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Key Performance Indicator (KPI) refers to a measurable value that helps an organisation assess how effectively it is achieving its business objectives. In retailing, KPIs are used to measure the performance of different activities such as buying, merchandising, sales, inventory management and customer service. KPIs provide managers with clear information about what is working well and where improvement is required. In buying and merchandising, they are especially important because retailers have to manage large quantities of products, changing customer preferences, limited selling space and financial risks. A KPI should be specific, measurable and related to an important business objective. For example, sales revenue is a KPI because it measures the value of products sold during a particular period. If a store has a target of ₹10 lakh in monthly sales and achieves ₹12 lakh, the sales KPI shows that the store has exceeded its target. Similarly, inventory turnover measures how quickly the retailer sells and replaces its stock. A high inventory turnover generally indicates that products are moving quickly, while a low turnover may indicate overstocking or weak demand. Some common examples of retail KPIs include sales turnover, gross margin, stock turnover, sell-through percentage, markdown percentage, stock-to-sales ratio, average transaction value, conversion rate and return on investment. These indicators help retail managers make decisions based on actual performance rather than assumptions. Buying and merchandising are closely connected functions in retail. Buying focuses on selecting and purchasing products in the right quantity, quality, price and time. Merchandising focuses on presenting and _________ ________ ________ ______ ________ ________ ___ __________ __________ _____.
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