Whenever a customer purchases a product, they will leave behind a trail of “data breadcrumbs”. These data breadcrumbs allow retailers to understand the customer’s transaction patterns. For example; what kind of products they like, when they buy, how often, and at what price point are they willing to pay.
With these pieces of information, retailers can analyze them further. They will be able to identify certain items that are popular in a particular time frame, they will be able to test out and determine product pricing, and many more. Doing this will allow them to boost sales and ROI.
Transaction Pattern Report
Using a data analytics tool like SYCARDA, retailers will be able to gain a lot of valuable insights and a better understanding of customer behavior. SYCARDA will automatically extract data from the POS system and turn it into insightful, customizable, and easy-to-understand visual reports.
SYCARDA can help retailers and business owners gain a better understanding of transaction patterns in various ways. Here’s an example of SYCARDA’s “Transaction by Day of The Week” Report.
For this particular business, its performance is better on weekdays instead of weekends. Supported by that knowledge, the business owner can figure out some kind of marketing promotion to drive more traffic and sales during the weekends. They can also get insights into the time of purchase, as shown in the table below.
They can also get insights into the time of purchase, as shown in the table above. By knowing what time the customers are purchasing the products, businesses can come up with activities to drive more traffic during off-peak hours — which is during early morning and late evenings. End-of-day discounts and package promotions can be a good way to drive more traffic and increase sales.
In the retail business, most of the time, customers will purchase more than one product in one transaction. Understanding the basket size and related items they purchased can provide business owners with valuable insights into what kind of initiatives they should be going for.
For example, in SYCARDA’s “Related Items Purchased” report, most people purchased tea with beef noodles. To attract more customers, they can come up with a package deal of beef noodles with tea — which is something that customers always go for.
Another way to look at this is by identifying the items that are least likely to be purchased together. By knowing this information, businesses can avoid offering product pairings that are not relevant or attractive to customers. Making their marketing efforts more effective and improving customer experience.
Ready to leverage the power of data to boost your retail business? Schedule a personalized demo with SYCARDA today. Witness how our insights drive sales growth and informed decisions.
FAQ
How does data analytics reveal transaction patterns?
Data analytics tools like SYCARDA extract and visualize POS data, providing retailers insights into customer purchase behaviors and transaction patterns.
What insights can be gained from transaction pattern reports?
Transaction pattern reports reveal peak purchasing times, popular product pairings, and customer preferences, helping businesses tailor marketing efforts for better sales.
How can SYCARDA’s data analytics tool benefit retailers?
SYCARDA offers customizable visual reports that uncover transaction patterns, enabling retailers to optimize marketing strategies, enhance customer experience, and boost sales.
