Why Use EPOS?
Three reasons why you should install an EPOS system
Technology has transformed the way we live – and the way we shop. From cashless payment to online ordering, consumers and businesses alike are comfortable with technology that saves time, adds value and makes shopping more convenient.
At the heart of any retail business should be a good EPOS (Electronic Point of Sale) system, which makes all of this possible.
EPOS improves stock management, enhances customer service by speeding up payments at the till, and offers a high level of business intelligence that can save money and identify new opportunities for growth.
Here’s why you should install an EPOS into your retail operation.
If you’re already using an EPOS system but don’t feel you’re getting the full value, please visit our advice blog on four reasons to upgrade your EPOS system.
1) Take control of your stock
Good stock management is crucial to every retailer. Hold too little in stock and you risk running out. Carry too much, and unsold items will sit in your warehouse or on your shelves.
If you run more than one branch, you might find yourself in the position where the same item is out of stock at one store when it’s gathering dust at a second.
Installing an EPOS system is one of the best ways of keeping an eye on what’s on your shelves.
A good EPOS system will include stock control, so it can update in-store transactions for real-time inventory reporting. That gives advanced warning well before stocks need replenishing, so you don’t be taken by surprise if there’s a sudden run on a product or you need to prepare for seasonal items.
Over time, this means you can forecast demand with more accuracy, minimising the amount of stock being held so that cash isn’t tied up in inventory.
If you operate more than one store, it’s even more important to take control of your stock. Make sure you choose an EPOS system that communicates across multiple branches, meaning you can easily track if stock is available in another store and transfer it where it might be running low.
And if you’re thinking of adding e-commerce to your business, managing stock levels will become even more critical. A good EPOS system will link your online and in-store sales, for a seamless, real-life view of what stock you hold.
2) Improve Efficiency in Store
Without an EPOS system in place, shop assistants will need to key in the transaction details at the till – and then, if payment is by card, enter the same information into the card reader. This takes longer, doubles the chance of getting it wrong and will cause confusion at the end of the day when the numbers don’t match up.
Not only is this inefficient, and increases the time taken to serve each customer, but it massively increases the chances of making an error.
The mistake will almost always be at the store’s expense. Overcharge, and the customer will tell you straight away. Undercharge, and maybe they’ll walk away with a bargain.
Another thing to consider is staff accountability. In an inefficient system where mistakes can be made, it’s also possible for an unscrupulous employee to pilfer from the tills – and it may prove very hard to prove that the money isn’t being lost by accident.
Lost profits, wasted time… By installing an EPOS system, you can immediately improve the efficiency of your operation. EPOS makes sure there is an immediate, accurate and consistent flow of sales information from the barcode on the product, to the till and card reader. It means faster service and accurate transactions, which in turn results in happier customers and bigger profits.
3) Make Smarter Business Decisions
The more complex your retail business is, the more information about your customers you can learn from. With an integrated EPOS system to record, monitor and evaluate all of this data, you’ll get a lot more out of it.
EPOS delivers a huge amount of business intelligence. It provides insight into what products are selling and which might need a rethink, and brings you closer to your customers by showing their shopping tastes and habits.
All of this information can be used to make strategic decisions about the direction of the business, by identifying trends that might bring in a best seller. It could inspire promotions to raise awareness about hot products or to unload slow-moving items.
You might even think about setting up a customer loyalty scheme, which allows us to drill down purchase data to the individual shopper – helping you to retain their custom through personalised offers.
You can link your EPOS system to other software packages, like accounts and payroll. This can remove the need for unnecessary data entry, and provide a log of staff working hours to make salary processing easier and more efficient.
In short, installing an EPOS system can help you sell smarter. With better stock management, improved efficiency in store and a huge amount of data to drive future growth, EPOS technology offers real scope to transform the way you do business.
To book a demo, please contact us here.