Point-of-sale data: what value does it offer?

Point-of-sale software is designed to increase the efficiency of your business transactions, but what other benefits can it offer?

Every day that your business is open for trade countless customers undertake transactions, and in so doing, generate invaluable point-of-sale data on behalf of your company. Without automated point-of-sale software, however, this data will go unrecorded and the opportunity to move your business forwards will be lost. So, what’s the value of point-of-sale data, and why should you invest in merchant EPOS software in order to keep track of it? Here are just a few ways in which keeping a record of your customers’ transactions can work in your favour in future.

Stock management and replenishment

Automated point-of-sale software will digitally retain a record of your customers’ transactions as and when they occur, cross-referencing them with a database of your stock levels. What this means in real terms is that your POS system will know when your products are running low, giving you the option of authorising a replenishment order to keep your stock levels topped up. Not only will this approach allow you to better manage your stock levels at the expense of far less time and effort than before, but it will also give you the chance to spot emerging customer trends ahead of time, making proactive stock orders to anticipate periods of high demand and increased trade.

Sales and promotions

Keeping track of your stock is important, and managing your stock levels can even save you money, but the benefits of POS software do not end there. The data you’ll be provided with will offer you an insight into the kind of products that sell well together, giving you the opportunity to introduce more effective sales and promotions in future. For example, POS software might reveal that customers who purchase wallpaper steam strippers also like to purchase coloured emulsion paint, suggesting that a multibuy promotion could help to increase sales and give your customers what they’re looking for.

Customer data and marketing

POS software can be extremely useful from a marketing perspective, too. The software can be used to obtain customer data including names and email addresses, purchase habits and sales history, giving you a greater insight into each of your regular customers. With this data, you can implement more effective marketing campaigns and reach out to your customers through text or email, giving them updates regarding your new promotions and sales, or news of products they might be interested in. Keeping your customers in the loop is a great way to build brand loyalty and keep them coming back in future.

As you can see, point-of-sale software can provide numerous value creation opportunities for your business, from more accurate stock control to more effective promotions. If you’d like to benefit from our retail ePOS software designed for merchants this year, take a look at the solutions available on our website, or contact us for more information.