The Future of Airport Retail: Why Real-Time PoS Data is Essential?
The Future of Airport Retail: Why Real-Time PoS Data is Essential?
In today’s rapidly evolving airport retail landscape, the need for real-time Point of Sale (PoS) data is more critical than ever. As airports transition from traditional fixed rental and minimum guarantee models to revenue-sharing models, accurate and timely data collection becomes paramount. This blog explores why airports need real-time PoS data and evaluates the benefits of GrayMatter’s Store Sense system compared to traditional airport-operated PoS systems.
Why Airports Need Real-Time PoS Data
Accurate and automated revenue reporting is essential to prevent revenue leakage. Real-time data ensures precise income computation, which is especially important in a revenue-sharing model. It allows for detailed income analysis at the product category level, ensuring transparency and accountability.
Manual data collection and reconciliation are time-consuming and prone to errors. Real-time PoS data eliminates these inefficiencies, freeing up resources and reducing operational overhead.
By removing latency in income computation and billing, airports can achieve faster cash inflows. This improved cash flow management is crucial for maintaining financial health and supporting ongoing operations.
Real-time data helps in avoiding lost sales due to out-of-stock situations and optimizes inventory levels to prevent overstocking. It also assists in managing inventory aging, ensuring that products remain fresh and appealing to customers.
Reliable insights derived from real-time sales data and passenger demographics can significantly boost retail revenues. Airports can increase Average Transaction Value (ATV), penetration rates, transaction volumes, sales per passenger, and sales per square meter by leveraging these insights.
With real-time data, airports can plan and execute effective promotions and campaigns. Engaging popular brands and driving cross-sell and up-sell through personalized campaigns becomes much easier and more effective.
System Options: Centralized PoS vs. Store Sense
Centralized PoS System
Airports traditionally mandate the use of a single PoS system for all retailers. However, this approach has several drawbacks:
Store Sense from GrayMatter
GrayMatter’s StoreSense offers a compelling alternative:
Key Considerations
Store Sense requires no CapEx investment and offers lower setup and maintenance costs. It provides a subscription-based investment plan, making it more financially viable compared to traditional systems that involve significant CapEx and OpEx costs.
The plug-and-play nature of Store Sense ensures rapid implementation with minimal disruption. There is no need for extensive staff training, and the system can easily accommodate different retail categories.
Store Sense comes with a prebuilt and integrated BI solution, offering comprehensive analytics capabilities. It supports role-based dashboards, user-friendly interfaces, and a wide range of KPIs, providing airports with deeper insights and better decision-making tools.
Real-time data ensures accuracy, completeness, and timeliness, enhancing data governance. It simplifies the month-end sales data reconciliation process and ensures secure access control.
Store Sense integrates various modules and extensions into a single platform, including digital receipts, process automation, staff location tracking, and task management. This unified approach reduces complexity and enhances operational efficiency.
Conclusion
In the dynamic environment of airport retail, real-time PoS data collection is not just a luxury but a necessity. GrayMatter’s Store Sense system offers a superior alternative to traditional airport-operated PoS systems by providing real-time data, integrated BI and analytics, and a host of additional features. With its lower costs, ease of implementation, and comprehensive capabilities, Store Sense is poised to revolutionize airport retail operations, driving increased revenues, enhanced efficiency, and improved passenger experiences.
