Your retail software runs through oceans of discrete and inferred data at every moment.
- Point of sale transactional data
- E-commerce sales data
- Browsing behavior data
For more information, read in Do you need a point of sale system in your retail store? and learn more about Magento POS ipad.
In its disconnected state, the data is useless – just a torrent of numbers, sales figures, totals, and percentages. It tells you very little about the people who shop with you.
Many retailers today are still using software that keeps their data segregated by channel, which means they can’t see how the same customer is interacting with your online store versus your physical store. It means they can’t see whether their promotions are reaching their targeted customer to increase their shopping frequency.
That is what we at Retail Pro International call retail chaos.
But when those various data points are unified, they create a single, 360° view of your customer – the numbers become an individual with actual likes, loves, and needs.
It also give you a total, 360° view of your target customer base as a whole – which gives you a more complete understanding of how you can better meet and anticipate their needs with the products you sell.
Platform software like Retail Pro is different from your average retail tech.
A platform is a digital foundation that connects data from every point at which it’s generated, including:
- Your mobile and stationary POS software
- Your product planning, assortment, and merchandising software
- Your business intelligence, loyalty, marketing, digital receipts applications
- Your payments processor
- Emerging tech like beacons, RFID, and footfall
- Your e-commerce data
- Your in-store endless aisle kiosk
- And any other tools or applications you use