When tracked and used correctly, retail analytics can be a game changer for your retail business. You already know how important it is to track your key retail KPIs. You should also know how important it is to have POS data and POS reporting. You should also know how key retail inventory management is. We all know this, but can retail analytics be used to build customer trust? YES!
Tracking Inventory To Drive Sales
SKU-level inventory is a key retail metric. If that item is out of stock, your customers can’t buy it.
We can help you monitor your inventory levels at retailers, so you know when to reorder merchandise.
You also have seasonal trends you have to watch carefully. With Accelerated Analytics, you’ll be able to see your inventory moving in real-time. You’ll be able to track sales over multiple store locations, ensuring you always know what’s in stock.
Driving Growth And Sales
This data-driven culture can help develop trust with your company’s retail customers, driving confidence and acceptance of your sales proposals.
When you have this type of data in hand, as long as your analyst can read the data, it will give you the roadmap you need to make decisions. Your data will never lie to you.
Customers Can Change Roles
Customers are finding new companies and leaving other companies all the time.
With the right retail analytics in place, we can get to know customers on a personal level. We can see what products or SKUs they have an interest in.
These types of data insights are priceless.
If you’re only using your point of sale system to ring up sales, you’re definitely missing out. Our POS reporting solution comes with some amazing reporting features that tracks important metrics such as profit margins, basket sizes, customer counts, sales trends and more.
Here’s a good example, take a look at a sales reports and it will tell you exactly which products or suppliers are driving revenue so you can plan your stock orders as needed. That’s power retail analytics.
This is one of our customer’s favorite features. You can do sales reports by day, hour, month, specific period, even by supplier. This allows you to accurately forecast for next year. You can plan staff rosters and product ordering in advance. It saves you time, money and effort. You only order what we need and what you know you’ll sale.
What about having the right data will help you serve your customers better? For example, take a company in the DIY hardware space. Wouldn’t it be helpful if you knew the specific brands and products customers were looking for? It gives you the opportunity to make their experiences better by offering them promotions or content based on their preferences.
This is really where data makes the difference. You know more about your customers and their spending and shopping habits and you can go one step further to build a relationship with them.
You can also use your POS records can help you streamline your staffing and operations.
You can use information from your POS system and sales receipts to staff your store appropriately or make adjustments to your store hours. You can also use this data to plan for seasonal fluctuations in sales, helping you manage cash flow better.”
Clearly, retailers can learn a lot about their business and customers simply by looking at their POS data.
If you want to see how our POS reporting can power your growth moving forward, click here. We’d love to chat for a few minutes and show you first hand just how powerful your POS data can be.