The use of data to inform business decisions is now a well-established practice. However, the pace of digital transformation has allowed even small businesses to leverage data in a way that was previously unimaginable. While most of us probably understand online businesses as the embodiment of retail’s digital transformation, this transformation has also changed the character of physical retail, giving brick-and-mortar businesses more growth opportunities.
Let's examine various domains where contemporary practices of utilizing data have proven to be extremely valuable for brick-and-mortar stores.
1) POS (Point of Sale) Operations
Point of sale data is invaluable for understanding customer preferences, sales trends, and which items provide the store with the most value. Before the recent wave of digital transformation in retail, gathering, extracting, and analyzing sales data was a cumbersome process that had a lot of room for human error. Today, this data can be made available in close to real time, particularly when a store prioritizes digital transactions such asQR Ph (QR code payment Philippines) payments.
The key is to find a POS vendor Philippines’ businesses can trust to provide maximum data visibility. Maya’s portable POS devices, Maya Terminal and Maya Terminal Lite are gaining popularity among businesses of all sizes, not just for their ability to effortlessly facilitate local e-wallet, QR code, and debit and credit card payments but also for their ability to integrate with physical stores’ electronic cash registers (ECRs) and inventory management systems. This allows for close to real-time data updates and more opportunities for process automation.
2) Inventory Management
Physical stores often face serious challenges when making decisions about their inventory. They have to make sure that they have enough of the right products in stock, but not too much that they lose liquidity and pay excessive warehousing and obsolescence costs.
ECRs that link to your POS system can be set up to update your inventory system in real-time, greatly increasing the visibility of your stock and keeping your store from making costly inventory mistakes. If you encourage QR payment and other digital transactions at your store, you can even get an even more accurate up-to-date picture of which items are selling well and which ones you shouldn’t be holding too much of.
3) Marketing and Promotions
The data gathered from your POS system and other sources like foot traffic counters, video surveillance, and promo signup forms can also be used to gain insights into customer behavior. These insights, in turn, can be used for refining product offers and driving more effective marketing campaigns. The result should be faster-moving inventory, lower costs per sale, and more relevance within your target market.
4) Customer Experience Assessment
The use of modern POS and data gathering systems makes it possible to non-invasively assess customer experiences in real time, providing valuable insights that can be used to afford buyers more pleasurable shopping journeys. Even a basic analysis of POS usage, queue times, and average order values can be used to optimize staffing and in-store product placements, as well as to develop more suitable merchandising strategies. With timelier, higher-quality data, you can better tailor your store to provide the kind of shopping experience your customers demand.
Get Accurate Data with the Maya Terminal POS System
Maya Business is the POS supplier Philippines’ startups and SMEs rely on to facilitate seamless payments and create better data transparency. Integrating a POS system into your physical store’s operations helps you gain accurate insights that help grow your business. Explore the full range of Maya in-store payment solutions to see which ones make sense for your store. Create your Maya Business Manager account today to order your Maya POS systems and to get a payment QR code kit.
Signing up for Maya Business Manager immediately gives you access to the Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow entitles you to a 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months after signing up. That’s PHP 14,600 in transaction fee savings for every PHP 1 million in QR Ph sales.
The Maya 1-2-3 Grow bundle also gives you access to a high-interest Maya Business Deposit account for the settlement of your transactions. Maya Business Deposit comes with a market-leading 2.5% per annum interest rate, increasing your business’s earnings by PHP 25,000 each year on every PHP 1 million deposit. Maya Business Deposit’s zero maintaining balance and free transfers via InstaPay and PesoNET also lets you save even more on your daily business banking activities.
Finally, the exclusive bundle also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million For potentially higher-value loan offers, just keep using Maya as your primary processor for all wallet and card payments.
Sign up for Maya Business today for more accurate customer insights and to take advantage of growth opportunities like Maya 1-2-3 Grow.
