Looking for that conclusive edge in business is akin to seeking the Holy Grail. Clues abound, and yet the moment of triumph feels elusive. Getting the competitive edge you desire, while building an improved customer experience, requires more than just intuitive feelings. You need the hard facts; data that accurately steer your observations in the right direction. The facts you need cannot be purchased, and are most likely standing right in front of this very moment.
Customer data drives changes in the business. You may be thinking that you have the data you need to make the appropriate decisions, but do you really? Are you sure you have all the pertinent information on hand and ready to analyze it at a moment’s notice? Effective point of sale analysis technology can ensure you have the data you need.
How Innovative POS Analysis Technology Solidifies Your Data Management Strategy
Creating and revising long-term business strategies is dependent on not only the data that you retain but also the quality of the information you hold. For example, it is wise to retain customer cell phone numbers for use during SMS or iMessage promotional campaigns. However, using this information can prove fruitless if the numbers of files are changed, or the customer record is incomplete. Building your data strategy must have a solid foundation of accurate, regularly updated information.
A modern POS system will greatly improve the data you acquire through logical and thorough storage fields. An affordable, next-gen POS platform provides functionalities that encompass all areas of the typical business and gives you the ability to fully customize what data is accumulated outside of its already business-ready default settings. Then, it uses the included advanced data analytics to give you the capacity to monitor and see everything that is happening in real-time.
With a powerful POS solution such as this forming the technical foundation of your business, you can easily and aggressively identify points of improvement, or areas where customer satisfaction can be enhanced. This allows you to effectively create targeted goals with precision so that you can dive deeper into all aspects of your business processes. The default reports, combined with nearly limitless customization, allows you to dive deeper into customer trends, staff empowerment, and inventory management.
Build an Accurate Picture Based on Advanced Abilities to Predict Customer Trends
Realizing the full potential of your POS system requires you to take full advantage of all of its available features. With a highly capable, modern POS solution in place, this must include its innovative data and reporting abilities. Once in place, you will be empowered to build a better, more accurate representation of your business that in turn can help you to achieve a personalized, precisely targeted approach to enhance the customer experience.
In order to begin to harness the full ability to use the data you acquire, you must start with looking not just at past or current trends, but must also be able to see into the near future. The reports you generate will yield the information you need to develop a precise sales and promotional strategy based on the transaction and inventory data that your cutting-edge POS solution gathers and stores. This gives you a clear view of how your customers are responding to your brand.
The blending of this information together will cement into place solid operational changes to improve things like inventory changes and staff scheduling adjustments. You will also gain valuable insights into past shopping trends, giving you the ability to break these down into very granular habits, such as demographics, season, or holiday-specific time periods. Personalized sales and specials, as well as proven sales generators, such as birthday discounts, will aid in bolstering your reputation and further drive customers through your doors.
Dive Into Staff Productivity to Better Customer Satisfaction and Improve Staff Empowerment
The ability to conduct in-depth POS data analysis and reporting can help to strengthen the skills of your staff as well. A modern POS platform should present you with the ability to allow staff to view or recommend changes to schedules, view paystubs and tax information, or to clock in and out, all via a smartphone app. Putting this in place provides transparency, and presents you with some exciting data pieces that can build a complete picture of how well staff is performing.
Retailers can integrate general payroll data into sales data to quickly identify who is performing, or those that may need additional training or a different shift. For example, let’s look at Bill. The people coming into your store all seem to ask for him, except during the week, when customers noticeably avoid him. You pair him up with different sales associates during the week, but you notice the trend continues.
You take out your smartphone, open your POS app, and view your productivity report. The data indicates that he is your most successful salesperson on Fridays, Saturdays, and Sundays. However, you notice a sharp drop-off on weekdays. Taking Bill aside, you ask him about it and discover that he is responsible for childcare while his wife works nights on Monday and Tuesday, leaving Bill extremely tired on his least productive days.
You update his start time on those days from mornings to evenings and find that a week later, his numbers are consistently high across the board. Without this granular level of data, you would have not had this information. Not only did you easily confirm suspicions, but you are not reaping the full benefits of your discovery through the additional revenues you are now seeing during weekday evenings.
Inventory Evolves into Big Box Levels of Management Capabilities
The predictive nature of a modern POS platform allows you to monitor and detect inventory trends as they occur. You will quickly see which items are trending downwards, allowing you to cease future orders while placing the items on sales to get them out of your store before they slip too far in sales. And, the advanced reporting capabilities in a cutting-edge POS solution brings an accurate way to generate predictions of what your customers want, letting customers view you as a mind reader.
The high levels of predicting how your inventory should evolve are only possible when you have the right POS solution in place. The next-gen data management and analysis allows you to see your customer’s shopping behaviors with a high level of detail. This gives you the ability to shift inventory ordering, change product placement, or bring in new, enticing product options. When these are done using accurate data, you are assured of achieving high levels of inventory success.
Get Expert Guidance on Developing a Point of Sale Analysis Strategy
Developing a business-wide strategy based on data is within reach of small businesses thanks to the high amount of innovation occurring in POS technology. The complexity involved in choosing the right POS solution for your business model does require a high level of knowledge, into which you most likely do not have the time to invest. So what can you? Inviting a POS expert will not only give you the best solution for your budget but gives you a solution aligned to your specific business sector.
When you partner with talech for your business’s data analysis needs, we devote our time to identify your business challenges. We invest the time and resources to work with you to apply the best solution that gives you the next-gen business features you need. Our goal is to leave you feeling confident that our feature-rich platform makes you a trendsetter. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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