Springboard Retail tracks changes made to the 'current price' field on an item record. Every time the current price field is adjusted in Springboard Retail, that change is recorded so that it can be reported on. This allows you to understand the pricing changes (and markdowns) made to an item, from its original price to its sold price. It allows you to report on price markdowns over a period of time, not just when an item is sold. This item price adjustment feature is a feature you can see in Springboard Retail Reporting.
Note: This 'price adjustment reporting feature' does need to be turned on in your Springboard Retail account for the Group and Metrics below to show up.
Under the groups tab in reporting, you will have available:
-Item: Price Adjustment >> User
-Item: Price Adjustment >> ID
-Item: Price Adjustment >> Previous Price
-Item: Price Adjustment >> New Price
Under the metrics tab in reporting, you will have available:
-Item: Price Adjustment >> Net Amout
-Item: Price Adjustment >> Net Quantity
-Location Sales >> Net Markdowns excluding Price Adjustments
This report below is an example of how you can report on price adjustments made to an items current price, on the item record (sometimes referred to as a Permanent Markdown), and/or to the item's price at the time of sale (via a promotion, coupon, or sales price adjustments in the POS).
To build this simple report go to Reporting >> Analysis to start building your report.
Select the filters you would like to include in this report. As always, you can adjust for date, location, items and more.
In groups, we suggest you select the following:
You will need to include Item: Price Adjustment >> Net Amount and Item: Price Adjustment >> Net Quantity.
In metrics, you can also select Source Sales >> Net Markdowns and Location Sales >> Net Markdowns excluding Price Adjustments.
We suggest you sort your report (on the sort tab) by Item # and then by Item: Price Adjustment>>ID.
This is what your report will look like:
Each row on this report represents a price change made to the items current price on the item record during the time period on your filter tab. For example, in the report example above, Item 100022 was first adjusted from $139 to $129 (row 1) and then from $129 to $120 (row 2), during the time period the report was run for.
Item: Price Adjustment >> Net Amount reports the total $ amount of price adjustments that were made to the 'current price' on the items. In the report above items were marked down (the current price on item recorded was changed) by $300. Some will refer to this as Permanent Markdowns.
Item: Price Adjustment >> Net Quantity reports how many items were onhand when the 'current price' was changed on the item record. In the report above items 32 items were marked down.
Source Sales >> Net Markdowns: This metric includes all markdowns on items sold during the period you are reporting on. In the example report above items were sold with markdowns of $91. The $91 reflects every markdown made through cummulative current price changes on the item record and/or promotions, coupons, and prices adjustments made at the POS. It is the difference between the items original price and the price the item was actually sold for which is the items current price less any additional discounts taken at the register (promotions, coupons or price overrides).
Source Sales >> Net Markdowns excluding Price Adjustments: This metric includes markdowns made at the point of sale on items sold. In the example report above items were sold during the time period and $54 in markdowns were taken at the register for items sold. The $54 reflects only markdowns taken via promotions, coupons, and prices adjustments made at the POS. It does not include price adjustments made to an item's current price, on the item record.
Note: This 'price adjustment reporting feature' does need to be turned on in your Springboard Retail account.
If you would like to turn this feature on, please contact our customer success team at email@example.com.