In 2016, IBM conducted a study on big data , which found that 62% percent of retailers use analytics to gain a competitive advantage. Throughout this study, it was made apparent that these technologies are increasingly critical. But how exactly can an analytics system be turned to tangible dollars?
In a data-driven marketplace, empowered consumers know what they are looking for and for what price. Sellers who haven't yet modernized their business methods might feel like they lost control over their transactions. However, by implementing a centralized, end-to-end data collecting platform, you can answer crucial questions - such as who is buying, what are they buying, where are they buying, how much are they buying, etc. - in real time.
Although your customers' behavioral patterns are changing, you can obtain insights into their habits through the use of technology. As this CustomerThink article outlines, a centralized data collecting platform allows you to know where your customers are buying (online or offline, different locations), and which campaigns effectively incentivize purchases. Through data collection in real time, you gain a marketing efficiency that allows you to experiment with deals, offers, promotions, etc. Essentially, by collecting data to better understand your customer, you drive more business within a symbiotic relationship.
The number of brands and products available is growing, and with it, so are most businesses' SKU's. To many old-fashioned businesses, the novel variety can be overwhelming, especially when considering changes to a product mix. However, POS analytics software can also alleviate this challenge. Through asset tracking capabilities, you can seamlessly identify which items are selling, and how fast are they selling. By quickly reacting to items that underperformed expectations, you can optimize your inventory to better suit your clientele's preferences. In this way, you'll start seeing more gains on the gaining items, and less loss on the losing ones.
Business News Daily reported that POS systems have a positive effect on multiple areas of your business. We already mentioned how sales, marketing, and inventory could be affected, but these technologies also help manage employees. These systems allow you to create individual users for all of your employees, so you can keep track of their activity, and identify who isn't pulling their weight. EasyCheck, for example, allows you to assign tasks to your employees with proof of completion, data which you could then use to understand who is not completing their assignments on time. These types of capabilities proliferate accountability within your workforce, so you can easily build a more trustworthy and reliable team.
These are just a few ways that POS analytics could improve your business and increase your bottom line. Can you picture how your business will change through the implementation of these systems? We want to hear from you, let us know what you think!