Collecting data at the POS is just as important for today’s retail as other initiatives, such as investing in innovation. In fact, it is what makes it possible, and worthwhile, for a company to launch point-of-sale modernization strategies and trade marketing initiatives, and to achieve better measurement of metrics such as ROI.
But why is collecting data at the POS especially important if we are so connected with our consumers and can get data on their habits from multiple sources?
Even though a business may have access to plenty of shopper information — thanks to its social media presence or the fact that, beyond traditional channels, it also runs e-commerce stores — there is a crucial difference between data collected online and offline.
Offline, we can better understand how the consumer perceives the shopping experience, and we get the chance to observe them in action. These advantages make collecting data at the POS a key step for retailers.
Today we’ll show you how to collect this data and what each type will tell you about your customers. Ready to learn with us? Then start reading now!
Understand the factors that set your consumer apart
For data collection at the POS to become truly useful for your business, you need to start planning it well before implementation.
That’s because the types of data you ask customers for (and the way you ask for them) make all the difference in your results. There’s no point in building huge spreadsheets full of questions and answers about the point of sale that are of little use for market intelligence.
Even before implementing solutions that require customer responses, you need to know what to ask. Which data are most valuable for improving the shopper experience? How will your company use them to figure out the next step?
Deciding what to ask your customers is just as important as asking those questions at the right time. And when we get this right, it becomes much easier to engage our visitors and make their interactions and feedback meaningful.
Conduct on-site consumer behavior research
For POS data collection to work, it needs the right resources. That’s why, when we talk about conducting behavior research at the point of sale, we’re not necessarily asking people to fill out questionnaires. Assessing consumer behavior on-site means using the most suitable technologies to obtain the information that is valuable to the business.
You can, for example, monitor foot traffic in your store and draw insights from that data. Or you can run tests on how you arrange products on your shelves and observe how your visitors respond. You don’t have to be limited to a tablet and multiple-choice answers that reduce impressions of the point of sale to a set of predetermined options.
Seek to understand your customer’s behavior while they’re still in the store, and use every technique within your reach to do so.
Use technology to improve data collection
Obviously, we have to address the role of technology in data collection. Today there are many innovations that help retailers better understand their role in customers’ lives and gather feedback. What matters is that your choice of technology doesn’t affect the way consumers interact at the point of sale.
Some companies opt for kiosks that collect information before the customer leaves the store. Others use coupons with incentives for submitting anonymous feedback about the service. SMS and app-based surveys can also be a great idea.
Encourage customers to update their records
One thing is certain: clean data is essential for generating insights that make a difference for a company. And it starts with frequent record updates, which keep the information a company compiles useful at all times. There’s no point in having a pile of records with outdated addresses, because your marketing will suffer for it.
Invest in strategies that make it easy and appealing to keep the data in your database up to date. That’s what will truly boost the ROI of collecting data at the POS.
Offer perks to survey participants
We’re much more inclined to share information, even when it’s just our perception of an experience, when there’s something in it for us. When a restaurant offers a discount on our next meal or even a free dessert for taking a survey, we’re much more likely to do it. The same goes for retail.
Make the exchange of information between the customer and your store truly worthwhile. That way, gathering data at the point of sale will be much easier.
Organize the information you have
Remember when we mentioned the importance of clean data and how you should invest in record updates? The same applies to how a business organizes its databases internally. Having lots of information that can’t be accessed quickly or isn’t stored securely will create challenges and may expose the company to risks.
The best approach is to find a solution to manage your data and organize it in a way that makes it useful for your store. This rounds out a solid data collection process, one that starts with pre-selecting the most relevant data for the company and ends with creating actionable blocks of information that will contribute positively to decision-making.
Monitor your competitors
Think you’ve already nailed the perfect POS data collection strategy? Be careful not to forget about the competition. Even when we run surveys in our own stores, we have a tremendous opportunity to learn how our consumers perceive other businesses.
Keep this in mind and take advantage of the opportunity to pinpoint what sets your brand apart from the rest. Identify weaknesses and recognize your strengths so that all the information collected at the point of sale truly gives your business a competitive edge.
To collect data at the POS in the right way and get the expected returns, you need the help of people with experience in the field. That’s why we invite you to get in touch with us right now. Our specialists can help you develop the perfect strategy to maximize your results!
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