Having good data can make a huge difference when you are trying to make decisions for your organization. Good data can allow you to know what merchandise is selling really well or if it is time to retire products which are not making you money.
A good deal of businesses have a tendency to overlook one of the easiest ways to see which products are most profitable, just by taking a look at your sales reports. The earnings reports created by your POS system can be equally as valuable as stock tracking, and drive more sales.
We know that looking at all those numbers can give you a headache, and sometimes the information can be somewhat misleading. So to help you out, we wanted to discuss the best methods to analyze the information from your POS system sales reports and ways to make good decisions to boost your sales.
Standard POS sale reports
Every point-of-sale system is somewhat different in the way they generate and lay their sales reports. Normally, you will find the same or similar categories across the board:
- Top-selling items
- Revenue action (for a particular time/date intervals )
- Earnings by employee/product/department
- Most commonly returned items
- Gross profits for a week, month, year, etc..
- Online and/or mobile sales
- Discounts Used
- Coupons Redeemed
Based upon your business different sale metrics are significant. A restaurant will look at their earnings and how many voided things they have in their POS system, where a retail shop will want to track the amount of exchanged or returned items.
As an example, let’s say you ran a sale of coats during the first autumn, you might opt to do a similar sale with the coats which were the hottest. But if you do not check your yields you may miss that a whole lot of a specific coat manufacturer was returned, which will cost you money.
You also don’t only want to concentrate on your best vendors, ignoring products which are unpopular leads to lots of inventory not being marketed and you losing money on an unpopular product.
You also need to be careful and not make assumptions. If you are a restaurant and you believe one thing is selling out more than another because you run out of stock more often, always check your revenue report to be certain item is being portioned correctly by staff and is not being given away free of charge.
Assessing your POS sale reports things
Would not you like to become more confident in ordering best vendors and ensuring that you are making the most money possible from your organization?
Reviewing reports on your point-of-sale system is something you can do with ease as long as your staff is using it correctly and monitoring sales and yields or voided items as they come up.
You could also save a whole lot of money by looking at what you are lowest performing things are and eliminate them, reducing wasted or unsold products.
►►► ConnectPOS is a cloud-based POS software compatible with multiple platforms including Magento, Shopify & Shopify Plus, and BigCommerce.
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