How this POS data help you improve your business:
The POS systems usually allow for flexible, customizable views of time frames. That includes the latest 52-, 26-, 12- and 4-weeks, fiscal year, and calendar-year-to-date periods, along with the comparison with the last year.
When looking for trends or patterns in your sales data, you can determine both opportunities and unexpected problems. You can track if one particular product is increasing or decreasing in sales. If it’s declining, you can make timely decisions like cutting prices, marketing more, or stopping selling the product. If an item is selling off the shelves, you can be sure to stock inventory accurately across channels.
Make sure that you are looking at both shorter- and longer-term trends when looking at your business. Shorter-term trends can proactively help you to fix issues before they extend into longer-term trends.
Sales trend analysis also helps you determine if you’re meeting your sales goals by providing an easily measurable way to track your process. You’ll know if you increased sales from last year and by what percentage. If you haven’t met a goal, you can drill down to sales of a specific product or location to see what is stopping you.
All retailers should have the ability to become data-driven. With the right capabilities, you can have confidence in making decisions as they are backed by your data.