5 Valuable Features Your POS System Software Should Have
[CLICK FOR INFOGRAPHIC]: Small Business - 5 Pieces of Customer Data You Should Capture
When choosing a POS system and the software that links to it, there are a few things to consider. Will the software that links to your POS system allow you to track where your customers are spending their money? Will you be able to better understand your best customers? There are so many ways that your POS system can help do the heavy lifting for you so that you can better understand your business, improve operations, and decide how to keep customers coming back.
Here are the top 5 data points your POS system should be able to capture about your customers, to help you improve your business:
1. Customer names, data, and purchasing habits
Keeping customers coming back all starts with capturing customer data. No matter what type of business you are, you need to understand who your best customers are by knowing not just what they need, but their purchasing habits. This can be done by collecting data (putting it in a spreadsheet), but that is not the most effective way. Businesses should look into an automated, POS CRM software tool that allows them to automatically capture information about their customers behind the scenes through credit card transactions. Having a software like this integrated within your point-of-sale system makes it easy for you to track who your customers are, what they purchase from your business, how much they spend, and so much more. With this information, you’re able to see who your top customers are and make better business decisions to personalize their experience and keep them as lifetime customers.
2. Which products bring customers back
Is your POS system able to not just track what products you sell, but which products are bringing your customers back? Most businesses know what’s selling well and what’s underperforming, but what many businesses don’t know are what products are likely to turn a new customer into a repeat one. With certain software that connects to POS systems, you can be able to track these “hidden gems” that are lower in sales but may have higher customer retention. This type of data is crucial for businesses so that they can understand a niche product or service that not a lot of customers may know about but may want more of. With this data, you can determine how to better these products – whether it’s changing pricing, promoting it more frequently, and more.
3. Where your customers are coming from
Do you know what area or zip code your customers are coming from? As a small business, it’s extremely important to focus your efforts on the areas that are bringing in the most customers for you. By capturing customer data through your POS system, you can better understand where your customers are coming from, and how you can jump-start initiatives to earn their repeat business. If most of your customers come from a city two miles away, maybe you’ll want to consider marketing to that area through local ads, coupons, and more. Or, if your small business is doing so well it’s ready to open its second location, you may want to consider
4. The time of day most of your customers are coming in
Does your POS system have features that help you understand your best sales during certain periods of the day? As a business owner, you need to know when your peak hours are – and with a POS system that is able to capture all that information, you can have clear data on what time of day you get the most sales, and what time of day you get the least. This will help you better understand how to market certain hours of operation, or when to scale back as a business owner.
5. How many of your customers are new, and how many are repeat
Lastly, make sure your POS system and its software are able to give you information on new vs. repeat customers. This includes customer visits, total sales, and the average spend that a new customer versus repeat one makes.
Whether you own a restaurant or retail store, choosing a POS system and the best software that connects to it is crucial in better understanding your customers and business operations. No matter what type of system you choose to go with, make sure that it’s providing you with added value, on top of processing!