For those who’re utilizing a contemporary level of sale system, likelihood is it’s supplying you with a wealth of details about your clients. Most POS systems available in the market immediately have subtle retail analytics capabilities that allow you to glean insights into the procuring behaviors of the individuals who stroll by means of your doorways.
The query is, are you placing your buyer knowledge to good use?
If not, preserve studying. On this article, we’ll make clear 9 inventive methods to make use of POS system buyer knowledge in your retail biz.
1. Serve up related product ideas
This is without doubt one of the low-hanging fruits in terms of buyer knowledge. Understanding what buyers have beforehand bought makes it simpler to recommend merchandise they may be eager about. If a buyer purchased gadgets from sure manufacturers or classes up to now, you should utilize that knowledge to market related gadgets sooner or later.
The division retailer Nordstrom does this rather well. The retailer takes notice of its clients’ particular purchases (e.g., cosmetics, designer merchandise, and many others.) and sends tailor-made product suggestions primarily based on buyers’ shopping for historical past and preferences.
When advertising to new clients, you should utilize the acquisition histories of buyers with an identical profile to make acceptable product suggestions. Amazon is a grasp at this, which is why all of its product pages include the part “Individuals who considered this additionally considered…”
Contemplate doing one thing related in your small enterprise advertising initiatives. Take note of what individuals are shopping for and use that info to create related messages and ideas.
2. Make well timed product suggestions
You can too use POS system buyer knowledge to tell the timing of your campaigns or promotions. By understanding when a buyer purchased one thing, you can also make an informed guess on what they’ll purchase subsequent or after they would wish to replenish their stash.
We will see this in motion within the dietary supplements retailer Acupuncture Atlanta. Whenever you buy a product — e.g., a bottle of nutritional vitamins — the shop takes notice of if you made the acquisition and sends an e mail across the time when the nutritional vitamins are about to expire.
For those who promote gadgets that have to be refilled, take a leaf out of Acupuncture Atlanta’s playbook and schedule reminders that encourage clients to repurchase your merchandise.
3. Know your high buyer segments
Along with shedding gentle on what individuals are shopping for, your POS buyer knowledge additionally tells you who your finest clients are. That knowledge is extremely invaluable, particularly if you wish to hone in in your goal market.
Understanding what varieties of buyers are shopping for from you essentially the most may help you tweak your model messaging, work out which retail advertising channels to put money into, and what varieties of promotions to supply.
Let’s say you’re an attire retailer and also you uncover that your high clients are girls ages 28-35. Armed with that info, you’ll be able to provide you with campaigns and property that incorporate pictures and advert copy that these girls can relate to.
4. Enhance your retailer’s structure and merchandising
At a loss for concepts on easy methods to merchandise your retailer? Flip to your POS knowledge. Establish issues like:
- Your finest sellers
- Prime colours or sizes
- Gadgets incessantly purchased collectively
Having the information above can inform choices akin to what gadgets to show and easy methods to merchandise your mannequins, home windows, and many others.
For instance, if that clients sometimes purchase a handbag with a particular pair of sneakers, then you’ll be able to create a show showcasing these gadgets collectively. Or, if a selected shade is flying off the cabinets, then you’ll be able to put it entrance and heart at your retailer so clients can see it.
Regardless of the case could also be, take the time to undergo your gross sales and buyer experiences and determine traits that you should utilize in your in-store merchandising and design choices.
In the identical means that POS knowledge helps you merchandise your retailer, that very same info may give your promotional concepts. Insights into your high classes or merchandise can assist you in figuring out which gadgets to highlight in your promo supplies.
In some instances, you should utilize gross sales knowledge to drive a way of urgency. If an merchandise is promoting shortly, you’ll be able to point out that in your advert to entice folks to buy instantly.
Some retailers select to focus on widespread gadgets of their advertising when merchandise that have been beforehand bought out turn out to be out there.
Take a look at this instance from UNTUCKit, which spotlights the truth that the model’s finest promoting polo shirt is again in inventory.
6. Decide what varieties of product packages or bundles to promote
Promoting merchandise bundles or packages might be an efficient technique to maneuver your stock. Many retailers, for instance, bundle widespread merchandise with slow-moving gadgets to assist get the latter out the door. In sure situations, a bundle containing high- and low-margin gadgets permits retailers to maximise their income.
That stated, bundles work finest when which gadgets go properly collectively. And that’s the place your POS knowledge is available in. Establish the merchandise that your clients sometimes purchase on the identical time, then calculate your pricing and margins to make sure that bundling up these merchandise is sensible from a monetary standpoint.
7. Determine what to fill up on (and what to not order)
Understanding which merchandise are hottest amongst your buyers allows you to make smarter stock choices. When you’ve got a stable deal with on what your bestsellers are (and why they’re so widespread) you’ll be able to inventory extra of these merchandise. You’ll be able to take issues a step additional through the use of POS knowledge to foretell traits and decide which gadgets so as to add to your catalog.
On the flip facet, it’s additionally necessary to know which merchandise are duds so you’ll be able to keep away from stocking them in your store.
8. Make choices on what to placed on sale
Talking of duds, it’s essential to preserve a detailed eye on the gadgets that buyers aren’t shopping for. The earlier you’ll be able to work out what merchandise aren’t resonating, the extra time you’ll should right course.
For example, if a sure gown fashion or model isn’t promoting, you’ll wish to know sooner moderately than later so you’ll be able to put it on sale and make sure that the individual in command of buying inventory doesn’t re-order that exact merchandise.
9. Enhance employees information and customer support
Due to the web and our smartphones, shoppers immediately are extra well-informed than ever. Research by Tulip Retail discovered that 80% of shoppers consider that they’re extra educated than retail associates.
To that finish, you’ll be able to keep aggressive by instilling information, expertise, and confidence in your employees. In doing so, you’ll present clients that your workers are product consultants who can information buyers of their buying choices.
You’ll be able to accomplish that by giving your staff entry to your POS buyer knowledge. When your employees members know what gadgets are trending and after they’re conscious of every shopper’s buy historical past, they’ll be in a a lot better place to help and impress your clients.
Bringing all of it collectively
Your POS buyer knowledge can enhance varied parts of what you are promoting. From retail advertising and gross sales to stock administration, having the best info at your fingertips can actually be a game-changer.
So except for understanding easy methods to use POS methods or how POS methods work, it’s necessary to know easy methods to extract the best knowledge out of your platform. Doing so will allow you to make smarter choices so you’ll be able to develop and thrive.