Your go-to tool for A/B testing.
How to use this report?
The Impact Analysis tool is modeled off of Facebook's open source forecasting procedure called Prophet, which has extensive documentation here. The tool works by creating a predictive sales trend and comparing that prediction to your actual sales. This is helpful for evaluating store promotions, price changes & other experimental variables at your store.
Ex: If you increase pre-roll prices by 10% for the month of August, run an Impact Analysis to see if that price change had a positive or negative impact on sales, profitability etc.
Predictions are based on up to 2.5 years of your historical sales data. There may be times when the tool doesn’t have enough data to build out a projection, in which case you will receive an “Error” message.
To create a report, navigate to the Impact Analysis dashboard under the “Sales” module. Click on “New Impact Analysis” to begin.
Enter all known details for the respective event (store promotion, price change, other variant) & then press “Apply.”
The report may take a few minutes to finish running. Refresh your page if the report status is still “Pending.” Once the report is “Done,” click on the report name to open.
Once you open the report, you will first see a graph outlining your predicted (green) vs. actual (orange) sales within your selected time frame, with a summary of your results to the right.
You’ll notice that there are three options to toggle between (Dollar Sales, Unit Sales, Profit).
***Note that if you do not collect Cost of Goods, we cannot report on Profit****