Becks & Sons business is a reputable dealer of high-quality phones, clothing and accessories. Becks & Sons has been in the industry for half a decade, but business has not been going as expected considering its presence across major cities in the country. Becks & Sons is seeking the expertise of a data professional to provide insights into the trends of major indicators.
The current challenge for Becks & Sons is to identify yearly trends in cost, revenue and profit/loss. A clear understanding of the sales trends and profit margins of products will inform decisions regarding inventory management, pricing strategies, and future product investments.
To compete in today’s market, business owners must understand the performance of their business. By analysing key metrics like sales revenue, profit, and cost, the business can identify growth opportunities and address underperforming areas.
- Provide an overview of profit trends by year.
- Analyse total transactions, revenue, cost, quantity, and profit/loss.
- Analyse total cost, profit, and revenue by state.
- Analyse profit by customers' age group and gender.
- Analyse total cost, revenue & profit by products category.
I used the following functions during the data cleaning process: Trim function, Substitute function, Remove duplicates, Proper, Upper and Lower function.
- Between the period of January 2015 to July 2016
- Lagos is where the highest total cost, revenue and profit was observed.
- Among the three payment options, the online payment option experienced a loss from January to June 2015, while most of the profit came from cash payment.
- Overall, more profit was made from male customers and adult customers.
- There was a significant cost and revenue on the phones, but most profit comes from the accessories.
The business was not doing well during the first half of 2015 with significant monthly losses observed. However, towards the second half of 2015, a peak in profit margins was observed through to June 2016. The high spending on phones does not reflect on the profit margins despite the high revenue from these products. Hence, there is a need to reduce the spending on phones while increasing it on accessories and clothing.