Importance Of EPOS Data in Knowing Your Customers

Many retail businesses rely on their returning customers to remain profitable. How to use your EPOS data and epos software help grow your business.

Ability to collect vast amount of data, retailers are better able to connect with their customers to form a long term relationships than ever before. Customer data is vital in retail industry to ensure resources are not wasted. Promotions and sales are cost effective and if marketing efforts are successful and their customers always come back for more.

Regardless of the size of the business loyal and returning customers are the key to growth and expansion of the business. To achieve so you’ll need to have as much customer data as possible. Here is how you can have the customer data available to your business for good use in future.

Customer value recognition

When a customer returns back you ought to recall more than just their name. You need to recognize the importance of customer to the business as accurately and as quickly as possible and you should be able to use this information for every possible interaction. You need instant access to information such as past purchases or information on late payments of your customer whether your customer meets you face-to-face or over the phone. If the data reveals that they are a new customer then they are the perfect customer for an up-sell and if they are loyal customer they will be more suitable for retention initiatives. It is best to avoid customers with payment history. Before engaging with any of your customer you need to know your potential customer.

Promotions

Not all of your customers would like to receive information on your latest promotions and offers. You should look to your data to help you better target loyal customers and not by wasting your time and theirs. By using your epos software you can see what certain customers have bought in the past, the time they have bought in the year and the quantity they have bought. You can have a better idea of what they might want to hear about in the future. By saving important information on customer details on your database will enable you to locate information instantly and get in touch with a click of a button. Targeted marketing promotions not only make it easy but also far less time-consuming.

Protect profit margins

The best way to attract customers is to offer them with the best deals and discounts that they cannot simply resist. You also need to protect your profit margins by carefully monitoring the number of discounts you can afford to offer with the help of epos system. Protecting your margins should be given highest priority and fortunately your point of sale can enable you to control costs diligently by making smart marketing moves. 

epos helps you to determine how much you sell each product and thus helping you with the competitive pricing to help trim margins. Multi-tier discounting by offering larger discounts on a particular group of products and lower discounts on others can also help in that. BY doing so you are making up by what you are giving away. Data can be often used in the improvement of customer service data enables users to do much more than that.