Consumers as they go through the customer journey come in contact with different brand touchpoints and their perception of the brand at each of these touchpoints can be shown by the way they engage with the brand. Brand touchpoints create avenues for engagement with consumers. They allow you to connect with your consumers and to drive customer consumer engagement.
But some brand touchpoints go beyond this. They not only act as a means of communication with the consumer, but they also serve to generate insights that will drive future business decisions. There are several touchpoints that will avail you with data-driven insights for business decisions but only a few provide insights as important as the point of sale system. The POS system generates reports based on the data that was collected at the point where sales were finalized and payments made. Anytime a sale is rung up, the POS system scans through the inventory and stores information about the product, the customer, and sometimes the employee that rung up the sale. This data is collected and used for analytics to guide business decisions. And if you have been wise about choosing your POS system you probably have one that gathers data on consumer feedback and the impact of promotions for particular products.
By implication, you’d be able to answer some questions that are essential for business growth. Questions like what products are exceeding expectations and which ones are doing poorly? Which employee is outstanding and what do consumers complain about? If you are able to segment the analytics that your POS system provides, you would not only be able to answer these questions, you’d also be able to do something about them.
In this article, we are going to look at the several types of POS system reporting and analytics, and how they can drive consumer engagement.
This report is very important for businesses as they show how well the business is performing. They also show how well each marketing and sales strategy is doing. This report will also show you the best selling products and which product you seem to be making the most profit from.
This way you know how best to tweak your marketing strategy so that it supports maximum consumer engagement and promotes the products that they want more. This way you retain consumers and maximize profit.
A Report Of Purchase History
It is fine to strive for new customers but statistics show that it is a lot more expensive to acquire a new customer than it is to maintain old ones. So there is a need to open communication channels with consumers that repeatedly buy products. To do this you would need analytics on the purchase history of various customers and the purchase history report does just that for you. You get details on what each customer purchases and when they made said purchase that way you can keep tabs on them by opening active communication lines.
If a repeat customer suddenly seems to lose interest in your business, then you can engage them using these communication lines and figure out a way to bring them back into the fold before they churn.
Most POS systems will also keep track of employee activities. You get to see who is selling the most among your employees and you can figure out what they are doing differently. This information can be passed down to other employees to optimize the customer experience.
With analytics gotten from this system, you will be able to gather information on how busy the business is at different times and on different days. This way you will be able to schedule staff to meet customer demand accordingly. You maximize employee schedules and customers are happy.
Inventory Optimization Report
Your POS system also efficiently handles your inventory for you. This way you don’t have to worry about keeping tabs on how products are leaving and entering, especially if you are in retail. It is all automated and at the click of a button, a data-driven report is generated.
This especially comes in handy when you are dealing with unhappy customers. There is no way out of it. You will get unhappy customers, customers who are not happy with the product and might ask for a refund or an exchange. With this inventory report, you are sure to have stocked up enough on the product to meet their demand.
A powerful POS system gives you the chance to delve into the data provided in the reports it generates. This way you will be able to efficiently analyze the metrics and data that are of relevance to your business. A POS system does all the heavy lifting when it comes to reporting and analytics and presents you with easy-to-read reports at the click of a button.