Three Cool Pieces of Big Data from the POS
Almost a year ago, we introduced you to the concept of big data. It was, and still is, a pretty hot term that described the way a business might grab an all-encompassing, seamless narrative about its customers – much like the way a customer might grab their narrative about a business via their uninterrupted customer experience.
With big data, information is key. By grabbing tons of information, a business might be able to make educated decisions about their products, services, and strategy based upon what clues and feedback that information is giving them.
There are a lot of ways to grab the kind of mass information that becomes big data. Social media, financial records, hired web behavior analysis, you name it. If it is a measurable thing that reflects the big numbers at work for you, it can become big data. And you can use it.
One of the best ways to get big data is by capturing information from your POS. This is pretty easy to do, after all, as cloud-based reporting from a single source solution funnels everything from all channels into one place. From there, you can grab certain pieces of information to do with what you like. Change priorities. Offer a new deal. Expand into a new demographic with marketing campaigns. The world is your oyster, remember that.
Here are three great things you can gather from your POS to analyze later.
Remember, every time you gather payment data, you also gather interesting customer demographics, like billing addresses and names, that can help you see who they are. Where do they live? Are they mostly female or male? With this information, you also might be able to track down some more information. For instance, if a large number of your customers come from a certain zip code, what can you research about that area and its residents? What level of education do they have? Have other studies already been done that tell you something about how that group interacts with your product? It’s worth finding out, and you’re already on the way there with what you can gather from the POS.
Aside from customer information, the POS can tell you all sorts of things about the types of sales you are making. What products and services are most popular? How much is the average ticket? How often do you make a sale? What time of day is busiest? With this sort of data, you can decide what hours are most profitable, whether or not you need to adjust your prices, and if you need to add or drop certain offerings.
Payment Methods and Channels
Because cloud-based reporting funnels together all of this information from every payment channel, you have the interesting opportunity to analyze data via each method and channel. Breaking things down by method (credit card, debit card, and/or ACH/eCheck) might show you something interesting about your customers and your sales. Even more, breaking this down further by payment channel (mobile, online, physical POS, and phone/IVR) will offer significant insight into your shopper’s habits.
Now that you know what you can gather from the POS, you can use this information to strategically position your business for maximum impact. Excited? So are we.
Photo Credit: Perry McKenna