Overview
Opening new locations often forms part of any retailer's growth strategy, planning for new locations and accounting for the extra demand and inventory requirements can be difficult to keep track of. Toolio provides the ability to add and model new locations after existing locations
Setting up a new location
Navigate to Settings > Organization Settings > Locations and click on the add button.
Add the required information including the attributes and note the External ID must match the location identifier in the host system of record for seamless integration. To model the new location after an existing location, set
Open date - the date on which the new location will begin selling
Like location - the location you wish to model
Like for like factor - the increase or decrease in sales expected from the new location over the modeled location. 1.2 = 20% growth over the modeled location
Note* The Like Location must have an opening date for the like for like metrics to be calculated.
Like-for-Like metrics
After calculation, like for like metrics will be available for the new location, calculated at the factor specified in the new location setup. New location inputs can be adjusted and recalculated as needed.
Like for Like metrics are automatically incorporated into the following functions
Sales Curves
Size Curves
Location Curves
Automated Clustering