Learn from Your Sales Data with a Retail Analytics Solution
There is a lot of useful information the sales data of a retail store can provide its manager with. Retail analytics solutions are extremely valuable in helping managers manage the stock levels in their stores. They also help managers decide the best time to offer specials on seasonal merchandise and provide many other logistical, practical, and analytical benefits.
Sales Data Is Also Valuable to Suppliers
With stores facing ever more crowded shelves with similar products that all offer two-for-one deals and special discounts, keeping track of which brand is offering which deal can be a full-time job.
A software-based analytical solution can deal with the tracking and reporting automatically. Managers don’t have to be trained in how to do it themselves or ask an employee to handle it.
More importantly, every brand in the store can easily get what they need in relevant past sales data. The savings in time and effort is just one side of the benefits of investing in this software. The other side is the financial benefits this tracking and reporting can bring to a retailer.
Every retailer knows it’s important to maintain a good, mutually beneficial relationship with all the brands represented in their store. Cooperation often leads to a greater volume of sales. Each of the brands has its own ongoing marketing activities throughout the year that can benefit from the store’s sales data for each brand.
And many of these brands offer financial incentives based on sales volume that can add significantly to a retail store’s bottom line over the course of a year. When you multiply these incentives by the number of products a retailer has on their shelves, software-based retail analytics solutions begin to make a lot of sense.
These solutions can also attract more suppliers that are eager to work with stores that can track and report their product’s sales during a specific time, or on an ongoing basis. Suppliers are attracted to retailers with this ability because this is valuable data the supplier can then apply to other regions. It helps them plan their production schedules as well as their marketing strategy and adds a lot more clarity to both.
In-store Benefits of Analytics Solutions
Do you often notice one store having a lot more traffic and ongoing specials than others in your local mall or shopping centre? This is often because the managers of these establishments have learned the value of analysing their sales data. This analysis can unlock buying habits and provide insights into gaining loyal customers who visit your store often.
Retailers and their suppliers can team up to offer regional data-based specials that reward them both with higher sales levels than other neighbouring regions have, simply by paying attention to the data and offering their own unique perspective.
Consider eyos connect to Provide you with Valuable Sales Data
eyos connect is a company that offers software designed to work with existing POS systems and turn the data from the systems into something that can benefit the retailer, supplier, and customer. And it won’t cost the retailer anything to get started.
Get in touch with eyos connect today to find out how their software can increase the capabilities and profits of your retail store.
