Improving your Business with
Data Capture Point-of-Sale products
Your company's point-of-sale (POS) system is an excellent tool for performing transactions; however, this machine can present more benefits beyond this primary purpose. Essentially, this technological advancement grants retailers access to more data than ever before.
Although any establishment can attain this data, processing and using the insight provided by this POS system is what keeps you ahead of the competition. Nevertheless, this article will emphasize these systems, giving you more insight into improving your brand via this essential tool.
Using Collected POS Data in your Business
As previously stated, POS systems can supply your business with invaluable data; however, how you use this insight dramatically determines whether your business will surpass the competition. Fortunately, this section presents a few ways to capitalize on this factor:
Gain Insight on Customers and Products
The data from your Point-of-Sale system can help you understand the factors below:
Insight on your customers' purchase history enables you to understand what products they buy and factors that correlate with the transaction. Essentially, processing this information will help you better structure future product recommendations, retargeting campaigns, and more.
Besides boosting your sales, practical product recommendations will increase brand loyalty as 64% of shoppers desire personalized offers from brands.
Specific products or services fly off the shelf during certain times of the year, and while business experts recommend you prepare your inventory, insight via POS Data can guide you on how to prepare.
In other words, you will receive information on which products your customers prefer and at what time, allowing you to stock your inventory, recommend items, and display products at checkout.
Unexplainable Sales Trends
It's not uncommon for businesses to experience a sudden spike in their customer's desire for a particular product. You can save both time and energy deciphering this enigma by analyzing data from your POS system and finding out the WHY.
Returns, Refunds, and Exchanges
Point-of-Sale systems process and record each transaction performed in your establishment, and while you receive data on which products to sell, you also get insight into what doesn't work.
Essentially, you can ideally monitor what items are being returned, why they are being returned, and which customer is more likely to return a product. Acting upon information can save your business time and money.
Monitor Employee Performance
Besides understanding your customers' relationship with your products, data from your Point-of-Sale system can provide information on employee performance. In other words, you can understand who's performing well, who needs extra training, who deserves recognition, and many more.
*Note: Deducing the top performers in your business allows you to assign them to other employees that need guidance.
Ensure to not only measure employee success based on total sales but who proactively make an effort to up-sell and cross-promote products to your customers. With this perspective, you can adequately evaluate your employees and their performance.
Also, coupling insight on your customer's buying habits and your employees' performance can help you decide whether you need to cut staff or hire more. You may also see when to change shifts, assign new responsibilities, or reschedule your employees and get your top performers in front.
Data Capture Point-of-Sale Products
Below is a list and review of the commonly used POS systems that effectively facilitate transactions and capture data. These include:
1. Barcode Scanners
A barcode scanner is a handheld optical scanner that can read barcodes off items, decode the information, then send the data to a computer. Furthermore, this system is adequate for inputting important information into your system as the scanner removes the risk associated with manual input.
In other words, the data entry process is automated, consists of little to no risks, and remains consistent whenever each item is scanned.
2. Mobile Terminals
Mobile terminals, also known as mPOS (mobile point-of-sale), are any dedicated wireless device (commonly a smartphone or tablet) that functions as a POS terminal. This system is ideal for businesses that aren't confined to a particular location and are always mobile, like food trucks.
Nevertheless, it remains an effective system to complete transactions and includes essential data that you can later analyze to get ahead of the competition.
3. RFID (Radio Frequency Identification) Reader
A radio frequency identification reader is commonly a handheld device used to acquire information from an RFID tag. This tag is used to track individual objects and contains information for better identification.
This product feeds computers with accurate information on products, thereby removing the need for manual input. Furthermore, this scanner's complexity allows it to perform complex processes and alert the appropriate staff whenever operations aren't going as planned.
4. Point-of-Sale Terminal
The POS terminal is a handheld device that processes card payments at businesses. This machine performs the task by reading the card's information, assessing the individual's bank balance, transferring money from the account to the seller, then recording the transaction digitally and with a slip.
Current POS terminals are cloud-based, allowing you to save each transaction history on the cloud and retrieve them for analysis when necessary.
5. Label Printers
Another point of sale item is a Label printer, and as the name implies, this gadget produces tags on self-adhesive materials to be attached to items. You can choose to pair this machine with a computer and operate it alone as long as it comes with a built-in keyboard; nevertheless, both options will supply you with invaluable data for corporate growth.
6. Receipt Printers
A receipt printer is a device that produces receipts and card slips usually after payment, and oftentimes, this technology is attached to a POS machine. Being tools for transactions, receipt printers can hold customer data from previous purchases, allowing you to extract them for analysis when necessary.
Irrespective of your years in business, incorporating a Point-of-Sale system in your establishment is a worthwhile strategy. This recommendation is predicated on the technology's data-collecting capability, providing insight into improving your business and defeating your competitors.
For more information on Ingram Micro's Data Capture Point-of-Sale products, contact our specialists today.