Fav Retail Store Sales Analysis

About this project

Overview

The "FAV Retail Store Sales Analysis" Power BI report provides a comprehensive overview of a retail store's sales performance, costs, and profitability. The report aims to offer insights into product performance by category, quantity sold, and trends over time, facilitating data-driven decision-making. It leverages interactive visualizations to display key metrics such as total sales, total cost, total profit, total discounts, and the number of orders. Additionally, it includes a key influencer analysis to identify factors impacting sales performance.

Assumptions

1. Data Accuracy: The data used in this analysis is assumed to be accurate and up-to-date.

2. Consistent Time Periods: Sales data spans from 2019 to 2022, providing a consistent time frame for trend analysis.

3. Categorical Uniformity: Product categories are consistently defined and uniformly applied across the dataset.

4. Geographical Consistency: Country-specific sales data is accurately recorded and represents actual sales figures.

5. No External Market Factors: The analysis assumes that external market factors, such as economic conditions or market competition, are constant and do not significantly affect the sales data presented.

Insights

1. Technology Leads Sales: The Technology category is the major sales driver, contributing significantly to the total sales figure. Given the current performance, this trend is likely to continue.

2. Office Supplies Lagging: The Office Supplies category is underperforming compared to Technology and Furniture. Efforts to boost sales in this category could improve overall performance.

3. Geographical Performance: The company performs exceptionally well in the USA but shows very low activities in Canada. Canada's sales value and order numbers are significantly lower than in the USA.

4. Monthly Sales Trend: Sales are at their lowest in February, totalling $264K. This indicates a seasonal dip, which might need addressing through targeted marketing strategies.

Recommendations

1. Enhance Marketing Activities: Increase marketing efforts across all categories to boost sales. Focus on campaigns targeting the underperforming Office Supplies category to improve sales figures.

2. Conduct Market Research in Canada: Undertake comprehensive market research to understand Canada's low sales. Identifying the reasons for poor performance in this region will help formulate effective strategies to capture market share.

3. Implement Benchmarking: Establish benchmarks to measure sales unit performance. This will help set realistic targets and track progress effectively, ensuring continuous improvement.

4. Address Seasonal Dips: Develop promotional strategies to mitigate the seasonal dip observed in February. This could include special offers, discounts, or new product launches during this period.

Conclusion

The "FAV Retail Store Sales Analysis" report highlights the need for focused marketing strategies, particularly in underperforming categories and regions. By addressing the identified issues and leveraging the insights provided, the retail store can enhance its overall performance, drive sales growth, and achieve better profitability.