Now more than ever, retail stores and small business are finding new and inventive ways to do more with less. Whether that’s leveraging digital marketing, offering creative promotions, or shaking up branding and merchandising, retailers are making it work. That includes making full use of every tool at your disposal – including point of sale data.
According to pointofsale.com, there are three point of sale data metrics that can make retail store management easier – and, ultimately, improve sales performance.
Retail Point of Sale Data Metrics to Track
1. Shopper Behavior
Point of sale data shows not just what customers are buying from your store, but how customers are buying those items. Analyzing purchases from different angles – looking at dates, times, total purchases, items bought together, and more – will help with inventory management, and to guide marketing and promotional pushes.
2. Promotion Compliance and Success
When executed properly, promotions can significantly increase product performance and overall sales. However, research shows that about half of retail promotions are not executed in compliance with their predetermined plans. POS data can identify whether promotions are set up correctly and performing to plan. You can also use historical data to guide future promotion planning and execution.
3. Resource Planning
With the much-publicized supply chain issues plaguing retailers all over the world, it’s more important than ever to keep a close eye on inventory. Point of sale data can help with this. Analyze data at the SKU level to identify best sellers and complementary products, spot low inventory before popular items run out, and get a fuller picture of total store inventory.
Could a new point of sale system help you gather and analyze data more easily? Contact Retail Tech and get started today!
Retail Tech carries a wide variety of new and refurbished POS hardware and equipment. We offer installation and staging, retail point of sale system repairs, and more. If you need help choosing a hybrid POS solution, contact our POS systems specialists for help finding the perfect point of sale solution for your retail store, restaurant or other small business.