Implementing a Point of Sale (POS) system is the first step to better understanding and analyzing how inventory moves through your store. But it shouldn’t be the last — there’s valuable and easily-gathered information that a basic POS system can’t offer.
POS reports focus on sales volumes (depletions) rather than than breaking down the baskets of your shoppers to help you better understand buying behaviors of customers of different brands. Depletion reports are far from real-time, and don’t really provide any deep insight around how a product is being purchased. Just looking at depletions does not give you insight into:
- Promotional Success: Measuring the success of a promotion – that is, if it drove a lift in sales – should take into account who took advantage of the promotion (first time customers? Repeat patrons?) and what incremental sales were driven by the promotion.
- Category Management: No contextual insight is offered into what is trending (or not trending) within different categories.
- New Product Optimization: POS reports alone make it difficult to understand consumer buying behavior and know when to introduce new products to your customers.
- Competitive Analysis: You can’t adjust price and inventory against what’s happening in local brick-and-mortar and eCommerce markets solely based on POS data.
Opening the door to new technology can provide what your POS system can’t: insightful analysis of what’s happening in your store, and engagement with the customers who patronize it. Take your POS reports to the next level and dive deeper into the specifics that matter to liquor retailers by expanding your store’s technological resources. It will give you actionable intel on sales and shoppers that helps optimize merchandising, price, inventory and promotional trends.
- Product Data: See detailed inventories of liquor retail products, from high-level information like SKU and price, to varietals, down through purchasing trends, like frequency, time, location, and more.
- Basket-Level Data: Instead of seeing only depletion-level data, understand the entire composition of a shopper’s basket, from the product SKU to the category, brand, variety, and volume. This helps you discover what is frequently bought together, which products tend to bring higher basket prices, items customers are price-sensitive to, what items bring in new buyers, and how sales between products correlate.
- Market Trends: Create a competitive advantage by pricing based on local market trends. Knowing what’s selling in your local market, as well as in stores that fit a similar profile to your own, is more valuable than what is on trend nationally or internationally.
- Consumer Behavior: Optimizing your store for sales starts with understanding your customers. Who are they? Are they buying a particular brand of pinot noir, for example, more often than another? When they buy a specific vodka brand, are they also buying other items in any trending way? How do your in-store and mail or social promotions impact first-time sales or overall revenue?
See your business through this new, more detailed lens with the DataBar from 3×3 Insights. The analytics provided through our dashboard helps liquor retailers merchandise more effectively and drive incremental sales at more rapid rates. To answer questions like:
- How do I upsell my customers?
- How do I retarget my customers to get them shopping at my store more?
- How can I let all my bourbon customers know about the new products we have?
- Which products are sold most frequently together?
- What is the average price of a product in my local market?
- How can I contact my customers with personalized offers?
- What was the direct impact of that promotion I ran?
- What brands drive the biggest basket rings?
…and more, connect for a custom demonstration of the DataBar from 3×3 Insights today.