It’s All About the Data. It’s the buzz in the retail industry lately. Everyone’s talking about how real-time data’s powerful impact can transform retail businesses– small shops and enterprises alike. Here at POS Highway we know it’s all about how you present the data so it can be easily consumed and is actionable. Providing the means to impact retailers’ top and bottom lines.
Here are five ways retailers are using real-time, actionable data to make informed decisions all day long on the sales floor and elsewhere:
- Replenishment. As items sell it is imperative to quickly replenish the skus that were sold to ensure that all sizes available for purchase are out on the floor. A small minority of customers will actually ask for an item they don’t see. Important at all times, but critical for key items at peak times. A real time replenishment report tells retailers what items sold and where items are located in the stock room. Set it to run automatically after a certain number of replenishable items have been rung through the registers– this report should be simple enough so that the task can be given to a sales associate on their first day.
- Sales Tracking by Associate. Top sellers need to be on the floor selling at peak times. With a click of button, retailers gain access to easily analyzed data to see who is bringing in the most sales. This allows retailers to create fun and motivating contests or to make quick decisions to adjusting sales associate roles to impact sales in real time.
- Check Store Sales and Margins.While on the go, on any mobile device, retailers can access current day KPIs. Real-time data gives retailers the opportunity to make instant and intelligent adjustments to product, merchandising, pricing or people.
- Customer Insight.Retailers want to understand and know their customers. Now they can do it in real time while their customer is in the store. Matching on hand inventory data with historical customer buying preferences allows sales associates to make more intelligent product recommendations.
- Real TimeInventory Availability Across All Locations. Retailers work hard to attract customers to their stores. It is tragic if the customer wants to buy something and it is not in stock in the store that day. Lost sales feel bad to the retailer, but to the customer it feels worse. A lost sale today leades to less customer traffic tomorrow. Being able to source products in real time across all store and warehouse locations while swiftly and confidently place customer orders feeds top and bottom line growth at retail. This builds healthy customer relationships that drive repeat business.
Retailers– large and small– who embrace tools available now in Cloud POS systems will be rewarded by their store associates and customers alike. Increased sales and profits will follow. Are you ready to innovate in your store?