How Lockwood Used ShopKeep To Capitalize on Retail Trends
“A huge part of retail is understanding the trends that appear in our data and using them to determine what we buy and offer on the floor. Using ShopKeep, I’m able to pinpoint this information with accuracy and buy the right inventory.”
– Mackenzi Farquer, Owner, Lockwood & Lockwood Style, Astoria, NY
In 2007, Mackenzi Farquer opened her very first retail shop, called SITE, in the Astoria, Queens neighborhood of New York City. The early period was challenging because of her lack of business management experience and New York’s fiercely competitive local retail scene. What she did have however, was a passion for entrepreneurship, and an understanding of customer tastes and retail industry trends. Without a point of sale system at first, she managed SITE for several years before rebranding to Lockwood – a lifestyle store, in 2013, and opening Lockwood Style, a women’s clothing boutique, in 2015. Both of Mackenzi’s stores are thriving today, and she’s relied on the data from her ShopKeep system to help her stay abreast of important trends and changes within the stores and the industry as a whole.
Stop the guessing game and forecast with accuracy
When you’re buying inventory for your retail shop, you really have to become good at forecasting your future sales of specific items. The better your current and previous sales reports are, the easier it is to do. ShopKeep’s reports make it easy to understand your historical performance, so you can finally forecast with accuracy.
“In retail, things change so quickly that you have to constantly review the numbers to find parallels and forecast what’s coming, as best as you can. I view my ShopKeep reports month-over-month to see what’s consistent and what’s changing. From knowing my margins to analyzing my sales growth on specific items, it’s all there and easy for me to use.”
Understand which departments drive your sales
Should you order more handbags? Should you feature dresses prominently towards the entrance of your store? Mackenzi uses her sales by department reports to decide important things like which departments and categories to focus on in a given period, and where to position them within her stores.
“The sales by department report is one of the most important ShopKeep reports that I view often. We carry lots of different items at our lifestyle store, Lockwood, and several different departments at the women’s store, Lockwood Style. My sales by department report, viewed over several months, tells me if we need to feature our dresses more prominently versus our bags for example. It helps me know what to buy and where to place it within the store.”
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