We've helped hundreds of retail owners and operators choose the right retail analytics software so they can spot trends and monitor sales data. How does it work?

Retail Analytics Software


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NetSuite logo
 
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
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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
 
Nobly POS logo
 
Nobly POS is supported in over 20 countries including the US, UK, and Canada. Merchants use Nobly POS to manage inventory and staff, gather business insights using more than 30 reports, set up loyalty schemes, and take credit card... Read More
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Nobly POS is supported in over 20 countries including the US, UK, and Canada. Merchants use Nobly POS to manage inventory and staff, gather business insights using more than 30 reports, set up loyalty schemes, and take credit card... Read More
 
Lightspeed Retail logo
 
Lightspeed Retail is a cloud-based point of sale (POS) solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution enables retailers to manage inventory... Read More
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Lightspeed Retail is a cloud-based point of sale (POS) solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution enables retailers to manage inventory... Read More
 
Epos Now logo
 
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
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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
 
AmberPOS logo
 
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
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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

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Springboard Retail logo
 
Springboard Retail is a web-based retail solution designed for multi-channel and multi-store retailers. Springboard’s point of sale system is fully accessible through any modern web browser on any device. The solution is designed... Read More
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Springboard Retail is a web-based retail solution designed for multi-channel and multi-store retailers. Springboard’s point of sale system is fully accessible through any modern web browser on any device. The solution is designed... Read More
 
AIMsi logo
 
AIMsi 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... Read More
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AIMsi 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... Read More
 
COMCASH Retail ERP logo
 
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
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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
 
Revel Systems logo
 
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
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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
 
Bindo POS logo
 
Bindo POS is a cloud-based point of sale (POS) system that offers inventory management, customer management and e-commerce within a suite. The solution integrates with online marketplaces so that shoppers can purchase products directly... Read More
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Bindo POS is a cloud-based point of sale (POS) system that offers inventory management, customer management and e-commerce within a suite. The solution integrates with online marketplaces so that shoppers can purchase products directly... Read More

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Cumulus Retail logo
 
Cumulus Retail by CAM Commerce is a Cloud, SaaS based retail management solution that enables small to mid-size retailers to manage their entire business in one system. Cumulus combines point of sale, E-Commerce, back office, and digital... Read More
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Cumulus Retail by CAM Commerce is a Cloud, SaaS based retail management solution that enables small to mid-size retailers to manage their entire business in one system. Cumulus combines point of sale, E-Commerce, back office, and digital... Read More
 
Rain POS logo
 
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
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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
 
Phorest Salon logo
 
Phorest is a salon management software solution designed for small and midsize businesses that features appointment bookings, point-of-sale, inventory management and reporting. The software offers cloud-based deployment and a salon-branded... Read More
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Phorest is a salon management software solution designed for small and midsize businesses that features appointment bookings, point-of-sale, inventory management and reporting. The software offers cloud-based deployment and a salon-branded... Read More
 
Rezku POS logo
 
Rezku POS by Guest Innovations is an all-inclusive point of sale (POS) system designed for bars/nightclubs and restaurants. The solution is available through on-premise terminals and cloud-based iPad tablets. Key features of the system... Read More
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Rezku POS by Guest Innovations is an all-inclusive point of sale (POS) system designed for bars/nightclubs and restaurants. The solution is available through on-premise terminals and cloud-based iPad tablets. Key features of the system... Read More
 
QuickBooks POS logo
 
QuickBooks POS is a retail point of sale system suitable for various small businesses such as clothing and shoe stores, small franchises, sporting goods stores and gift shops. It offers inventory and customer management tools, merchandise... Read More
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QuickBooks POS is a retail point of sale system suitable for various small businesses such as clothing and shoe stores, small franchises, sporting goods stores and gift shops. It offers inventory and customer management tools, merchandise... Read More

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ACCEO Smart Vendor logo
 
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
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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
 
Lightspeed Restaurant logo
 
Lightspeed Restaurant is a cloud-based point of sale (POS) solution for restaurants suitable for full-or quick-service restaurants, bars, nightclubs, hotel restaurants, cafes and more. Key features include floor management, customer... Read More
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Lightspeed Restaurant is a cloud-based point of sale (POS) solution for restaurants suitable for full-or quick-service restaurants, bars, nightclubs, hotel restaurants, cafes and more. Key features include floor management, customer... Read More
 
STORIS logo
 
STORIS provides retail software solutions to the home furnishings, bedding and electronics/appliances industry. The complete suite of STORIS includes Point of Sale, customer service, inventory control, merchandising, accounting, finance,... Read More
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STORIS provides retail software solutions to the home furnishings, bedding and electronics/appliances industry. The complete suite of STORIS includes Point of Sale, customer service, inventory control, merchandising, accounting, finance,... Read More
 
Cybex Enterprise Retail Suite logo
 
Founded in 1986, the retail software suite from Cybex includes point of sale, inventory management, distribution and replenishment, warehouse management, CRM, and e-commerce. The Cybex Enterprise Retail Suite focuses on information... Read More
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Founded in 1986, the retail software suite from Cybex includes point of sale, inventory management, distribution and replenishment, warehouse management, CRM, and e-commerce. The Cybex Enterprise Retail Suite focuses on information... Read More
 
iVend Retail logo
 
iVend Retail is an omnichannel retail management solution that helps businesses manage various aspects of a brick and mortar retail shop and e-commerce store. It covers from point-of-sale (POS) to back office to head office operations.... Read More
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iVend Retail is an omnichannel retail management solution that helps businesses manage various aspects of a brick and mortar retail shop and e-commerce store. It covers from point-of-sale (POS) to back office to head office operations.... Read More
 

Buyer's Guide

by Agnes Stubbs,

Last Updated: August 2, 2018


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. Here's a quick overview of these systems, including some product demos:

 

 

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

 

Most requested retail analytics software features

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

 

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.

Free Download:
Retail Software Pricing Guide

Free Download:
Ten Steps Guide to Selecting Retail Software

 

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