as total conversions divided by the number of total ad interactions.
For this, your job as a marketer is to know what factors influence your target audience’s purchasing decision. Identify what matters to them more – price, fabric, style, or other factors.
Analyze customer expectations and needs and fulfill them to show that they matter to you. Personalize your interactions with them to connect with them and inspire them to make a purchase.
In-store vs. online sales
Nowadays, apparel stores have physical stores as well as online stores. Some customer categories prefer online while some prefer in-store shopping. Preferences also change as per the location.
Apparel store marketers consider the sales figure from offline and online stores to adjust their campaigns. You must have these figures to see how your stores are performing and how successful your marketing activities are.
You can compare these numbers for the same period to get a balanced view.
If online sales are less, you need to improve your digital marketing tactics. Alternatively, if in-store sales are less, you need to draw footfalls in the store with attractive displays and more discounts. You might need to make many campaign adjustments to increase these numbers.
Your answer – Websys’ ERP software
Thus, investing in an ERP solution that provides insights into marketing KPIs is essential to up your game. Based on these measures, you must tweak your marketing campaigns to increase your sales and revenues.
Websys’ ERP software can help you track these performance metrics and adjust your marketing campaigns. We are a leading provider of cost-effective ERP solutions to retail clients. We make your journey to achieving your retail business objectives smoother.
Set the right goals for your business because we are
here to help you achieve them.