Within the past several years, payments have become more digitally influenced as more businesses integrate solutions to help streamline their business strategy and operations. For small business owners, there is one specific tool that can help monitor business performance as a whole – analytics. Implementing analytics gives small business owners several ways to measure what sales/marketing strategies are increasing their profits in addition to giving business owners valuable data.
One solution that can monitor in-store sales and payment activity is an online reporting solution. This tool gives merchants the capability to build weekly, monthly, or yearly reports as well as the ability to view their statements online. In addition, online reporting helps streamline the ability to analyze data or access batch reports. All merchants would have to do is simply use a specific date, order number, or card number to search for past transactions.
Here is an example of an online reporting solution for small business owners.
Online Analytical Dashboard
Merchants should also invest in an online analytical dashboard that will allow them to integrate certain data analytics. With this solution, merchants will have access to monitor imperative data points like offers redeemed, sales growth, loyalty programs, and more. Most online analytical solutions provide a comprehensive analytics package including sales monitoring, competitor analysis, reputation monitoring, as well as social media tracking. Combining all of these tools within one solution provides merchants with one seamless option.
Here is a great option for an online analytical dashboard.
Loyalty programs are a great feature to persuade customers to spend more money at a merchant and have them returning to shop again in the future. However, it is important for merchants to monitor if their loyalty programs are successful and are bringing in more revenue. One way to do this is by evaluating certain loyalty campaigns and track the amount of purchases and visits that loyalty program is receiving. This data will give merchants the ability to recognize an increase in profits and determine how effective the loyalty program was.
Here is a great list of loyalty program software’s that would be ideal for small businesses.
Implementing analytical solutions are an excellent way for merchants to access comprehensive reports, analyze business performance, and boost loyalty programs. By adding all of these recommendations, merchants will be on the right track to enhancing their business.