How Analytics Empower POS Marketing Asset Management
Wherever you spend your money, big data isn’t far behind. The big data industry is projected to be worth $77 billion by 2023, and for a good reason: 79% of enterprise executives say that not embracing big data puts companies at risk for extinction. Data and analytics are increasingly critical to your bottom line. But how exactly can analytics turn into tangible dollars?
In a data-driven marketplace, empowered consumers know what they are looking for and for what price. Sellers who still need to modernize their business methods might feel like they have lost control over their transactions. However, by implementing a centralized, end-to-end data collecting platform, you can answer crucial questions - such as who is buying, what they are buying, where they are buying, how much they are buying, etc. - in real-time.
Although your customers' behavioral patterns change, you can learn their habits through technology. As this Business News Daily article outlines, a centralized data-collecting platform lets you know where your customers buy (online or offline, in different locations) and which campaigns effectively incentivize purchases. Through data collection in real-time, you gain a marketing efficiency that allows you to experiment with deals, offers, promotions, etc—collecting data to understand your customer better drives more business within a symbiotic relationship.
The number of brands and products available and most businesses' SKUs are growing. To many old-fashioned businesses, the novel variety can be overwhelming, especially when considering changes to a product mix. However, POS analytics software can also alleviate this challenge. Through asset tracking capabilities, you can seamlessly identify which items are selling and how fast they are selling. By quickly reacting to items that underperform expectations, you can optimize your inventory to suit your clientele's preferences better. In this way, you'll start seeing more gains on the gaining items and less loss on the losing ones.
Business News Daily reported that POS systems positively affect multiple areas of your business. We already mentioned how sales, marketing, and inventory could be affected, but these technologies also help manage employees. These systems allow you to create individual users for all your employees, so you can keep track of their activity and identify who isn't pulling their weight. EasyCheck, for example, allows you to assign tasks to your employees with proof of completion, data which you could then use to understand who is not completing their assignments on time. These types of capabilities proliferate accountability within your workforce, so you can easily build a more trustworthy and reliable team.
These are just a few ways POS analytics could improve your business and increase your bottom line. Can you picture how your business will change by implementing these systems? We want to hear from you; let us know what you think! Optimizing your inventory doesn’t have to be a shot in the dark.
Interested in learning how EasyCheck can help your business with the leading retail execution tools? Click here to see our demo video.
