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The Ultimate Guide to POS Transaction Data 2021
What is POS Transaction Data?
Point of sale (POS) is a part of the point of transaction that indicates the place where a customer completes the payment for goods or services as a result of initiating a tax payment transaction. POS can either be a traditional physical store, where POS terminals and systems are applied in transaction processing, or the form of a virtual sales point such as a computer or mobile electronic device. POS transactions are either in person or online, where receipts are produced either in print or electronically.
How is POS Transaction Data collected?
POS transaction data is collected mainly by employing two methods. The first method is known as a passive data collection. It involves the use of an established business POS system. In passive data collection, the customer does not take any action to aid in the collection process. The POS system automatically captures data that relates to the transaction such as information about repeat sales, time, merchandise purchased, and in some cases the geographic location and demographic data.
In contrast, active data collection involves a customer or user that takes a specific action on a website to provide the seller with information concerning them. Active data collection can be achieved by lead magnets or placing forms on websites that allow users to give feedback. Businesses can actively collect POS data through surveys.
What are the attributes of POS Transaction Data?
POS transaction data consists of information about a transaction that includes:
• Customer details - including names, addresses, and contact information. These customer details are likely to be obtained when a customer makes use of their debit or credit cards, PayPal, or other automated payment systems.
• Payment method - whether the transaction is performed through cash payment, credit or debit cards, or online payment such as PayPal or Visa.
• Inventory details - POS transaction software is usually synchronized with inventory management software which can capture information about inventory levels, availability, or which track down stock movement.
• Tax details – because POS software records sales transactions, they also capture specific tax obligations that relate to transactions.
What are is POS Transaction Data used for?
POS transaction data is important as it helps businesses evaluate the sale value, the promotion value, and the pricing value of their businesses. The sale value is an indicator of which products are selling well and where they are being sold. Promotion value is meant to paint a clear picture of whether a business’ promotions efforts are yielding any fruits in terms of driving up sales. When a business sets up multichannel e-commerce on an integrated platform to derive insights into the link between their promotional efforts and sales, they can develop more insightful marketing ideas. Lastly, the pricing value can be derived from the POS data and optimized to help a business increase margins concerning POS data in certain items sold.
As far as customer satisfaction is concerned, businesses can use POS transaction data to develop more personalized customer experiences, by encouraging customers to be part of new experiences, automatically generate customer profiles, and as a result create in-store analytics to help quantify the overall performance of the business.
How can a user assess the quality of POS Transaction Data?
In evaluating the quality of POS transaction data, the aspects of completeness, validity, timeliness, and consistency form the bare minimum quality requirements. Nonetheless, as the business environment continues to grow in terms of businesses striving to understand customers at a personal level, having POS transaction data that can give an overview of customer relationship with the business is the most important quality aspect of this data. POS transaction data that integrates customer relationship management functions (CRM) is important. Integrated CRM data can help compile a list of important information about customers such as preferences, purchase history, and feedback. Businesses can use this aspect to improve customer experiences.
Who are the best POS Transaction Data providers?
Finding the right POS Transaction Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular POS Transaction Data providers that you might want to buy POS Transaction Data from are Nikkei Market Data, IRI Data Cloud, Nielsen, GfK, and Sandalwood Advisors.
How can I get POS Transaction Data?
You can get POS Transaction Data via a range of delivery methods - the right one for you depends on your use case. For example, historical POS Transaction Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time POS Transaction Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to POS Transaction Data?
POS Transaction Data is similar to Credit Card Transaction Data, Point-of-Sale (POS) Data, Loyalty Card Data, Consumer Transaction Data, and Debit Card Transaction Data. These data categories are commonly used for POS Transaction Data analytics.