Order and sales tracking has always been a complicated and exhausting, but important task for business owners. There are numerous reasons a business owner needs to track sales effectively; marketing and compliance are just a few. So how do you track your sales without spending too much effort?
First of all, why should you even worry about tracking your sales? This is a long and complicated answer with many reasons and scenarios but is generally universal for marketing and compliance purposes. The answer is simple, by using a sales tracking system. To know more about the sales tracking system visit https://loopnewsletter.com/email-marketing-for-e-commerce/.
Knowing what is selling, and when it is selling should be a primary focus in your business. For example, product A might sell more often than product B, but product B might have a higher profit margin, maybe it also has a lower return rate as well. So which one should you stock and promote? You can also use the information gained to promote similar products to people you already know have an interest in your category.
Another reason you should track your sales is for compliance. Depending on where you are located, you may be required to record all sales and orders and present this data to the government. All invoices must be submitted to the government on request even if the invoice amount is $0. It also helps to have your sales information when being audited or in the event of possible fraud, such as a stolen credit card.