Point-of-sale (POS) data should never be ignored. Here we look at how you can effectively use POS data to grow your business.
IBM predicts that we create 2.5 quintillion bytes of data every single day, and you need to ask yourself whether you’re fully utilising your slice of the pie.
If you’re using a touchscreen kiosk in your business, you’ll be able to gather a significant amount of POS data.
If you’re committed to growth, you’ll interrogate that data and use the results to optimise every part of your business.
Refine your supply chain
POS data provides an infallible way of keeping track of your inventory. This means more than avoiding a bloated stockroom or empty shelves.
Switched-on business owners are able to leverage the information they collect in order to more accurately predict their needs and create effective orders.
Calculating accurate re-order point levels will help your replenishment system flow more effectively and will remove any element of uncertainty.
You’ll be able to monitor the busiest seasons for certain products, then be prepared for the next one.
Essentially, you’ll have exactly what people need, exactly when they need it.
Reach out to your customer database
Not all interactive kiosks should be used to collect customer data, especially where they’re meant to speed up the sales process.
That said, many systems can be used effectively for taking customer email addresses. The resulting database is one of the simplest and most effective ways to engage repeat business.
For starters, you’ll be able to contact customers with offers and sale information. But that’s really just the tip of the iceberg. More sophisticated systems will allow you to store customers’ buying information, then provide deals catered to their previous transactions.
Evaluate offer profitability
One of the most compelling benefits of a touchscreen kiosk system is the ability to create daily deals and offers. It’s easy to set these offers up, but more importantly, it’s simple to track them and enhance their effectiveness.
Using POS data, you can accurately determine when a sale will be most beneficial, which items are usually purchased together, and how many people are going for the deal. These measures can then be used to refine offers over time.
Find and utilise ROI data
At the end of the day, business owners are interested in their net profit. Unfortunately, many fail to grow that figure.
This is often because they neglect to accurately determine the ROI (return on investment) on their products. Doing so will allow you to optimise your business by focusing on the products that cost you less while making you more.
The right POS software will allow you to track offers and sales and determine the amount each order of a certain product is bringing in each month. With this information to hand, you’ll be able to steadily increase your profit margins across the board.
Use POS data to grow your business
POS data should be seen as an invaluable insight into your business. It can now be collected more easily than we could have imagined just a few decades ago, so make sure you’re taking full advantage.