Your raw POS sales data is a treasure-trove of powerful business insight that will help you to sell more product, hyper-target your marketing and detect fraudulent activity early. Read on to find out how.
In the highly competitive business landscape that exists in Perth, those that are most likely to whether the storm are those that take full advantage of their POS System Analytics data to identify and achieve competitive advantage opportunities.
For those business not using state-of-the-art POS systems, such critical data acquired in a timely and meaningful fashion is generally beyond reach.
With such POS System Analytics data at your fingertips, business owners are more than ever before able to sell their products and services at the right price, at the right time and to the right customer almost every single time.
Advancement in POS technologies has led to a virtual explosion in the amount of data that flows between customers, retailers and vendors, all of which is priceless in terms of its business process improvement value.
Just think of the current range of POS technologies such as wireless, NFC, mobile devices, cloud computing, payment systems like Apple pay, Google Wallet and PayPal, and all the market intelligence that comes flowing in daily through these payment channels.
It’s just staggering I’m sure you’ll agree!
Therefore, if you’re not already using the latest POS systems technologies in your business, here are four (4) data analytics-based reasons you should do something about that right now.
1. POS System Analytics data provides critical insights into your customers’ buying habits
Contemporary POS systems are centralised, which means that if a customer visits multiple shop locations, their data can still be accessed from a central repository regardless.
Since this ensures that a complete buying pattern profile is developed on each customer, the consumer behaviour patterns can be seen as a reliable predictor of future buying behaviour.
2. Better targeting of marketing
Even though Australians love to shop online, research shows that up to 85% of people wanting to purchase a product or service will still end up in physical bricks-and-mortar store to seal the deal.
Since today’s advanced POS systems are able to integrate online and offline data from purchasers, this means that the data can be more effectively for the purpose of precise targeting of marketing materials both online and in-store.
3. Availability of real-time actionable data
Apart from the fact that data is much easier to gather from different terminals in advanced POS systems, the added key benefit is that this happens very quickly, with analytics reports becoming available to you in just a matter of seconds.
This if course is only possible if you are using a state-of-the-art POS system that has built in analytics tools that not only gather data, but collate and present it in a graphical dashboard fashion as well.
4. More rapid identification of and response to fraud
Through faster and increasingly detailed analysis of raw data, fraudulent activity can be quickly monitored, detected and responded to. This has the major benefit of preventing, or at least minimising financial losses that occur due to criminal activity.
In fact, modern POS system technologies are able to tackle malware infiltration as the sophisticated, multi-level attack that it is, ensuring all vulnerabilities such criminal software would exploit closed off tightly.
So, if you’re not already using the latest POS systems technologies in your business, perhaps it’s time to contact us at MCR POS System Solutions and get that issue resolved right now.