Retail stores collect a wide range of data on a daily basis. They include sales data, inventory data, purchase data and more. Careful analysis of this information can reveal insightful details of the business. It can provide information about how the retail store is performing, what is being purchased the most, which employee is most productive, etc. The most effective tool that helps quickly identify trends is the POS software solution.
POS systems can autonomously gather, analyze and produce data in an easy-to-understand manner. It can be in the form of charts, bar graphs and more. The generation of business reports can be scheduled on a daily, weekly, monthly and yearly basis. By examining the reports, retail owners can make quick and improved strategic business decisions. Let’s take a closer look how.
Types of POS reports
Retail billing software solutions are capable of producing multiple types of reports that unveil trends in different avenues of retail operations. The 4 types of reports are employee reports, inventory reports, sales reports and finally store reports. Let’s look at each of them more in detail.
Employee reports
POS solutions provide you a full summary report on your employees’ productivity. It contains key points such as how long each employee has worked for, how many sales they’ve made, how many leaves they’ve taken and more.
Inventory reports
Inventory reports display essential information like how full your inventory was during a specific period of time, what products have been moving the quickest, what products were bought the least and more.
Sales reports
POS solutions allow you to quickly pull up a report on how many sales you’ve made, at what time of the day, at which location and more. You can view them at a more detailed level by clicking on specific sales parameters.
Store reports
If you have multiple stores across different locations, this type of report gives you a breakdown of how each of your stores are performing. On viewing this report, you can seamlessly compare the performance of one store to another.
How POS reports help make better business decisions
Using insights that the different types of POS reports provide, you can make effective result-driven decisions. Here are a few examples of how you can use this data from POS systems to reshape your business.
Optimize purchase decisions
By examining inventory reports, you will be able to identify and minimize buying products that are sold the least, prioritize most frequently bought items and restock your inventory well before it is depleted.
Reveal business trends
By looking at your sales data over days, weeks, months and/or years, you will see a distinct pattern that shows when customers visit your store the most. With this information, you can optimize your operations to manage the surge in customers.
Send personalized notifications to customers
With an integrated CRM in the POS software, customer details such as contact information, where they’re from and what they are interested in will be available at your disposal. This helps you craft personalized messages to regular customers, sending bulk emails and more.
Employee management
Employee reports give you insight into how your employees perform. Using this data, you can decide how many employees to staff your store with to keep up with customer traffic. It also helps recognize and reward outstanding employees.
Summing up
Deep diving into your retail store’s business metrics gives you the opportunities to enhance productivity, scale up and eventually turnover higher profits. By making the right decisions, at the right time based on statistical reports, you will be able to improve your business prospects in no time. Get SmartPOS - the most powerful, reliable and highly functional POS software in the market. Contact SmartPoint to purchase today.