A channel POS data management system does more than just provide a convenient way for customers to pay for transactions. For managing your channels, it’s also a valuable tool for data collection. And you need to analyze data in order to stay ahead of consumer buying habits and trends. Data collected from a POS data management system can help vendors manage inventory, track customer spending and habits and help you increase customer engagement. Without a channel POS data system in place, you’re essentially creating a blind spot for your business.
A channel POS data management system is essential within a channel management structure. Businesses lacking a systematic approach to collecting and analyzing customer data are businesses that are lagging in the digital age. With the consumer in mind, manufacturers and vendors must keep operations more aligned with their shopping habits, which, during the current pandemic, have largely been done online. Ultimately, the right POS data management strategies will result in increased sales and growth of your customer base.
Here are some tips for implementing a POS management strategy for your channel partners:
Choose A System
Once you’ve decided to take your company to the automated POS management side, you have to determine the right system for your business and channel partners. There are a variety of factors to consider when selecting the right system, such as whether you conduct your business through brick-and-mortar retailers or fully through distributors. The more sophisticated your operation, the more sophisticated the POS system.
You want a fully automated system where vendors and partners can access clean and processed data. A customizable web-based tool will streamline data collection and processing reports and makes it easier for partners to submit POS data. Then you can make informed decisions about your business.
Integrate Your Systems
Integrate your POS data management system with existing systems and strategies to achieve robust data collection. This way, your partners will get the most out of a POS data management system, because POS data is much more valuable when aligned with existing technology. Your data collection should be seamless across channels, and this is where integrating off- and online channels come into play.
Determine the type of data.
Now you’ve decided on the appropriate POS management system for your business. Do you know you want to collect? Here’s what you need to determine:
- What type of business do you have?
- Is your focus on tracking sales or consumer behavior?
- Do you sell your products at one retailer or through multiple distributors?
Analyze The Data
POS data can be helpful to all tiers of your channel partner management structure. For instance, you can tie your marketing and sales channels into the data that’s being analyzed to drive your strategies. From analyzing data, you can determine which products are getting the most traction and whether or not your promotions are effective. Also, data is not useful if you don’t have a clear strategy for how you intend to use it (i.e., forecasting, upsell opportunities, optimize inventory, etc.).