We are currently living in the digital age where information is king. Information is being widely collected on a wide plethora of topics. This information in then analyzed and patterns or connections are being discovered. These discoveries are actively helping increase efficiency and effectiveness of many different fields, jobs, and products.
The sales industry is no stranger to information. After all, what is stock management other than inputting and processing data? Despite this, it is still proving to be a little slow to adopt data collection and analytics on the scale that can truly make a difference. We still have stores that count inventory manually and track it in logbooks.
That being said, we are also starting to see stores adopt data analytics more and more. So, this article is for those sitting on the fence on the issue.
Let’s take a look just 3 things data analytics can bring to your store. This is just the tip of the iceberg, but it makes for an easy entry point to the concept.
1. Informed Spending Decisions
One of the ways data analytics can help you and your store is by helping you make informed spending decisions. These informed decisions are based on information collected during sales and analyzed based on different parameters.
For instance, analyzing sales data with respect to time of the year could help you know which products do well at what times of the year. Conversely, analyzing this data with respect to age group or background can help you understand which products are popular with which demographics of the community you operate in.
All this information is exactly what you need when making spending decisions such as purchasing stocks from supplies, spending on marketing, introducing new products, running promotions, and so on.
2. Increased Profits
Another way data analytics can benefit your store is by arming you with the information you need to increase your profits.
By providing you with the kinds of data we’ve mentioned before, you are able to purchase the most desired products at the right time and sell them to customers who really want them. You can keep up with most sales or product trends relevant to your interests this way.
You can also plan your sales and promotions using this data so that you can maximize profit based on demand. Another option is to discount products you want to clear so that you do not end up losing money over them.
3. Increased Customer Satisfaction
This last one is often seen as a result of the first two. By getting the products people want right when they want it, you inspire them to come in and spend on these products, thereby increasing your profits. The customer on the other hand gets to have exactly what they wanted, which makes them happy.
Knowing your customers based on demographics or purchase history is a great way to cross-sell or upsell to them. It is also a great way to polish your staff’s customer relations skills and create regular customers who return to your store whenever they need to shop for what it can provide.
Using data to aid your staff with dealing with your customers can create a feeling of familiarity, which can go a long way towards increasing customer satisfaction.
As we mentioned before, these are just some of the benefits of incorporating data analytics into your store.
If you were wondering how to dip your toe into the vast pool of data and data analytics, look no further than Ewity.
Ewity is our easy-to-use, easy-to-learn, cloud-based POS system. One of its features is being able to generate data analytics specified to your exact needs. Whether you want to see how much a product sold over a certain time period or you simply want to see what the most popular product among ages 18 – 30 is, you can.
If you want to try Ewity for the low, low price of ABSOLUTELY FREE, head on over to our website and see what we are all about.