10.1 Why do you need to do performance review?
Not to be mistaken with an employee’s appraisal, performance review refers to the assessment of your current strategies. This includes analysing sales performance and managing a healthy inventory rate. In simpler terms, it’s similar to conducting a post-mortem meeting – to identify lessons learnt and where to improve next.
For the performance review, it is usually the merchandiser’s responsibility.
Most tend to make the mistake of moving on to the next collection without properly analysing the current collection’s performance. By doing a proper review, you’ll be able to:
- Track your sales intake and inventory
- Determine if anything needs to be replenished
- Identify missed opportunities
- Take the necessary course of actions
- Bring forward lessons learnt to the next season
Throughout this course, we’ll be using the Omnilytics Competitive Benchmarking tool to illustrate some points.