What are the best practices for designing and presenting merchandising dashboards to different stakeholders?

1 Know your audience

The first step to creating a successful merchandising dashboard is to understand who will use it and what they need to know. Different stakeholders may have different objectives, expectations, and preferences when it comes to data visualization and analysis. For example, a merchandising manager may want to see a high-level overview of sales, margins, and inventory across categories and channels, while a merchandiser may want to drill down into the details of specific products, prices, and promotions. Therefore, you should tailor your dashboard to suit your audience's needs and interests, and avoid cluttering it with irrelevant or redundant information.

2 Choose the right metrics

The next step is to select the key performance indicators (KPIs) that will measure your merchandising success and align with your business goals. Depending on your industry, market, and strategy, you may want to track metrics such as sales volume, revenue, gross margin, sell-through rate, markdown percentage, stock turn, customer satisfaction, and conversion rate. You should also consider how you want to segment and compare your data, such as by category, channel, location, season, or customer segment. You should choose the metrics that are most relevant and actionable for your audience, and display them clearly and consistently on your dashboard.

3 Use the right charts

The third step is to choose the best type of chart or graph to visualize your data and highlight the insights you want to convey. There are many options to choose from, such as bar charts, line charts, pie charts, scatter plots, heat maps, and gauges. Each type of chart has its own advantages and disadvantages, depending on the type and amount of data you have, and the message you want to communicate. For example, a bar chart is good for showing comparisons and rankings, a line chart is good for showing trends and patterns, and a pie chart is good for showing proportions and percentages. You should use the chart that best suits your data and your audience's expectations, and avoid using too many or too complex charts that may confuse or distract them.

4 Add context and clarity

The fourth step is to add context and clarity to your dashboard by using labels, titles, legends, annotations, filters, and other elements that can help your audience understand and interpret your data. You should use clear and concise language that matches your audience's level of familiarity and expertise with the topic. You should also use consistent and appropriate formatting, colors, fonts, and symbols that can enhance the readability and attractiveness of your dashboard. You should avoid using jargon, acronyms, or abbreviations that may confuse or alienate your audience, and explain any assumptions or limitations that may affect your data or analysis.

5 Test and refine

The final step is to test and refine your dashboard by soliciting feedback from your audience and other stakeholders, and making adjustments as needed. You should check your dashboard for accuracy, completeness, relevance, and usability, and ensure that it meets your objectives and expectations. You should also monitor your dashboard regularly and update it as your data, goals, or strategy change. You should aim to create a dashboard that is simple, clear, informative, and engaging, and that can help you and your audience make better merchandising decisions.