POS Data: Your Store’s Secret Weapon
As a retail store owner, you know what you want: profit and inevitable success. Of course, such things won’t come along without putting in a bit of work. That’s where it’s up to you to invest in tools you will need to pave that successful path yourself.
This is where POS data enters the picture: insights of your store, collected by your POS (point of sale) system. Considering how modern POS systems have become, this feature is now a readily available blessing, letting you tap into valuable information on all aspects of your business.
We know, that’s a pretty big statement, we know – so what is it that makes POS data such a valuable weapon? Let’s find out:
Improve Your Inventory
Inventory management is perhaps one of the most important – yet tedious – tasks a retailer has to commit to. From counting and recounting products stacked in warehouses, to tracking and updating them during sales, the task needs not only skill, but also patience.
POS data pulls through all these troubles by providing all such information at the tips of your fingers. It gives you a bird’s eye-view of your entire inventory, covering various aspects like dusty inventory, low stocks, or locations of warehouses. You can even dive deeper and record information on which product is selling the most, and which product you think is just taking up space. This helps add transparency and efficiency to your entire inventory.
Know More About Your Product
You know your product before it reached the shelf – but how would you know how well its performing on the shelf?
A good POS system wouldn’t let you worry about that, because it can record ongoing sales. With this data, you can gauge into your products’ performance with a more accurate lens. Some of the most important metrics you can gain access to are:
- Product affinity – how frequently a product is being sold
- Sales by product – how much a certain product is contributing to sales
- Sales trends – how your business is performing on a high-level
Once you have a clearer idea of how well your products are performing, you’ll gain a smarter approach to handling your business. When you’re equipped with the right kind of information, you’ll better understand your strengths, weaknesses, areas of improvement, and profitable opportunities.
Tap Into Your Customers’ Mind
As much as you should know your product, you must also know your customer. After all, your customers are your lifeline, and will help you sustain your business.
For that, POS data comes to the rescue. It collects customer information that’s extremely valuable, but often overlooked when glancing at the bigger picture. This includes order history, loyalty points, discounts, and more.
More modern POS software in Karachi are capable of compiling all such data for a more ordered, tangible experience. Oscar POS does this exceptionally well by creating customer profiles that can record information like name, contacts, email addresses, etc. This way, you’ll be optimising other aspects of your business through one platform, like marketing, customer relationship management, and much more.
This makes one thing certain: POS data is definitely a force to be reckoned with.