Data analytics: The X Factor to boost your retail sales

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Data analytics: The X Factor to boost your retail sales

Gone are the days of making "intelligent guesses" around your customers, understanding category spend patterns, and other vital aspects of your business. Any strategy made around such guesstimates will not withstand the test of time. We live in a fiercely competition world and the risks are too high in taking such an approach.

This is the age of data and the opportunities around it are huge. Data-driven insights can help your business move towards improved operational execution and profitability.

The point of sale is an important customer touchpoint that needs to be digitized as it can reveal invaluable insights around consumer behavior which you can use to your advantage and create winning business strategies.

There are immense possibilities around investment in new-age smart fintech solutions at the store as the point of sale is no longer just a checkout counter.

The active base of digital payment users in India is around 120 to 150 million customers1 and it continues to grow especially after the COVID-19 pandemic which is acting as a catalyst for digital payments adoption in India.

As India, increasingly transacts digitally, the question to ask is whether you are tapping on to those insights being generated through your PoS. Data analytics is the X factor you need to boost your retail sales by streamlining your operations, making a judicious procurement of your inventory, leveraging technology like geotagging to your advantage to create personalized outreach campaigns for your customers.

Being one of Asia's leading merchant commerce companies, Pine Labs has over the years worked with several retail businesses to not only digitize their point of sale infrastructure but to equip them with the power of analytics.

Pine Labs Analytics product packs quite a punch and helps our merchant partners get a customised view of their store(s) transaction data via an intuitive dashboard. They get store-level customer and payment specific information in real-time, something that helps them realign strategies and address inventor management issues much accurately.

The insights we help our merchant partners gather also helps them build effective personalised customer outreach strategies which have a far better impact in terms of the return on investment.

So, if you haven't already integrated the power of analytics to your PoS, do reach out to us.

1 Source: https://www.bloombergquint.com/economy-finance/offline-payments-the-next-big-push-for-digital-transactions

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