How An Epos System Can Help Your Retail Business?
In case you`re starting a retail business online that also involves a brick and mortar location (or selling in person at expos, fairs, markets, etc), then you`ll require a way to track all item sales (physical and online) accurately. This is the place where the value of a rock solid POS platform comes in to play.
An epos system is the hub of a retail or food service operation. It helps you to do you everything you need to in less time, making your life as a retailer easier. Here are five key ways an epos can support your business:
1) Inventory control and organization
Whatever you`re selling, the importance of having control of your stock can`t be focused on enough. A year ago, the National Retail Federation reported that loss of stock reduced the bottom line by £46.8 billion across the industry. Your products are the money you spend, the money you earn and what draws in customers to your store. All in all, your stock is your business.
Bad stock management and tracking hamper a retailer`s success due to lack of organization and visibility. With regards to being organized, you have two options: spending hours sorting out the back office and marking down the quantity of items you have in a huge register or spreadsheet, or you can let a POS system do it.
POS systems sort out your stock with categories, tags, serial numbers, and SKU IDs — and since you`re ordering from the systems as well, there`s no manual work included. You can use the search in your POS system to check whether the requested item by the customer is in stock, preparing you up for any stock situation in real time.
2) Business data and forecasting
Let’s get it out of the way: data isn`t just for big chain stores. POS systems offer you a chance to gain insights into how well your store is doing. Knowing how much money you made a week ago is great, however to build long term success, you need to know more than that. What amount did you spend a month ago? Why was a week ago particularly more successful than the past? What items are moving quickly? What`s not selling?
Answering data driven questions like these is a full time job, and not many retail proprietors have experience with business data analysis. A POS system screens your business, and it generally comes more performance reports that let you see the big picture in a clear and digestible format.
3) Customer insights
People have more options of where to shop than before. Almost all that we take a look at is an invitation to buy something. Your challenge is to make them to pick your item.
Branding plays a huge factor in affecting customers` purchasing options, and getting that right will have long term benefits for your business. Remember that a brand is more than a logo — it`s the general view of your business.
If you have asked whether they`re happy with their own customer service, majority would say yes. Customers need to feel taken care of, but it is difficult to take care of somebody you don`t have a clue. What`s more, you can`t know every customer — but a POS can. With centralized customer insights like purchase history, most favorite things, and individual profiles, you can collect and display transactional history and data to serve every client better.
4) Staff empowerment
Another obstacle to building long term relationships with customers is staff turnover — a common issue in the retail and restaurant spaces.
As much as brand loyalty plays a part in repeat business, the balanced relationship between your staff and customers regularly has a more significant effect. Fortunately, there are ways to reduce its effect, but it`s still a reality you don`t have complete control.
The best epos system is mobile friendly with a dedicated app or responsive design, enabling your staff to help customers on the business floor with a device like a tablet. This offers them easy access to all the answers customers may need, boosting confidence for new staffs and an improved customer experience.
5) Integrated E-Commerce
Presently that 9 out of 10 purchases start with an online search, having an online presence is essential to a store`s success. Not exclusively does the E-Commerce mean new sales openings, but it also means more work for retailers, who`ve need to manage with the two as different channels.
An omnichannel POS system can take your actual stock and push it to your E-Commerce platform. The output is stock which is synchronized in store and online.
Keep in mind: customers don`t shop in-store or online — they simply shop. Having a POS system that is E-Commerce ready will guarantee your numbers are up to date and steady, regardless of where the transaction took place.
That is it! In spite of the fact that it might appear intimidating to make the transaction to a new POS system as a retailer, chances are it will help you with run your business more effectively, make smarter decisions and adjust to change more effectively.