In the modern digital age, data is everything. The more data one has access to, the better decisions they make. This is especially true for businesses.
However, raw data without interpretation is just bricks without a house. That’s where data analytics comes in. Data analytics is a process by which raw data is taken and analyzed so that trends, patterns, discrepancies, and other useful information can be discovered.
In this article, we will be highlighting 3 benefits of data analytics to your business. Many store owners are still rather new to the digital tools available to them, so hopefully this article can help shed some light on data analytics.
1. Informed Decision-Making
Analyzing the different types of data that can be collected from your shop can offer you deep insights into how it is doing. You can use these insights as a guide when making big decisions.
For instance, data about the sale of a particular product throughout the year can inform you of the best time to order new stock. You can also see information like which products are popular with which demographic.
These kinds of data, when analyzed, can help you make more informed decisions in a wide variety of areas such as marketing, buying supply, promotions, adding new products, discontinuing the sale of old products, and much more.
2. Understanding Customers Better
The data your store collects can also help you know your customers and their needs better. Before, your staff would need to engage them in conversation to learn about them. Now, the data collected from repeat visits to your store can paint a more accurate picture.
When you know what products specific individuals or specific demographics like, you can tailor your marketing towards them. You can also know which individuals or groups are more likely to be upsold to or cross-sold to.
Additionally, having a better understanding of your customers can also help with increasing customer satisfaction through better customer service. Your staff will thank you for any insight you can give them on the customers’ preferences, interests, and concerns.
3. Mitigating Risk Better
There is a certain amount of risk in every business transaction. However, it is on us to minimize the risk as much as possible. Being better informed is a good way to minimize risk.
Having insights into your customers, your suppliers, and the market through data analytics can make sure you are better prepared for anything that comes. Whether it is a product losing its value or customers losing their spending power during a pandemic, knowing it’s coming helps you make sure it affects you less.
Data analytics can provide you with the information you need to mitigate risk more effectively. Mishaps like buying products and losing money reselling them can become a thing of the past.
These are just some of the benefits data analytics can bring you and your business. Being better informed is crucial to survive in today’s market.
Now comes the question of how to gain access to these kinds of data analytics. That’s where Ewity comes in.
Ewity is our easy-to-use, easy-to-learn, cloud-based POS system. It comes with a cavalcade of features, including the ability to generate data analytics tailored to your specifications. Whether it is by demographic, product, date, or any other variable, Ewity can generate analytics for you.
If you would like to learn more, why not head on over to our website and try Ewity out for the low price of ABSOLUTELY FREE?