As a small business owner, you’re the captain of your ship. You get to steer your store in the direction you want to go, charting your own path to profitability.
But to successfully navigate the retail industry, you need to identify a clear destination and create a map of how to get there.
That’s where your point of sale (POS) reports come in. Your POS reports highlight your business’ strengths, point out areas for improvement, and empower you to make data-driven decisions to increase your sales.
In this blog, we’ll explore how you can use four key point of sale reports to transform your store.
Before we dive into specific types of point of sale reports, let’s start with the basics. A POS report is simply a summary of the data collected by your store’s POS system.
Your POS system constantly collects information, logs each sale, follows your inventory as it moves through your store, and identifies your most valuable customers.
These point of sale reports offer a wealth of knowledge if you know how to use them correctly, so let’s explore four of the most important POS reports to keep an eye on — plus our tips for using them to boost your sales.
When you think of POS reporting, you’re probably picturing sales reports. Sales reports are one of the most important report types, giving you insight into your store’s overall performance.
Let’s take a closer look at what you can learn from your POS system about your sales.
Sales reports give you more than an overview of your store’s sales; they also help you identify key sales trends.
For example, these point of sale reports reveal your peak sales hours and days, how your sales change with the seasons, how each of your store’s departments is performing, and which of your employees makes the most sales.
Now that you’ve explored your sales reports, how will you put these insights into action?
Here are a few examples of how you can use these point of sale reports to increase efficiency and make more sales:
While sales reports give you a broad overview of how your store is doing, product reports give you a more granular look.
These point of sale reports reveal if you’re stocking your shelves with what customers want, helping you optimize your stock and make informed inventory decisions.
Let’s dive into some specific data you can glean from your POS system’s product reports.
Your POS system’s product reports give you a breakdown of how each item you carry is performing.
You can check the sales performance of each product, as well as see key highlights like your bestsellers, underperformers, and trends.
The most important role of your product reports is to help you understand your customers’ preferences and shopping habits. You can identify the products that your shoppers gravitate to — as well as the items that sit for too long on your shelves.
Here are a few ways to put this information to work in your store:
Your POS system keeps tabs on every single product in your inventory, from the moment it arrives at your store to the second a customer purchases it. All this data is compiled into an inventory report.
Inventory reports help you understand the journey each product takes through your store. While often overlooked, this type of point of sale report is essential for monitoring your small business’ health.
Inventory reports give you access to critical information like your store’s inventory levels, turnover rates, and shrinkage. By keeping a close eye on this point of sale report, you’ll have a better understanding of how inventory moves through your store.
Let’s take a look at a few ways to incorporate inventory report data into your operations:
How well do you know your customers?
Your point of sale reports can help you answer that question with confidence. Your POS system keeps tabs on your customers, helping you understand how to turn one-time visitors into lifetime shoppers.
Your customer reports play two major roles. First, they help you and your team provide exceptional service to your regular customers. If a shopper approaches you on the sales floor asking for a recommendation, you can consult their purchase history and guide them to the right product.
The other role that these point of sale reports play is revealing how your customer base behaves as a whole. You can learn the average amount a shopper spends during a visit to your store, the number of items they tend to buy, and how often they shop with you.
Here are a few ways you can use these point of sale reports to nurture your store’s connection with your customers:
Are you ready to steer your small business down the path of higher sales, happier customers, and more efficient operations?
Then you need a POS solution with powerful reporting capabilities and the features to put your insights into action.
POS Nation’s all-in-one POS system includes advanced reporting and analytics, a built-in customer loyalty program, flexible discounts, and more to help you take your store to the next level.
See POS Nation in action by scheduling your live demo today, or use our build and price tool to generate an instant quote for your custom POS system.