‘Data is King’
‘Data is King’ April 24, 2017 — I read an interesting article in the Wall Street Journal last week about the struggles of brick and mortar stores in this era of online shopping. While I think perhaps the retail liquor store is somewhat less subject to these pressures, the reality of the chains, the increasing ability of groceries to sell alcoholic beverages and emerging online sales is there and staying ahead of the curve is crucial to your business.
There was much of interest in that article which you can read here: https://www.wsj.com/articles/three-hard-lessons-the-internet-is-teaching-traditional-stores-1492945203
The part that caught me up – because I am such a data nerd! – was the thought that ‘Data is King’ and how that applied to all the stores running LiquorPOS. Whether it simply be to keep an accurate inventory, track employee activity, create a Loyalty program or move into new territory and dive deeper into the data and mine it for the information that will guide you as you work to drive growth in an increasingly competitive marketplace.
The Numbers Never Lie
Well, at least not if the numbers you plug into your LiquorPOS system are accurate. Sure, you can use LiquorPOS as an expensive cash register but why not leverage what you’ve got? Keep an accurate inventory, balance that inventory monthly, use LiquorPOS to create purchase orders and receive items, watch your Exception and Item Edit Logs, expect your End of Day to balance within your tolerance, track your customers and use the Frequent Buyer program to incentivize them to shop with you. These features and more have long existed in LiquorPOS and are the basis of keeping a tight handle on your business – and if you need any help applying or setting up any of the functions let me know!
But LiquorPOS has also always recorded a great deal of information which can be mined for a more sophisticated look how your inventory, your vendors and your customers are performing for you. This is the piece that fascinates me and is driving the development of the EncorePOS Dashboard. Creating new and more detailed ways to look at the performance of your inventory, your vendors, your pricing structure, your customers and your employees. And then giving you the chance to manipulate the data even further by sending the reports to Excel. I strongly believe this kind of flexible reporting engine is what will give your store the ability to remain competitive as the nature of all retail continues to change.
Say Hello to Your Business
Most good business owners have an innate feel for their business. But how well do you really know your business? You probably know many of your customers, you may even be able to tell which come in most often. But, do you know which of them are your most profitable – the ones that add the most to your bottom line every month? Retaining and growing your share of their spending is a key to your future success. Similarly, you probably know which products move the most. Again however, do you know which products are your most profitable and add the most to your profits month in and month out?
One thing is a given in today’s competitive environment: the new competitors – the chains, the online sellers — know their businesses inside and out. You need to know yours even better. Above are just a couple of examples of how mining the data in your point-of- sale system can make you know your business better. Let me know if you need assistance in getting at this data. Also check out EncorePOS to see how it is crafted to help you get at that data.