The secret to increasing retail sales [Case Study]

by | Nov 25, 2019 | Inventory Management, Retailers

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Benchmade is widely recognized for its quality pocket knives, making it a preferred choice of law enforcement officers, government officials, and outdoor enthusiasts.

The company offers more than 300 SKUs at outdoor, hardware and sporting goods retailers nationwide. With their expansive product line, they needed a streamlined process to organize data insights for their sales teams.

How data insights can increase your retail sales

With knowledge comes power

Benchmade uses years of historical sales data, paired with market data from The NPD Group, to approach buyers with changes to assortments. To become fully prepared for line review meetings and anticipate store sales, the company sought a solution that could help them:

  • Receive their point-of-sale data displayed in an error-free, user-friendly interface
  • Discover fact-based recommendations for their buyers that lead to new orders
  • Gain visibility into sell-through and inventory to improve margins and increase collaboration with their buyers

Luckily, a few years ago, a new sales executive brought in SPS Commerce and its full-service retail analytics solution. This decision allowed Benchmade to provide the information they need saving time and, ultimately, increasing retail sales.

How do you build a lasting business relationship?

Buyers often change roles or move to other companies. Benchmade found that by demonstrating an understanding of product sales using retail analytics, their team quickly gained trust with new buyers.

It is crucial to develop strong communication with your company’s retail customers because they are expecting expertise and data validity. A driving confidence will lead to acceptance of their sales proposals and improving business relationships.

“Buyers rely on us for insight. Using SPS Analytics, we gain clout by demonstrating a deep knowledge of the market and how to improve sales at our customers’ stores or on their eCommerce sites.” 

– Alex Calnan, National Accounts Manager, Benchmade

Tracking inventory to increase retail sales

SKU-level inventory is the most essential metric that Benchmade tracks. “If it’s not on the shelf, you can’t sell it,” explains Calnan. Especially during the holiday season, Calnan explains that, “during these times, we watch our inventories closely, making sure that retailers have enough of every SKU for their in-store and online customers. SPS Analytics makes this insight easy to uncover, so we can act quickly.”

With sales trends constantly shifting, it’s crucial that your business is able to monitor its inventory levels at retailers and proactively reach out to buyers if quantities are low and reorders are needed, or if quantities plateau. With SPS Analytics, the secret to staying on top of industry trends and being a vigilant supplier is right in front of your eyes.

Read the full case study to learn more about how retail analytics is delivering insights to transform buyer meetings and build business relationships.

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