Retailers face stiff competition, both from physical competitors and online outlets. However, not all technological innovations have produced negative effects. Retailers can now use sophisticated point of sale (POS) systems to automate the buying process, saving customers time and cutting the company's own costs as well.
Those systems can be used to collect POS data. If you're not already doing that, you're missing a great opportunity. Here are just three ways you can use that information to grow your business.
Cater to Your Customer Database
POS systems can be used to collect customer information, and that customer information is a goldmine for business owners who know how to use it. You can leverage that data in order to create a more personalised experience for each user; when they head back, your system can offer deals applicable to their spending habits and frequently-purchased items.
However, that's really just the tip of the iceberg. It's also possible to produce detailed analyses of customer habits: how much they spend, when they visit, and so on. Retailers can send out personalised promotional items to customers who haven't been back in a while, encouraging repeat business while providing valuable information for previous visitors.
Create the Perfect Offer
Even if a person has never entered your store before, you can still use POS data to provide them with deals that they are likely to except. Not all shoppers are alike, but you can still determine general trends.
For example, you might notice that a certain drink tends to be purchased with a certain snack when customers come in the middle of the day. Using that information, you can ensure that your point of sale system offers a package deal on those two items during the lunchtime rush. Just make sure they are both within easy grabbing distance.
Optimise Your Supply Chain
Businesses don't just experience growth because they sell more; in order to be successful, your business needs to ensure that everything is fully streamlined. With that in mind, use POS data to optimise your supply chain.
You'll be able to quickly and accurately calculate re-order point levels, keeping your stock replenished without overfilling your stockroom. This is particularly useful for any retailers who stock items likely to spoil. You can even monitor exactly what days of the month or year certain products are likely to be most in demand, then make sure you won't run out when customers are most likely to be looking for them.
Automated POS systems aren't just convenient, they also represent a fantastic way for businesses to analyse customer trends and cater to their clientele. If you haven't started utilizing it, now is the time to start.