Arguably the real jewel in the crown of today’s intelligent EPOS systems is the unprecedented access they offer to detailed data collection and analysis. This functionality lets you view overall trends, patterns, and structured data in a manner that will facilitate you in expertly reaching your sales goals with EPOS systems.
Being that a point of sale’s primary purpose is just that – to handle sales – any EPOS is going to track all the purchases that flow through your store. While this is a seemingly basic function, retailers can glean all sorts of valuable POS data from sales and craft goals – reaching them with the help of a trusty EPOS system. In the following sections, we run through how you could be reaching your sales goals with EPOS systems.
Comprehensive EPOS systems make it possible to set specific sales targets and objectives for stores and employees. You can track individual employee performance to identify the strongest and weakest links within your team, while also assessing overall store results on a daily, weekly, and monthly basis. Hours of operation can also be analysed, taking into account peak sale hours and days. Thus, you are able to staff your store appropriately based on the most productive sales days.
These systems provide powerful goal-oriented initiatives and valuable insights that can be used as primary points of focus when understanding your business. Furthermore, it can show you the data needed to supercharge your sales through a holistic approach while not just thinking about your customers but also about your staff.
Point-of-sale solutions can also help you manage multiple staff accounts. You can track the number of sales each employee makes, as well as what products they’re successful at selling. For those staff members who aren’t making as many sales, you can provide additional training, support, or professional development opportunities to help them upgrade their skills. It’s also easier to track and reward your best performers with incentives and commissions.
Performing sales trend analyses on the data that your EPOS system offers gives you valuable insight into the inner-workings of your business. You can use this data to make informed decisions like when to raise or lower prices on your products. When looking for trends or patterns in your sales data, you can determine both opportunities and potential problems. You can track if a particular product is increasing or decreasing in sales.
If it’s declining, you can make timely decisions such as to cut prices, market more, or discontinue the product entirely. If an item is selling off the shelves, you can be sure to stock inventory accurately across all channels.
This analysis helps you determine if you’re meeting your sales goals by leveraging an easy, measurable way to track your progress. You’ll know if you increased sales from last year and by what percentage. If you didn’t meet a goal, you can drill down to sales of a specific product or location to see what’s hindering you.
By being agile with your pricing strategy, you can really help your business succeed as your system tracks sales over time. Find the most attractive price point for your products that generate the most money and manage your products effectively.
Brick-and-mortar retailers, including supermarkets and drugstores, rely heavily on promotions, discounts, and other sales strategies to generate sales, which typically accounts for 45% of total sales and revenue generated. Therefore, understanding your customers and how they react to your products or services is integral in meeting your sales goals.
Using the data insights available in your EPOS system, you are able to determine how to cater to your customers. Knowing trends, traits, preferences, and other information of your clientele will prove to be extremely beneficial when crafting specialised sales tactics to reach your sales goals.
Many business owners lack a clear goal/objective of their promotions. Repeating promotions is an easy and safe approach to planning. Unfortunately, it limits the ability for businesses to enhance promotions and improve performance over time. At the end of the day, it’s not just about reaching your sales goals but the ability to increase your business’ capabilities, while expanding your sales targets.
Utilising the expert data insights provided by your EPOS system, you are able to track and understand how your customers react to your products and services – giving you the ability to effectively cater to their desires and needs. This will, in turn, boost your sales and aid you in reaching your sales targets.
To learn more about reaching your sales goals with EPOS systems and ultimately supercharging your business, visit eposEX.