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For digitally native brands, there comes a time when the thought of opening a physical store goes from being a distant goal to being a viable way of expanding into new markets, reaching and engaging with more customers, and continuing your growth trajectory.
If that sounds like you, welcome to the wonderful world of brick-and-mortar retail!
But the same data-driven approach to growing an online store may not seem possible for your physical store. Sure, you can see how many sales you make each day, but how do you measure your retail store’s contributions to your brand’s overall growth?
That’s a challenge many omnichannel merchants face: making the connection between online and offline sales, and making sense of your physical store’s overall impact. Thankfully, your point-of-sale (POS) data can help bridge that gap when interpreted and used correctly.
When used in tandem with ecommerce data, POS system data unlocks valuable insights that help you be more cost-effective with your inventory purchasing, measure your store’s impact on online sales, customer loyalty and lifetime value, and even suggest when (and where) to expand your network of retail stores.
What is POS data?
POS stands for point-of-sale. Your POS software collects data whenever you process a transaction at your retail store. Once you checkout a customer, the data from that transaction feeds into several categories: inventory, sales, product, customer, and staff.
What are the different types of POS data?
Before we explore the ways you can pair ecommerce and POS system data to grow your business, let’s first review the different types of POS data and why they’re useful.
POS inventory data
Whenever you receive, sell, return, or exchange a product, the inventory levels of that particular SKU adjust in your POS system to reflect how many units of that item you have and where they’re located.
Why is POS inventory data useful?
Inventory is the backbone of running a retail business. And when you run both an online and physical store, ensuring inventory levels are accurate is even more essential. With accurate inventory levels that adjust automatically as you make sales online or at your store, you can avoid stockouts and let customers know with confidence if you have a product in stock.