The Advantage of XtraPOS Cloud: Using Predictive Analytics

Retail success nowadays not only depends on current actions, but also future strategies. Learning what works and what doesn’t is necessary to develop plans for a successful and profitable future. Utilising XtraPOS Cloud’s predictive analytics helps you take this one step further, and this is how:

What Are Predictive Analytics?

Using previous data, algorithms based on statistics, and machine learning, predictive analytics creates a prognosis for future outcomes. Retailers can use this to anticipate upcoming trends, customer behaviours, stock requirements and sales.

Why Do Predictive Analytics Matter?

Predictive analytics are essential to a business, and not just an extra perk of the XtraPOS Cloud system. Here are a few benefits of having predictive analytics:

Improved inventory management: Avoid over/under estimating the stock needed by your business by having more accurate estimates.

Custom marketing options: Know when to send the right promotions to customers at specific times.

Anticipating sales: Be ready for any seasonal increases and holidays.

Keep valuable customers: Anticipate turnover and take the necessary steps to retain loyal and profitable customers.

XtraPOS Cloud and Predictive Analytics

Unified data presentation: Sales, inventory, customer and supplier data across all channels are displayed from a singular and easy to use dashboard.

Advanced forecasting tools: Purchasing patterns and seasonal trends can be identified and suggestions are then made for stock needs and expectations for sales.

Insights into customer behaviour: From existing customer purchasing history, XtraPOS Cloud can help create personalised campaigns boosting engagement and loyalty.                      

Alerts: Choose to be alerted on low-stock predictions, increases in sales or changes in customer preferences.

Easy to use and understandable reports: Having a straightforward dashboard comes along with visual reports. This makes data viewing and understanding a hassle-free process.

Integration with Microsoft Power BI: Combining predictive analysis with Microsoft Power BI raw data can be interpreted and turned into useful insights leading to better decision making.

Predictive analytics can benefit all businesses looking to remain reactive and competitive in today’s retail environment. If you’re wondering how predictive analytics can benefit your business, or have any other questions related to XtraPOS Cloud, contact us today.