Integrating updated point-of-sale (POS) terminals into your small- or medium-sized business provides a data analytics opportunity formerly available to only large enterprises. Incorporating these terminals will give you have access to the same volume and type of data they have. The data supplied by enhanced POS systems can give you an edge over the competition if you take advantage of the features they offer, making them the best payment solution on the market today. Here are three ways you can use data from updated POS systems to boost your business:
1. Enhance the customer experience
POS systems have built-in gift and loyalty card programs that track transaction data, making rewarding customers significantly more convenient. The rewards from this easy-to-use process give patrons a reason to keep spending more at your business. Not only do these programs demonstrate how much you value the customer, but they are also an excellent marketing strategy. Merchants can design the gift cards to highlight their logo, essentially creating a multipurpose business card that aids in creating brand awareness. As people purchase gift cards to give to friends and family, your brand continues to be dispersed among potential new customers. People who might not otherwise visit your business are encouraged to visit, and may return to make additional purchases.
2. Make your business more efficient
Having an inventory tracking function in your POS system provides an efficient way for merchants to know which items are still in the store, and which items need to be reordered. The recording of each transaction serves to balance the inventory in real time, so businesses don't have to do it manually. The integration of this fundamental retail store duty into your POS system not only provides an accurate picture of the merchandise you have in stock, but it also saves you time and money; Instead of performing duties related to inventory tracking, staff can focus more on other areas of their job.
3. Boost sales
With a POS system, you can track item sales by more specific time frames such as by month, day or even hour. According to Data Informed contributor Kevin North, looking at the sales of specific items in a shorter time frame allows you to spot more actionable trends. This type of data will point out more obscure sale tendencies, giving you an advantage over other businesses. One particular benefit of having access to this information is that you can use it to revamp your visual merchandising strategy. For example, you'll know which products to place in the front of the store based on the analytical data telling you what sells best and when. By correctly placing items in the front of the store during their peak selling times, you effectively encourage shoppers to buy the product even when it wasn't on their list. Not only does this strategy increase impulse buys, it also helps shoppers looking for the particular product find what they need quickly.