How data-driven businesses are taking over the world
Last month we did a presentation on data-driven businesses at the tech-based DiG Festival in Australia. Along with our awesome add-on partner Swarm, we talked about the competitive edge data gives retailers who are looking to better engage with their customers – and ultimately – improve their bottom lines. The presentation went so well, we thought we’d share the top tips from it with our Vend community.
Check out our recent article on building customer loyalty using data for even more retail success tips.
Data is pretty important. Despite what we might wish, no one can run a business on instinct and intuition alone. Without accurate financial and operational data, it’s hard to make sound day-to-day decisions, let alone develop successful long-term strategies.
So. What is data?
noun [ mass noun ]
facts and statistics collected together for reference or analysis
Data is not raw numbers. Data is the meaningful trends and stats gained from analysing those numbers. Which is why independent businesses have historically been at a competitive loss. They just didn’t have the resources to employ an army of analysts to hammer away on algorithms.
These days the tables are turning. Cloud business apps like Vend extract this information automatically, and present the real-time data streams in intuitive charts and graphs so business owners can make informed decisions daily.
Combine the wealth of information available with a small business’s agility and ability to build strong customer relationships, and it becomes apparent that independent businesses are now in an incredibly competitive position.
Why this matters to Vend partners
Like Vend, you can only be as successful as your clients. Building long-term relationships that are mutually beneficial is about providing your clients with not only the hardware and setup they need, but also your know-how and expertise in achieving retail success.
One of the most revolutionary things about cloud software is real-time reporting. Yet many cloud users under utilise this asset. And what’s the point in using a tool at 60% of it’s usefulness? Helping your Vend clients get the most out of Vend means longer, more successful and happier relationships all around.
What data is available
Between Vend and our add-on partners there are huge amounts of actionable, real-time data available to any type of user.
Vend provides real-time insights on long term and daily trends in store, including:
- sales totals and targets
- popular product turnover
- customer spend
- best customers
With Swarm, store owners can even use data in their physical store much like online retailers use data in their ecommerce stores, including:
- tracking visitor numbers, including peak hours
- customer dwell time
- visit frequency
- conversion rate
What to do with the data
Using data well means ongoing work, continual analysis and improvement. Business owners can see what is and is not working quickly, and act or react accordingly.
1. Track performance
2. Make a decision
3. Implement & test
4. Measure results
5. Improve & try again
James Rigden of Superette uses Vend and Swarm together to keep an eye on the average sale volume, inform staff rostering, time staff breaks, and pin-point daily and hourly customer trends.
Having all the necessary information at their fingertips has helped James and Superette “identify missed opportunities to staff members with real data to back it up.” Plus, it’s “helped on conversion rates, and really brought management, marketing, online and shop staff together to focus on the same goal.”
Showing your clients what data is available, and how they can use it will go a long way in building a successful business with longevity.
About Tara Benedict
A former retailer (and unabashed nerd) who daydreamed about integrated POS software, Tara now delightedly recruits, promotes, and enables Vend's wonderful channel of add-ons and partners. An ardent sharer of Vend news and events, connect with Tara on Twitter, LinkedIn or Google+ and never miss an opportunity to meet up with the affable Vend team.