KPI – Key Performance Indicators

What are KPIs (Key Performance Indicators) and how do they measure business success?

KPIs, or Key Performance Indicators, are measurable values that businesses and individuals use to evaluate their success at meeting specific objectives. In other words, they serve as benchmarks that help determine how effectively a company or individual is achieving their goals. In the realm of sneaker reselling, KPIs can be incredibly vital. For instance, a sneaker reseller might use KPIs to track metrics such as the number of sneakers sold in a month, average profit margin per sale, or the percentage of returned products. By monitoring these indicators, resellers can gain insights into which aspects of their business are thriving and which areas might require improvement. For a beginner in sneaker reselling, understanding KPIs can be the key to scaling and improving their operations. For example, if one of their KPIs is "customer feedback rating," and it consistently falls below a certain threshold, it might indicate an issue with product authenticity or shipping times. By identifying and addressing these areas based on KPI feedback, a reseller can continuously refine their strategy and enhance their overall performance in the market. Essentially, KPIs provide actionable data points that can guide decision-making and growth.