POS Integration poses a challenge for the hospitality and retail industries. Getting a POS system that works with different types of data analytics can be a complex procedure, particularly for retail and service experts who may lack technical knowledge, comprehension and expertise.
Fortunately, many modern POS systems permit supplementary performance via an application programming interface (API). Combining the POS system with actionable data through a POS integration API can provide comprehensive and valuable customer insights into the business and customer experience. These insights can then be integrated to streamline processes, improve inventory management, sales and revenue, and provide a fulfilling customer experience in order to encourage positive interactions as well as increased average spend, repeat business, and customer retention.
All POS systems gather data when a transaction occurs. This data includes customer information, type and mode of payment, stock and inventory information and staff productivity.
A retail or hospitality POS system can be integrated with data analytics APIs to generate insights that can be used to improve and enhance key metrics in an progressively competitive business environment. For example, in order to direct customer engagement activities, POS integrations can be used. A customer of the company can register to receive special offers, through which their activity is tracked down to the granular level. Customers can be segmented on the basis of demographics, shopping history and habits, geographic location and more.
How can you convert this data into revenue?
1. Identify opportunities
Using customer data can help find opportunities to grow customer reach, grow sales, or cut back on wasteful expenditure. For instance, a marketer can target customers based on their location and provide them with special offers when they’re physically close to the store.
2. Stay up to date with trends
With POS integrations, companies can use analytical tools to view trends accurately: is a particular item selling faster than usual and if so, how does that affect inventory and stock levels? If sales are declining, would a real-time push promotion be effective? Which customers are most likely to respond? Another way is to see what are the busiest times of the day or week and plan sales and promotions accordingly.
3. Give personalized incentives
By using POS integrations, companies can personalize the incentives provided to customers. For example, VIP customers are more likely to make weekly purchases so providing them with a “Buy One Get One” offer is better than providing them with discounts like reduced cost offers. Segmenting your audience into different groups allows your business to send the right offer to the right group of customers.
It does not matter which POS system the business uses, it can always benefit from additional capabilities from expert vendors who are rooted in data analytics. Wefee1, the most innovative customer engagement toolset on the market, already integrates with 90+ POS systems worldwide. Start gathering actionable customer analytics to help you bring them back while increasing their spend!