EPOS systems can do more than process payments. They collect valuable data on sales transactions and store it in the form of EPOS data.
The information can then be used to improve the management of your retail/hospitality business. Through your EPOS data, you will discover new ways to improve sales, employee performance and inventory management. Thus, you can build a better, stronger business using the information derived from EPOS systems.
Customer or consumer profiles describe consumers in a way that lets you categorise and assign them to different market segments. They also reveal a lot of information including data pertaining to demographics, buying preferences, whether they want to pick up their purchases in person or have it delivered and the goods they prefer in general. You can create detailed profiles of your customers using EPOS systems because the systems record every transaction made, from the point of purchase to the point of delivery (where applicable).
Most EPOS systems contain advanced analytics software to draw up the profiles you need by collecting data from different sources. With the customer profile, you can deduce the age, income and preferences of your shopping base thanks to your EPOS system.
Order history refers to past purchases made by customers. EPOS systems contain this information because they record every purchase made by shoppers. As a business owner, you can pull up order history based on the item, the customer and other conditions you deem noteworthy. Once you have order history, you can devise several marketing schemes to improve sales like discounts or an email with recommended products to purchase.
Apart from getting to know your customers better, EPOS data can reveal trends about the industry and market with sales trends. You can look at what is the top-selling item in your inventory, the percentage of online sales compared to in-store, items that are not selling well, and items that sell well relative to the cost you obtained. Using this information, you can find ways to maximise profitability by focusing on what works and fixing what doesn’t.
For example, changing the floor arrangement might reverse fortunes for struggling products. Some EPOS systems are cloud-based, which means you access the data from anywhere, including your home.
Building a productive business depends on the performance of your employees. If employees are struggling to perform, you can use EPOS data to improve performance. EPOS systems can improve accountability. For example, if a sales transaction was performed incorrectly, you will know who did it instantly.
You can set goals for each employee and see if they are reaching your standards. If they are struggling to meet the established criteria, then training can be arranged to improve performance. Since the EPOS system records employee performance, you can find out how the training programs are affecting your employees and make adjustments accordingly.
EPOS systems monitor and relay information about inventory in real-time. Hence, you will instantly know if you are running low on a particular item/items. With real-time feedback, you can improve customer service by instantly answering queries about the availability of certain goods and services. Therefore, you can avoid a situation where you are out of stock of certain goods.
Furthermore, EPOS systems collect all kinds of data on inventory, which means EPOS data can reveal the items most in demand and others that are struggling. Therefore, you have a better idea of what is in your inventory thanks to EPOS systems.
EPOS data is crucial for the continued success of your retail/hospitality business. With the information derived from your EPOS system, you can find several ways to improve management and sales. Better management means real-time insight into your inventory and better oversight into employee productivity. You can improve sales thanks to a better understanding of your customer base.
With EPOS systems, you can get more detailed customer profiles, order history and more. This information can then be used to devise marketing strategies designed to upsell and cross-sell goods or services. EPOS data is a vital asset to any business that leverages it – one that you must make full use of to succeed.
Want to learn more about the benefits of EPOS systems and data? Find everything you need, right here.