The most valuable POS data – Your customer behavior
Your POS system records information about your customer every time you make a sale. When you make multiple sales to a single consumer, you begin to build an order history that includes extra information. Sales in a certain location – provides information that might aid inventory management, particularly shipping.
If you can engage your consumers at the point of sale and get them to sign up for your mailing list, you’ll have more information about how they respond to marketing efforts, and you’ll be able to start collecting data from loyalty cards and apps to help you even more.
POS data can even assist you in developing personalised customer service strategies and marketing promotions for individual customers. It can also be used to forecast future demand and sales.
That trend line, as well as effective extrapolation of your POS data, can assist you in preparing for holiday sales. When it comes to inventory management, demand forecasting has very real implications.
I have the POS data, what do I do with it?
It can be overpowering to search at your POS data and not know where to begin, but also get started, you should look at three key insights:
What products are selling and where are they selling the most?
The first is necessary for any business, while the second is critical for retail stores to find out which segment is the largest portion and boost your revenue.
Do your promotions result in sales?
Determine that you are set up for multichannel retail on an integrated platform in order to gain the most insight into the relationship between your promotional efforts and sales.
Evaluating the enhancing effect of your promotions will aid in the development of new marketing ideas and the management of inventory during promotion cycles.
Depending on POS data on specific items, optimised pricing data can help you increase margins.
The obvious benefit of using data-driven insights is the reduced risk of making mistakes that could be disastrous. Data is never deliberately misleading. It cannot be manipulated by emotion; it cannot be transformed or told the story to make you feel better.
It’s the cold, hard truth, and it’s the only way to ensure success over hoping for the best. It is the time to apply SYCARDA, retail data analytics & business intelligence platform to boost your retail business with data-driven insights.
What’s in the e-book?
Tips on how retail business owners can use their POS data to increase sales revenue and reduce operational overheads and wastage
- Getting The Most Out Of Your POS Data
- Revenue and Profitability
- Boosting Your Revenue
- Personalized Product Recommendations
- Understanding Consumer Behavior
- Consumer differentiation and Retention
- Predicting Market Trends
- Transaction Pattern Report
- Understanding Payment Trends
- Category Comparisons
