There comes a point where creating a physical location becomes a realistic option for digitally native firms looking to expand into new areas, connect with more consumers, and maintain their upward development trajectory.
However, it might not seem feasible for your physical company to use the same data-driven strategy for growing an online store. You can certainly see how many sales you generate each day, but how can you gauge the impact that your retail location makes to the expansion of your business as a whole?
Making the connection between online and offline sales and understanding the entire impact of your physical shop is a challenge that many omnichannel companies confront. Thankfully, when analysed and utilised properly, your point-of-sale (POS) data can aid in closing that gap.
When combined with ecommerce data, epos data analysis reveals insightful information that can improve the cost-effectiveness of your inventory purchases, measure the influence of your store on online sales, customer loyalty, and lifetime value, and even recommend the best time (and locations) to grow your network of retail stores.
Driving better sales with POS data
Get Customer And Product Insights
You can create price strategies for promotions by using insights from previous results. You may learn very particular details about consumer behaviour and the level of product popularity from POS data. EPOS data analytics provides a retailer with the order history as well as sales trends for each item in the shop. The buying patterns of a certain consumer or group of customers can be examined, allowing a store to make accurate forecasts and plans for the future. This information can then be used to improve the supply chain and determine how to advertise and price goods and services to increase sales. Retailers may identify their best-selling products and continuously improve their product range by using PSO analytics.
Upsell And Cross-Sell
For a complete view of their clients' shopping trips, retailers who do both online and offline business must aggregate the data from both sources. PSO analytics can be used to connect quickly selling products with complementary free (promotional) or paid offerings. based on statistics on product sales. One of the things you learn when you match a consumer with a product's sales data is what the customer frequently purchases. Then, you may insert a spot offer on a complimentary product and immediately make that offer specifically to that particular consumer.
Inventory Control
The key to effective stock management is balance: making sure you have the correct stock, in the right quantity, at the right time. The ability for your company to proactively analyse and manage everything it purchases and sells makes stock management crucial. It enables you to make wise purchasing selections based on past product sales performance, ensuring that underperforming products are eliminated and successful ones receive increased promotional spending. Your stock complexity naturally increases as your retail operation expands. You should be able to forecast using your POS system's tracking of inventory levels and even store stock levels. Our intelligent solutions can even communicate with your vendors to alert you when stock levels are low.
Effective Marketing And Sales
Shoppers are willing to share their information 83% of the time in exchange for more individualised service. The successful segmentation of marketing promotions based on consumers' historical interests and purchasing behaviours is made possible by using customer data more efficiently and effectively across all sectors of the organisation. By integrating your stock control system, you'll be able to find the best-performing products as well. This will help to determine the emphasis of future marketing budgets and the effectiveness of restocking. You may customise seasonal promotions, early bird and multi-buy discounts, and preview events using the customer data you've retrieved from your POS to draw new customers in-store and upsell to current customers.
Make strategic decisions
PSO analytics helps give insights into nearly all parts of your retail business and so aid in their scientific improvement, which is something you would never have considered. It assists retailers in solving "behind-the-scenes" operational issues, such as eliminating system inefficiencies, finding opportunities, and standardising processes, in addition to customer-facing issues.
takeaway eposEPOS systems, increase revenue, efficiency and reduce costs, made for hospitality, retail businesses - we are the experts - over 75 years' combined experience Our experience and ethos separates us from the crowd.
Not only does our team have over 75 years' combined experience running hospitality and retail businesses, but we have developed all our software in-house.
This means that we know the software inside-out and can advise you on how to get the most out of it.
Many other companies rely on external software providers for various parts of their system.
eatPOS has developed a unified solution in-house to bring you everything you need to run your business efficiently, without the need to purchase and train on other pieces of software.restaurant eposWe partner with local educational institutions to help give young people the skills that are now essential in the workplace.
Our studies have found that although degrees and other qualifications provide a grounding in the theory, they are lacking in modules that concern the practical applications of the degree material.Given our vast experience in hospitality and business in general, this is an area in which we have excelled.
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