An increase in the analytical needs of businesses has driven the emergence of a world of POS applications. For years, the term “POS” seemed tenuously connected to accounting software, stockroom, and inventory; front-end and kitchen communication served as the primary function of any POS system.
However, the demands of eCommerce, availability of powerful wireless POS devices, and revelations from big data began to affect the retail, restaurant, and personal services industries. This led to the need for a more granular view of data regarding a business’ health from the POS system. Analytics from today’s solutions can be broken down by many facets of the business—financial, operational, and sales and marketing. The data collected from sales and marketing analytics can provide valuable insights into your customers that you can use to make more impactful decisions.
Learn how you can best utilize the sales and marketing analytics data provided by your POS solution with these helpful insider tips.
Make More Insightful Decisions Regarding Your Products and Inventory
When it comes to sales analytics, you first need to determine the key metrics and parameters that will reveal important trends about your business. A business’ choice in metrics may be different than others, depending on a number of factors. No matter your need, you can customize your reports, update them as needed, and schedule them to run and distribute automatically.
Sales reports can benefit two key areas of your business:
- The product mix. A product-mix-specific report gives you valuable insight into your business’ best-selling items, as well as which ones are the most profitable. This data will allow you to focus on growing the successful items even further, and cut costs on ones that are lagging.
- Inventory management. Monitoring product turnover is never an easy job, which is why having access to inventory data and sales and marketing and analytics on the same POS software platform is beneficial. Low turnover in retail equates to revenue lost to other products, which hurts your bottom line. Inventory data reports can help you decide which products to discount and order more or less of.
Use Data to Implement and Optimize Consumer-Facing Campaigns
Comprehensive POS systems allow you to draw informed conclusions about the marketing practices that work best for your business. You’ll be able to learn about what is working and what isn’t from your automated reports, and optimize your strategy as needed.
For example, if you were interested in implementing or improving your loyalty/discount program, you can generate reports on a number of relevant consumer behavior metrics that can give you insight into what will foster engagement with the program and promote long-term loyalty.
This inside look at consumer behavior metrics can be used to optimize marketing campaigns across all channels and mediums, whether print, digital or social. A business that proves they understand their consumers is more likely to maintain and grow their customer base.
Employ Sales and Marketing Analytics to Adapt to Business Changes
The marketplace is a dynamic, ever-evolving entity that business owners must stay attuned to. Their ability to adapt to shifts and changes in customer demand is what will keep customers engaged and drive new sales.
Having a comprehensive mobile POS platform that generates insightful analytics and reports is crucial to staying up-to-date on the health and future of your business; talech is able to provide such a system plus so much more.
For a cutting-edge POS solution that delivers all of your business needs in one, mobile app, partner with talech for your retail technology needs. We devote our time to identify your business challenges and collaborate on how you can use sales and marketing analytics to make impactful business decisions. 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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