Benefits from Data-Driven Point of Sale
With the rise and fall of beer, wine, and liquor store sales throughout the year, there are many ways store owners can improve. The most common re-liabilities include competitive pricing and convenient store locations. However, store owners can benefit from a data-driven point of sale to help them make smarter, more efficient, business decisions. Here are 3 ways data can help liquor stores within their decision making:
Improve product availability and promotions
Easily see what product is moving and what product has no movement. By seeing what product is or isn’t being sold, you can see what to highlight within your store. Highlighting the items can help your customers explore new products and buy something they may not have bought of otherwise.
If product is not being sold, you can easily promote that product to either a) see if the sales improve or b) get rid of the product. You can also gain an understanding of what your customers are looking for. This can help in the purchase process, especially when you are looking to expand and add new items. Are your customers buying more beer, wine, or spirits? With this understanding and the numbers, you can make educated purchasing decisions thus being more cost effective.
Competitive position and price adjustments
With access of seeing how product is being sold, you can also easily see the cost, retail, and profit margins. This will allow you to easily see what adjustments need to be made to the cost, what items you can discount, and what items are your best sellers. This analytic data will also give you a leg up on your competitors as you can make price adjustments when receiving inventory. The quick changes allow you to be ahead of the game and hold a competitive position.
Understand your customers
Between product availability and transparent cost you can see your customers shopping habits. Additionally, you can dig in deeper with your top customers purchase history. By tracking and managing your customers you can learn more about their purchase habits than ever before. What product do they purchase often? Which product did they only purchase once; and did it seem as a gift or a try item? Dig deeper to understand your customer base.
With the right data-driven point of sale software, you can dig deeper into your inventory than ever before. Understand your product, cost, and customers to make educated business decisions.
Additional mPower Blog Posts
- Liquor Store Display Ideas
- Three Components of an Efficient Liquor POS System
- Liquor Store POS: Making Inventory & Taxes Easier
- Dig Deeper Into Liquor Store Inventory