Balance in crucial in any retail business. Our Point of Sale software helps retailers measure balance. The key is in our shopping basket analysis tools. Our Basket Analysis Report is an important element in the efficiency tracking reporting.
By tracking what is in customer shopping baskets, retailers can see whether products are being sold alone. The same assessment is available for whole department and categories within departments. This analysis helps smart retailers measure their reliance on hero products, departments and categories. If this is found to be the case, they can redress this imbalance.
For example, in one of our own newsagencies, some years ago we found that 80% of newspapers were sold alone. With newspapers being the highest volume item we sell, the sold alone statistic was an indication of inefficiency. We embarked on a campaign to drive efficiency, to have more newspapers sold with other items. This included placing other items with newspapers and pitching offers at the counter better to drive impulse purchase. By measuring and tweaking the campaign we drove the sold-alone number down to 60% without reducing newspaper sales.
Having the data is crucial to understanding a situation and tracking the impact of action taken to redress this.
This is where Tower Systems goes beyond the usual software company. We provide access to business support which helps our retailer business partners genuinely benefit from our technology and the insights it makes available.
While running a Basket Analysis Report may sound quite boring, the reality is it is likely to unlock a goldmine of opportunities for any retail business.
Our Help Desk and management teams will gladly work with any of our customers to analyse business performance. This is another part of our Tower AdvantageTM program.