As many retail merchants are already aware, your point-of-sale system is far more than just a cash register.
Sure, you can take payments, dole out gift cards to loyal customers, and perform product exchanges. But what if I told you that you could use your handy point of sale to fatten your bottom line?
With each transaction, your POS is picking up multiple bits of information that you could use to improve your business. POS data, or those little nuggets of wisdom, is a valuable tool for merchants looking to optimize their business — and it’s just sitting on your checkout counter, waiting for you to dig in.
But what kind of data should you be looking for, you ask? While every business will find some data points more relevant than others, there are a few common bits of info that most merchants will find useful.
Ready to hear more? Let’s take a deeper look at some POS data that can bring more shoppers through your doors, optimize your marketing efforts, and give you deep insights into your ideal customer.
Do you know how much your products are worth? How low are you willing to price an item to compete with another E-commerce retailer?
With the advent of highly competitive pricing tools, winning the online pricing war can be a lose-lose for E-commerce retailers. Large online retailers like Amazon have an advantage in competitive pricing, as they can set the price low enough to run smaller retailers out of business. But there are other ways to compete – and it all starts with developing (or at least thinking about) an E-commerce pricing strategy.
Have you ever walked into a bar, restaurant, or other small business and saw money framed and mounted on the wall like a trophy or work of fine art? For many businesses that first sale, first dollar earned is a monument, marking the transition to a real revenue-generating concern. Unfortunately, brand new online retailers sometimes open to something like the sound of crickets chirping. Here are 17 ways to make your first online sale even before Google or Bing have bothered to notice you: