Finding software can be overwhelming. We've helped hundreds of retail owners and operators choose the right retail analytics software so they can spot trends and monitor sales data.
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Epos Now is a retail management system for small to mid-sized businesses. In addition to its Point of Sale module, the solution also offers integrated Inventory Management, Customer Management, and Retail Accounting, including general... Read more
Platforms: MacWinLinux
Deployments: Cloud
Business Size:
ShopKeep By Lightspeed is an iPad and Android POS system for retail businesses, restaurants, bars, franchises and quick-serve businesses. The POS software offers a touch screen interface, when used on an iPad or Android tablet device,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Pacific Amber’s AmberPOS offers a point of sale software solutions to a variety of retail specialties, ranging from small to midsized, in the United States and Canada. In addition to point of sale functionality, AmberPOS includes... Read more
Platforms: Win
Deployments: On premise
Business Size:
Epicor retail POS and business management solutions are designed to help independent retailers work smarter, not harder. With more than 45 years of experience built-in, Epicor retail solutions help retailers in nearly 8,000 locations. Epicor... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Lightspeed Retail is a cloud-based POS solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution offers retailers tools including inventory management,... Read more
Platforms: MacWin
Deployments: Cloud
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HungerRush is a food delivery solution that enables restaurants of all sizes to streamline operations related to online ordering, loyalty programs, reporting and more. Professionals can utilize the platform to create custom order types... Read more
Platforms: Win
Deployments: CloudOn premise
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NetSuite for Retail is a cloud-based multi-channel retail management solution for retailers that combines e-commerce, POS, and order management functionalities. The software provides a unified retail system with back office management... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Rain retail software is a cloud-based point of sale (POS) and integrated website solution that is Mac OS and Windows compatible. Rain is an all-in-one platform designed for small to medium sized specialty retailers that offer sales,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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AIM is a secure end-to-end point of sale (POS) business solution that can be used in any retail environment. This retail management solution features customizable menus and screens, inventory management, complete POS activity and customer... Read more
Platforms: Win
Deployments: On premise
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CAP Retail Point of Sale is built to support retailers, including specialty businesses such as tobacco and vape shops, liquor, wine and beer stores, lawn and garden centers, hardware stores, convenience stores, groceries and markets. The... Read more
Platforms: Win
Deployments: On premise
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Retail Pro is a specialty retail management software platform featuring POS, replenishment, inventory management, promotions, customer management, back office, performance, and KPI reporting capabilities. Retailers can use Retail... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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KORONA provides point of sale software, inventory management, and CRM services for all types of retailers, such as convenience stores, liquor shops, and QSRs. The POS software also caters to museums, theme parks, and wineries with... Read more
Platforms: MacWinLinux
Deployments: Cloud
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COMCASH ERP is a cloud-based retail management solution that caters to multi-channel and multi-location retailers. The point of sale module utilizes multi-touch capabilities allowing users to navigate the menu similarly to the iPad.... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Agiliron cloud-based point-of-sale (POS) solution is designed to serve both in-store and mobile businesses as well as online sales channels. The system offers a host of features that work in tandem with the point-of-sale solution,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Revel is a cloud-based business platform that integrates operations and customer channels with point-of-sale (POS) functionality in a single dashboard. It is suitable for stores and restaurants of all sizes and provides users with... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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BottlePOS is a cloud-based POS system built specifically for liquor stores. Primarily, this solution aims to help store managers automate inventory management. BottlePos can integrate with several distributors across many states,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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SpotOn Restaurant is a cloud-based point-of-sale solution that enables businesses to streamline processes related to food ordering, tableside payments, customer retention and more. The online ordering functionality enables businesses... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Ordorite offers a fully end-to-end management software solution for furniture, bedding and related retailers. The system can manage every aspect of your business from point of sale, inventory control, warehouse management, delivery... Read more
Platforms: MacWinLinux
Deployments: Cloud
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ACCEO Smart Vendor is a retail point of sale (POS) and inventory management system that helps small and midsize retailers to manage stocks and process customers’ orders. It serves a variety of single and multi-locations retailers... Read more
Platforms: Win
Deployments: On premise
Business Size:
Epicor Eagle for the Aftermarket software is a powerful on-premises or cloud-based business management solution built specific to the needs of independent automotive aftermarket and commercial vehicle parts jobbers and distributors.... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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The big, scary world of analytics isn’t really that scary anymore, especially when you have the right analytics tool in place to do the heavy lifting for you. This is especially true for retail businesses, as there are now a multitude of affordable, easy-to-use retail analytics software options on the market.
