Point of Service (POS) systems are no longer solely where your business’s transactions occur, they collect an excess of insights regarding your staff, products, and customer base to help further your company’s growth.

Insights Provided by POS

A POS system, while essential to even operate, is truly invaluable because of the information it offers on your business’s efficiency. Provided data can report on top-selling products, employee performance, your busiest hours, and more to help you identify new insights on how to improve.

Before getting lost in running countless reports, it’s important to understand the POS data collection process and how to utilize it.

Why use POS Data Analysis?

POS systems log completed transactions automatically, recording the time and date of the purchase, product specifications, and the preference of the customer. While also indicating the credited salesman, and if the sale occurred online or offline. With this data, you can run deep reports on your business’s effectiveness either daily, weekly, or annually. Providing significant forecasts for your ventures moving forward.

This analysis delivers obtainable goals for a business to reach based on accurate crew performance data, sales trends, inventory size, and overall efficiency of operations. And since most setups integrate smoothly with other business features, like customer relationship management programs, or accounting procedures; you can view a full encapsulation of your entire organization from one singular point.

Storing POS Data

POS systems collect data in two different ways. Passive collection consolidates data automatically, usually featuring transaction times and client demographics. This data is best used to examine the back end of your business, where you can spot sales trends, determine product popularity, and even build customer profiles.

Active data collection hinges on the information accumulated during checkout. This might entail pointing a customer toward a satisfaction survey or recruiting them for your mailing list.

With this data often stored in the cloud, retailers or restaurants can run exact reports on-site or remotely from their POS systems dashboard.

Data Available in POS Systems

It’s easy to get lost in the volume of data POS systems provide, working through countless reports on aspects of your business you may not be familiar with. The best way to optimize this process is to categorize this huge bulk of data based on what’s most significant to you.

These are four specific classifications you can focus on when analyzing your POS data.

1. Sales Report Insights

   Sales reports provide status on product performance, sales price, optimal transaction windows, and other data depending on what your business specifically needs. There are three common types of POS sales reports…

• Sales summaries report your overall transactions based on any specific range of time, be it the end of the night, week, or month. Including other relevant summary data like gross profits, product sales costs, and profit margins.

• The sales per-product report offers comprehensive data on a specific item. Viewing how those sales advanced over a particular time, the price it sells at, and if certain product variations are in higher demand than others.

• Similar to the per-products report, a sales per-customer report centers itself on your clients. With data outlining what item is popular among your consumer base, and how much they’re paying for it.

2. Insights on Inventory

Real-time inventory data collection through your POS ensures you’re meeting customer demand. Notifying you when you have low stock on specific products, and even automatically reordering more inventory. This information assists you in inventory optimization, tracking sales trends, and assuring that no product is being left on store shelves in person or online.

3. Insights on Customers

If a majority of your time is spent on ineffective marketing campaigns or futile product launches, you can utilize your POS data to determine the deals or products your customer base actually wants. By collecting data on their shopping patterns, preferences, and purchase history.

4. Insights on Employee Management

Throughout any industry, your strongest asset is your team. But if they aren’t meeting your expectations, or if you get overstaffed, they become a great hindrance to your business’s success. POS Systems utilize employee data to break down their hours, overall sales, and more, to ensure your staff is meeting its utmost potential.

The Value of POS Data Insights

POS systems provide an incredible amount of data to determine the best choices you can make for your business. But overall, the most valuable outcome of utilizing this information is how it enhances customer relationships. Continuously receiving new data on customers’ buying habits and analyzing how they change over time, allows you to further perfect your procedures and provide them with the best possible accommodations and features.

If you’re looking to integrate POS data insights to improve your customer relations or simply optimize your operations, contact Revitpay. We can provide you with a setup that collects and reports the exact data you need to start making the best decisions for your business’s future.