Traditionally, retail point of sale (POS) systems were primarily used to control cash and record sales. Retail has become more competitive than ever - consumers are using the Internet more than ever to research products, compare prices and shop online.
Today's point of sale systems use data in ways never possible before - and savvy business owners are learning what to do with that data to increase revenues, capture market share, become more competitive, while still controlling their costs and capturing vital sales information.
Retailers can use data collected from POS terminals to understand their customers, change how they shop and ultimately learn how to be more competitive in their market. They use the data to answer questions such as:
- Who are my best customers? How should I reward them? How can I bring in similar customers.
- What should I buy and stock for my store? How much and how often should I be ordering?
- How much money do I have tied up in inventory? What is selling, what do I need to mark down and move?
- Which of my employees are selling the most? How can I motivate others to be best performers also?
Retailers can use POS analytics in order to review customers' buying activities, such as learning how much customers are spending and how often they return to your store. If you take advantage of loyalty programs, there is even more information that can be tied to individual customers - which means you can use this information to reach similar customers, know which add-on items to offer, plan promotions, offer an online store, etc.
If you currently own a retail point of system, are you looking at the reports that provide the answers to these questions? Are you taking advantage of promotions, loyalty programs, targeted email marketing?
If you are interested in taking advantage of that data in your system, or need to move to a new system that provides you with this type of data, give us a call at 907-243-2683, and one of our point of sale specialists will be glad to help.