How can your business take advantage of the benefits of POS data?
FREE POS SYSTEM PRICES QUOTES
In order for a retail store to succeed, it needs to hit the sweet spot between selling so much that shelves are empty and letting products gather dust in display cases. A successful retail store will sell the right amount of products at the right time to keep inventory steadily flowing to boost sales.
When used correctly in a retail setting, the benefits of POS data gathered from a point-of-sale system are many. Using information collected from a POS system strategically can help to track customer purchase decisions to restock items quickly and stop orders on products that aren?t selling as expected.
Consider how the use of POS data can help to improve sales in your retail business:
- Better inventory tracking. Although a retail POS system a function like a simple cash register, many newer technologies are tied to back-office systems and may even use an iPad tablet for a more simplified checkout. With integrated front and back of the house support, POS data can be gathered to run stock reports and determine which items are selling off the shelves.
- Gain insight to create product promotions. Speaking of targeted customer marketing, gathering POS data for inventory tracking can help a retail store to create better in-store and online promotions with products that customers are looking for.
- Some retail POS systems offer a feature that will organize a customer list into groups; this information can be used for future marketing campaigns to tailor price lists, promotions, and loyalty programs to different customer demographics.
- Improve understanding of your customer base. A retail POS system that focuses on CRM, or customer relationship management, will often allow retail sales associates to input customer information on-the-fly during checkout. After a customer?s information is received, they will be assigned to a specific category or group for further analysis, as mentioned above.
As a retail manager assesses customer groups to better understand their customer base, embedded customer loyalty programs can be created to encourage repeat business. A unique loyalty program generated for a specific customer group may be based on points, dollar discounts, free products earned, customer referrals, or customer frequency.
Clearly, a retail POS system can be so much more than a point-of-sale cash register. An intelligent retail POS can integrate the use of mobile devices for a speedier checkout and will gather data with each sales transaction to generate reports, inventory projections, and customer purchasing trends.