Holiday shopping season is here, and retailers are working hard to overcome the challenges of the last few years and finish 2022 out strong. A point of sale system can help by providing robust data about products, customers, and trends, providing guidance that will help maximize customer spend. Here are a few ways retailers can use POS data analytics to increase holiday sales, and set yourself up for success in the months and years to come.
How to Use POS Data to Maximize Holiday Sales
What Do You Want to Know?
The first step is figuring out what data will be useful. Do you want to focus on customer behaviors, product performance, inventory, e-commerce trends, or something else entirely? What will be provide the most actionable insights? Determine what specific data will help drive holiday sales in a meaningful and achievable way, and figure out how you’ll track it.
Clean Up the Database
It’s easy for databases to get disorganized, especially when multiple departments or people are adding data. Once you figure out which data you’re focusing on, take time to clean up the database so you have meaningful data that you can use.
Look at E-Commerce Trends
Examine customers’ online behaviors to get greater insight into their wants and needs. This should include online shopping, of course, but also social media interactions and email marketing engagement. Use this data to offer specific products or discounts to individuals or groups.
Track Return Data
What products did your customers return last year? Which did they keep? Were those items purchased online or in-store? Gathering and examining return data will help you to streamline product offerings and move forward more strategically.
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.
Source: Retail Info Systems, “The Joy of Data: How Brick-and-Mortars Can Leverage Analytics this Season”