Analyze POS data is the free and easy way to improve the business. And in this topic, we will use 7 tips to use POS data effectively.
You can sell a lot of products but still not gain any profit yet? The main reason is that you lack Inventory Analysis Â– being inactive with stocks left and stocks ran out.
That being said, the innovative POS technology gives you an Â“easy-to-trackÂ” number on the POS screen with each category/product. You, and your staffs, can easily track the inventory status right on a screen.
Moreover, the POS inventory report shows the trending of each product, and help you calculate the forecasting product number.
And, how you can leverage this amazing feature on POS?
How this POS data help you improve your business:
A terrible word ?!
Out of stock
To avoid the mistake in ordering out-of-stock products, the POS system will automatically update stocks in real-time and hide unavailable items for online customers. The system also instantly notifies your sales staff if the number of items added to cart is higher than the available quantity in the selected warehouse.
Besides, some modern POS systems provide forecasting feature for the business. If the numbers of items in the warehouse is lower than a particular mark, then the system will automatically notify you and your staff. So that, you can easily import items in time to meet customersÂ’ demand.
How wasteful is that with unsold items! You paid for these products, but theyÂ’re not giving you anything in return by sitting in a back room or on your store shelves. These dead stocks are slowly but surely draining valuable finance which can be put towards growth.
That is why you need to analyze the Point of Sale data.
The system will show you the exact number of items on the screen, and give you a Product Trending Report. Via these numbers, you can identify these items and avoid making mistakes of ordering these items too much. Or else, you can decide to stop importing these items to your stores.
In a nutshell, having this information helps you identify inventory problems so that you can make the appropriate decisions and optimize what you have on-hand.
Stocks in multi warehouses/locations
You have a lot of jackets in your store A, while, you are running out of jackets in store B. So, what will you do now? Call Â“emergencyÂ” to the warehouses, suppliers, or move jackets from store A to store B? No matter which solutions you choose, it is easy to see that without POS system, those solutions seem Â“so ineffectiveÂ”.
The POS system will help you collect the data on the availability of different products, locations or the movements between locations. All the data is visible for both you and your staffs (based on your setting, your staff can or canÂ’t have the permission to see this data). So, itÂ’s very simple to control stocks if you have the multi-warehouse or multi-location.
In another case, if your customer wants an item which has different size/color from the one on the store shelves, in an eye blink, the POS will access your inventory counts to see if it is available.
Read more here: https://blog.magestore.com/pos-data/