Retail analytics software 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.
Recommendations: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals. Reviews: Sorts listings by the number of user reviews we have published, greatest to least. Sponsored: Sorts listings by software vendors running active bidding campaigns, from the highest to lowest bid. Vendors who have paid for placement have a ‘Visit Website’ button, whereas unpaid vendors have a ‘Learn More’ button. Avg Rating: Sorts listings by overall star rating based on user reviews, highest to lowest. A to Z: Sorts listings by product name from A to Z.
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 th...Read more
RQ is a cloud based point of sale (POS) and retail management solution for multi-location retailers. Features include mobile POS, CRM, advanced inventory management, HR, marketing and loyalty, repair and in-depth reporting and ana...Read more
Iridium Retail Manager is designed for retailers of all sizes. This system is best for users that specialize in items that require delivery or service. Includes inventory management, POS, accounting, and employee management....Read more
MultiFlex RMS General Merchandise is a cloud-based retail management solution for single and multi-location retail stores. Key features include point of sale management, accounting, inventory, staff management, CRM and marketing. ...Read more
RetailSTAR POS Software by CAM is an on-premise POS solution for specialty retail shops such as clothing stores, shoe stores, sporting goods retailers, gift and hobby shops, and health food stores. RetailSTAR targets small to mids...Read more
Stratus Retail by Celerant Technology provides tools for point of sale (POS), inventory and order management, enterprise resource management (ERP), e-commerce, business intelligence, marketplace integrations (Amazon, eBay, Walmart...Read more
The NCR Counterpoint solution includes an e-mail marketing tool, integrated e-commerce, mobile alerting, built-in gift card and customer loyalty programs and hardware specifically designed for the retail environment.
The NCR ...Read more
ProphetLine is an on-premise point of sale (POS) solution that caters to small and midsize businesses across industries such as footwear and apparel, electronics and appliances, furniture and home decor, sporting goods, general me...Read more
POS Prophet Systems (PPS) offers a point of sale solution for retailers and small businesses. POS Prophet Systems is compatible with most brand-name POS peripherals and can be further integrated with Quickbooks or Peachtree to ass...Read more
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 infor...Read more
VAI’s is an independent software developer and the author of S2K Enterprise, an award winning cloud-based ERP solution utilized by customers operating across the distribution, manufacturing, specialty retail, and service sectors, ...Read more
The Assistant Manager (TAM) is a fully integrated POS solution that provides a point of sale, inventory management, CRM, e-commerce, accounting, WMS and merchandising functionality in one application suite.
It provides an int...Read more
RetailEdge is an on-premise, retail POS solution designed for small and midsize businesses. It offers mobile POS, multi-location support, website integration, credit card processing and gift card management functionalities within ...Read more
Aptos is a provider of cloud-based retail management solutions, offering small and midsize retailers tools to manage their business operations and customer engagements. Their solutions are suitable for wide range of retail busines...Read more
RunIt RealTime is a cloud-based point of sale (POS) and inventory management solution that caters to businesses in industries like multi-store apparel, footwear, sports and gift and merchandizes. Key features include business inte...Read more
Start getting your back office to work for you. Our solution can be accessed from anywhere and gives you insight like you've never had before. ePB is a cloud-based solution with features including real-time loss prevention, back...Read more
GoldTech Retail Manager is a retail management and point of sale system designed for small and midsize retail businesses. It offers inventory management, work order management, purchasing, receiving and CRM within a suite. The pro...Read more
ChainDrive is an omni-channel retail management solution designed for retailers, e-tailers, and wholesalers. The solution is designed for apparel, footwear, sporting goods, jewelry, home goods, department store and specialty retai...Read more
RB Pool and Spa Software completely manages retail and service with PCs, tablets, smartphones and laptops. With the consolidation of retail and service into a single system, regardless of your business size, you'll see an immediat...Read more
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 incl...Read more
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.
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.
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:
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 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 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.