Retail analytics software provides answers. By connecting every dollar you spend on products, staff, marketing, and equipment directly to your bottom line sales figures, these standards of modern small business tell you exactly how your enterprise makes money, and how it could make more.
Once the exclusive domain of the biggest of big business, retail analytics are now as accessible as an internet connection and a point of sale system. They are just as important too.
With the kind of retail analytics software that now ships ready-to-launch from the leading POS offerings, you can get live reports on how every aspect of your business functions, and how it impacts every other. These are insights that can help you reduce waste and increase efficiency in ways that ultimately improve your bottom line.
Retail Analytics Software is Self-Assessment
Terms such as retail analytics, data science, and sales reports may sound like the kind of dry business school math you pay your accountant to bother with, but these tools provide an insight into your own business that you won’t get elsewhere.
The tools that come pre-packaged within a digital POS system are probably the most accessible form of the must-have 2020s retail assessment because they fit within the structure of your workday. The same cloud-based, all-in-one platform you’d use to make purchase orders, monitor staff resources, or follow live sales can also draw information from these functions and turn that information into a record of how your business works.
That’s how retail analytics software impacts your bottom line. It tells you how the activities you complete in search of a sale impact the amount of revenue you draw from that event.
There are several practical ways that POS-based analytics can tell you about what goes on inside your business.
Track Live Data for Instant Feedback
Every barcode that gets scanned and every discount that gets entered into your POS system is recorded and made available to you live through your retail analytics software. You can view this information through any internet-connected device, from anywhere you can connect that device through the cloud and get immediate response to any marketing initiatives or unique sales environments.
It’s instant feedback on any new idea you try, the popularity of any product you push, or the impact of particular staff.
Find Out What Customers Want
You can generate live reports on sales figures across any specified timeframe to get quick answers to what people are buying and when they buy it. In addition, your broader POS solution lets you create customer loyalty and incentive programs that can generate further information about who shops with you, what they come looking for, and what products they purchase simultaneously.
This information lets you target offerings to customers for a more efficient conversion of spend and effort into sales.
Streamline Your Inventory
To your retail analytics software, your inventory is just a collection of equations. It is an equation of cost + resources – waste = ideal price. When you connect your inventory to a data report, you get to see how what you’re holding should equate to your bottom line, and how you’re succeeding for failing in that equation. A digital inventory system can even be automated, so your purchase orders and supplier relationships better reflect the reality of your sales figures.
A digital POS solution will even allow you to account for variations in tax contributions, discounts and refunds, and customer-requested modifications.
Find Your Best Sales Staff
If you tie your sales performance into a live analytics program, you can get a live report on how the skills and success of each member of your sales team impact your bottom one. A digital POS system is sensitive enough to account for shift times, staff combinations, and employee performance to let you know who is having the best run of luck of late, and who might benefit from additional training.
This kind of practical information can be taken from any time period across your working week so you get accurate information without having to stand by the counter and monitor every minute of every sales event in person. It’s an insight that can help you plan around major sales opportunities such as holiday shopping.
The final major advantage to employing retail analytics software within your POS system is that all the reporting is generated automatically, so you can’t help but learn more about your business. You can set up your system to supply you with the information you need at a time that you can best deal with it—the start of the week so you can implement change, or perhaps right in the middle so you can make adjustments. Importantly, you can also integrate your POS solution and the included data science software with your other business programs, such as your accounting tools, so you can improve your existing ways of working without having to start over with unknown platforms.
As with the other key aspects of using your POS system’s potential to implement retail analytics software, the outcome is supposed to be practical improvement. You can use these digital tools to make your business better.
Advantage or Level Playing Field?
As was mentioned at the top, retail analytic software is no longer a rare commodity. Most of the leading digital POS systems now come with the service built-in to even the basic packages, meaning you’re not likely to be the only business with a reporting advantage.
Understanding the finer workings of your own business, as well as the demographics of who buys your wares and why is quickly becoming a standard way of working. Considering a POS solution with retail analytics will improve your bottom line not only by streamlining sales but also by leveling the small business playing field.
The advanced POS solutions created by talech include powerful reporting and sales analytics that can make a difference to your bottom line. Our cloud-based solutions give you any time, anywhere access to live information on exactly how your business is performing. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.