The Importance of Sales Receipt Data in Boosting Profitability and Growth
Snippet: Sales receipt data hold valuable insights that can help retailers come up with better strategies for their business. Click here to learn more
In this era of digitalization, companies that understand how to collect and leverage data properly will be more agile, competitive, and be able to stay ahead of their competitors.
And one of the best ways to collect data is through analyzing sales receipts.
For customers, sales receipts may not have much importance other than for record-keeping purposes. But for data analytics companies, sales receipts hold valuable insights that can help business owners come up with better strategies for their business.
“Data is going to be the next hot commodity”
Vernon Chua, CEO of Innergia Labs, believes that “Data is going to be the next commodity. Small and medium enterprises (SMEs) and retailers need to learn and adapt to the current demand to remain relevant”.
From each receipt generated by your business, you can gain lots of valuable insight into the buyer’s pattern and behavior. You can figure out what kind of items they like when they are most likely to purchase, how much they are willing to pay, which product pairings work best, and so on.
Supported with the powerful insights gained from their sales receipt data, retailers will be able to make better data-driven decisions, create an accurate sales forecast, and boost their profitability and business growth.
A common problem in the retail industry
However, even though sales data is such a powerful tool to leverage, most retailers failed to capitalize on this opportunity properly.
Many SMEs still collect their data manually due to a lack of resources and affordable data analytics tools. This poses a problem when there are multiple outlets to collect from. The data collection process will be more complicated, requires more time, and the owner will have a hard time creating a holistic report that can help them create a proper strategy.
The perfect solution
In response to this problem, Innergia Labs created an affordable and easy-to-use sales data analytics tool, SYCARDA.
SYCARDA is designed to automatically collect sales receipt data from each point of sale (POS) and transfer it to the cloud for analysis. Users can get real-time business analytics by accessing their user-friendly web portal and will be notified if there are any suspicious transactions.
Retailers don’t have to worry about spending money on new hardware or software, because Sycarda is a plug-and-play architecture that sits on top of the retailer’s existing POS infrastructure. Allowing for a faster and hassle-free installation process across multiple outlets without disrupting their operations.
SYCARDA can be adopted across various retail sectors that operate with a POS, such as supermarkets, fashion retailers, pharmacies, F&B, and so on.
Interested in scaling up your business by leveraging your sales receipt data? Reach out to us today!