It's likely your competitors are taking advantage of this technology. Need proof? The overwhelming majority of your retail business owning peers are requesting analytic components from their new point of sale (POS) systems:
Top Requested Retail Analytics Features by POS Software Buyers
Sales reporting and inventory management are common retail analytics components that most modern POS systems offer in some capacity. They provide users unparalleled transparency into the inner workings of their business. This includes:
- Key insights around best selling items
- Most valuable customers
- Busiest times of the day/week/month/year
But analytics systems are not all created equal. Some are less granular but very easy to use, while others seemingly require a data scientist to make sense of the spreadsheets (that’s a slight exaggeration).
So, we’ve created this guide to help you understand the various retail analytics systems, to help you determine the features and level of complexity that are the right fit for your business.
Here's what we'll cover:
What Is Retail Analytics Software?
Common Functionality of Retail Analytics Solutions
Benefits of Retail Analytics Systems
What Is Retail Analytics Software?
Retail analytics software can be tough to pin down. It isn’t really any one thing, and you can technically find it in many software offerings. For the sake of clarity though, retail analytics for small businesses analyzes sales, inventory and customer data.
We’ve identified sales reporting, inventory management and customer management as three of the five must-have retail point of sale (POS) features for small businesses. All three of these features help you streamline operational processes, and make things easier for you, your employees and your customers. In addition there are valuable insights that can be gleaned from analyzing key data points collected through these features, such as:
- Sales reporting and analytics: Top selling items etc.
- Inventory management analytics: When to restock or order new products etc.
- Customer analytics: Most valuable customers, customer segments etc.
Common Functionality of Retail Analytics Solutions
Retail analytics software functions are pretty much the same whether you’re digging into sales, inventory or customer data. However, there are some nuanced capabilities based on the origin of the data that is being analyzed. Functionality shared among most analytics-enabled POS systems includes:
| Data collection | Automatic collection and organized storage of data following every transaction is particularly important. Imagine if you had to pull double duty by completing a task, then going back to record multiple specific details of that task that may or may not be valuable in the long run. Analytics software saves time by automating this process. |
| Reporting | Reporting capabilities in software store these details for future reference and analysis with the click of a button. More advanced reporting can actually take historical data and perform predictive analytics to identify potential future trends, vulnerabilities, opportunities etc. |
| Dashboards | Dashboards take reporting and make it even easier for you to get key takeaways. These features automatically articulate the key findings from reports into easy-to-digest, often interactive visual assets such as charts, graphs and tables. Many POS systems with analytic components even offer mobile dashboards for business owners to easily check sales, customer and inventory info, while on the go. |
Benefits of Retail Analytics Software
We’ve conducted consumer research that articulates the benefits of comprehensive analytics insights with regard to retaining customers. For example, the stats below highlight the fickle nature of customer loyalty if their expectations aren’t met. These statistics may be quite shocking to some:
Reasons Customers Stop Shopping at Retail Stores
Retail analytics tools can help you address these issues by uncovering key insights such as peak hours, days and seasons and optimize your inventory. These insights are critical in ensuring stores are properly staffed to handle busy times and properly stocked to meet the demands of consumers.
There are many benefits to retail analytics capabilities in addition to the insights uncovered in the data above. These include:
- Pricing strategies. We’ve highlighted the various pricing strategies employed by retailers big and small to attract more customers and increase sales. However, the most important aspect of choosing an effective pricing strategy is analyzing sales data to determine which strategies have the greatest impact on sales for your business. Only with this valuable sales analysis can you infer the most successful pricing for specific products.
- Customer loyalty programs. These programs often get a bad rap for making customers loyal to the program and not your business. There is some validity to this point. Casting a wide net with a loyalty program that’s not data driven will likely catch some customers who will be loyal to the program (i.e., the money they save). Not that your customers saving money is a bad thing, it’s just that that’s not a sustainable form of loyalty.
On the other hand, proper retail customer analytics can help you pinpoint who your most valuable customers are. Customer management capabilities often include customer profiles with contact data. You can leverage different communication channels to reach out to the customers who spend the most in your store (based on customer purchase histories) and incentivize them to repeatedly come back. You don’t even have to take losses with discounts using this strategy. If there’s a particular brand, product etc. that a valuable customer is looking for, it can be as easy as letting them know when you’ve got more of their coveted product in stock.