Merchants are always looking for new and innovative ways to remain relevant and to increase revenue. With advancements in technology, many small business owners are now turning to analytics to measure and determine what offers and methods are most lucrative for their businesses. Not only will analytics help merchants gage customer behaviors and preferences, but can also aid with increasing in-store sales.
Invest in analytics
One way of easily using data analytics to improve your business is by investing in a service that provides an online dashboard. Merchants will be able to monitor sales growth by seeing what drives sales and discover actionable opportunities to grow revenues and gain more customers.
Many analytics services also have the unique feature to combine various sources of data (sales, reputation, social media, competitors, ect.), and simplify all of this information into one source so that the merchant is able to remain efficient and run their business.
Use a reporting solution
Another practical mechanism to monitor and audit your in-store sales is by using an online reporting solution. With this feature, merchants will be able to view statements online and build reports based on monthly, daily, or event individual transactions. Online reporting solutions will shorten the time looking for information, as you can search for transactions by card number, view batch reports, and much more.
Merchants are also able to analyze sales volume trends to identify what days of the week are the strongest or to monitor how your sales volume has performed over a specific period of time.
Engage customers with beacon technology
Beacons are one the newest forms of technology that personalizes a customer’s shopping experience. In addition, it allows for advanced analytics and data for the merchant. The beacon device, or devices, is installed in a store or shopping mall and uses a Bluetooth signal to communicate directly to a consumer’s smartphone through their downloaded apps.
Retailers are using beacons to engage with customers by sending them coupons, a personalized welcome message upon entering their store, or reward points. The goal of beacons is to increase sales and traffic by sending an alert to the consumer when walking by their store or through their store. Additionally, merchants will use beacons to gather valuable analytics and data on in-store activity by what consumers are clicking on, what offers are being redeemed, what areas of the store they are shopping in and more.
Implement a Loyalty Program
Loyalty programs are a great way not only to boost retail efforts, but to also encourage consumers to return and shop at your store. However, it is critical to evaluate and measure a loyalty program’s success to see how your program is doing. One way to track this is by measuring certain campaigns to see how many purchases and visits your program is bringing in. Another option is to track increased frequency from customers. With this data, businesses are able to identify an increase in frequency related with program effectiveness.
Maximizing in-store analytics will be a great tactic to boost sales in addition to enhancing customer’s preferences and loyalty. By investing in an data analytics tools, using a reporting solution, engaging customers with beacon technology, and implementing a loyalty program, small businesses will be well on their way to staying up-to-date with trends, behaviors, and their sales growth.