UNLOCKING THE PROMISE OF DATA-DRIVEN DECISION MAKING WITH POS Program

 

Think investing point of sale applications is only going to benefit your business at the checkout line? It's time to rethink that all-too-common misconception.

Smart businesses like Lockwood Style understand that today's POS software does way more than simply process earnings. By helping you track inventory, customer relationship information and revenue data, your POS software can provide you with the hidden gems essential to make better decisions and ultimately increase your profits.

 

Think investing point of sale applications is only going to benefit your business at the checkout line? It's time to rethink that all-too-common misconception.

 

Smart businesses like Lockwood Style understand that today's POS software does way more than simply process earnings. By helping you track inventory, customer relationship information and revenue data, your POS software can provide you with the hidden gems essential to make better decisions and ultimately increase your profits.

The right point of sale software simplifies data-driven decision making by allowing you to:

 

Market Smarter

 

Email marketing is an inexpensive way to promote your services and products and when integrated at the point of sale you can easily boost business by identifying key trends in consumer purchase history. Use the CRM data from your point of sale applications to target specific groups of customers, gain insight into the most effective way to reach them and capitalize on their buying habits.

 

Keep a Close Watch on Gross Margins

 

Do not wait until the end of the month or the quarter to test your operation. Decide on a daily gross profit margin target and then check to determine if you achieved it at the close of business. Otherwise, analyze why and look for opportunities to increase your average sale. Rethink Your Sales Floor

 

Cloud-based point of sale software permits you to easily recognize the products and departments that make you the most money, so that you understand just what to purchase and can discover opportunities to encourage customers to buy them.

 

Purchase with Insight

 

Excess inventory is a major drain on your profits, especially when slow-turning things are taking up valuable real estate that you might use for faster-selling, more profitable items. By analyzing the sales reporting and inventory information provided by your point of sale applications, you can make smarter decisions about how much you are purchasing of each product that you take and which products you should phase out completely. Arm Your Team with Data

 

Increasing the average dollar amount of your sales leads to greater profitability. CRM data from the point of sale software can't only show you who your best selling workers are but it can help you arm sales associates with the information they need to up-sell and cross-sell your merchandise. Train your staff on how to spot opportunities in the information, and continue to make seizing those opportunities a focus of coaching.

 

How are you using data to drive sales on your growing business?

 

Inventory management does not have to be a time-consuming task that frustrates and confuses you and your employees.

 

Even when you've adopted POS software to keep track of your inventory, you might not be optimizing it. Utilizing the many features available in the current POS software programs permits you to make smart decisions when monitoring your inventory and ordering new products. Boost profits, streamline the inventory management process and manage a smarter and more efficient business with these POS software tricks of the trade.

 

Bumping up your pricing by a couple of percentage points no longer means hours of poring through spreadsheet after spreadsheet. POS software features a majority inventory management option, which allows you to make wholesale changes to the pricing of your products. Leave the calculator in your desk drawer -- entering a formula into a spreadsheet is all it takes to adjust pricing.

 

Track the Popularity of Products

 

As a smart small business owner, you know that the secret to long-term success is keeping your customers' must-have items in stock. At exactly the exact same time, you don't need to overstock items that sit on the shelves for weeks at a time. Inventory management needs you to keep hot products available and reduce your supply of those not-as-popular products. POS software can determine both your top-selling and popular things, which lets you make calculated decisions when it is time to restock.

 

Cross-Check Inventory Without Difficulty

 

Regular inventory management also lets you make certain that your physical inventory matches your documents. An accurate record of your inventory could result in substantial savings over time. If you always know what is in stock, you can prevent reordering products which you don't really want, reducing waste and cost to your business. POS software allows you to compare your stock records with the physical inventory in your warehouse. Gone are the days of walking around your shop and counting inventory item by item. POS software allows you to compare your provider's invoices with your purchase orders and inventory databases built into the software. This crosschecking measure can simplify your inventory management and make certain you always keep accurate records.

 

You've crosschecked your provider invoices with your inventory records. You know what is selling well right now and what is not. Now, you simply need to focus on restocking those popular things to maximize your profits. POS software offers automated ordering, letting you keep these fast-selling products on the shelves. As you still wish to be involved in the reordering process so that you can adjust inventory as needed, the automatic ordering option allows you to concentrate on keeping your shop stocked with the products your customers want the most. By discovering what is in stock, what is running low, and what you don't need with a few quick clicks, you'll create an intricate understanding of your business, allowing you to make smart purchasing decisions moving forward.


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