How Important Is POS System In A Retail Business?
A retail EPOS system is one of the most significant parts of your operational puzzle. The importance of the EPOS system in retail goes past managing transactions at your checkout counter. Today we'll consider a few reasons for installing an EPOS system for your retail business.
Optimize the checkout process
An EPOS system accelerates your checkout process significantly. Maintaining a centralized database of your products, pricing, and customers, you can quickly track down the products by allocating the orders to a customer and applying discounts with little effort.
If you're using a barcode scanner, the process is much faster.
Customers never like to wait in queue lines for longer periods to complete their purchase. Having an efficient EPOS installed in your retail business, you all reduce the chances of customers leaving your store without a purchase.
A fast and convenient checkout can be a winning point in your customer's eyes, keeping them loyal to your brand.
Provide more payment options
Payment technology has changed significantly in the past five years, and retailers experience the pressure to adapt to these changes.
In addition to cash and card, customers can demand to pay with eWallet, in instalments, or they also want to add up different methods to pay for one order. By installing a flexible EPOS system, you can offer multiple payment options for your customers and ensure they complete the purchase with a good note of your brand.
Offer discounts that benefit you and your customers
An epos system plays a significant role in tracking data on sales, stock, and customers. With this data, you can calculate and run marketing campaigns that encourage customers to come back to your store while keeping up with your bottom lines.
Depending on your EPOS features, you can set up flexible promotions based on products, order amount, membership tier, etc. An EPOS system can apply for promotions automatically on any sales, saving you the time and work to calculate everything manually.
Run loyalty programs
Apart from promotion, running loyalty programs is a reliable method to draw in new customers and increase purchases. Integrating programs, such as a membership or gift voucher in your POS system ensures your customers are rewarded for each purchase without additional work for your staff.
An advanced epos system can go above and beyond and display loyalty program data to encourage customers to buy more. For instance, your customer can see the number of points they have or the amount they need to qualify for freebies.
Eliminate human errors
If your staff is manually entering the products and costs, there's a high risk of error, particularly if they need to manage a high number of transactions.
An EPOS ensures you'll constantly have the right product SKU, consistent prices across your system, and the correct order amount at any time. All sales order information is recorded into your EPOS system, making it simpler to return and review the data if required.
Reduce your loses
Intuit Market Research displayed that retailers with more income can reduce costs by nearly 10% per year.
Probably the most concerning issue many retailers struggle with is inaccurate inventory. These losses can be painful to retain if one can not get to the bottom of the issue.
Keeping records of your inventory is a successful solution. Knowing the amount of stock you have in your store and where they are, you reduce the risk of lost or stolen inventory and can take action quickly.
An EPOS system is also significant as it provides precise financial data. You can track the amount of can you have in your cash drawer and your profit and cost at the end of the day and month. If your EPOS is integrated with your accounting software, your accounts department can get to the data for accounting activities.
Manage your staff
Coordinating and managing staff can be interesting if you're using separate worksheets.
An EPOS system helps you with tracking who has worked each shift. An advanced EPOS system can provide reports regarding the sales performance of each staff and the commission rate.
It helps you track each staff's progress towards their objectives and decide how to support or reward them.
The retail landscape is changing more quickly, and you would not want to get behind because of manual and outdated systems. Now is the right time to understand the significance of EPOS systems and think about an upgrade to your tasks.
If you're uncertain if they are the best tool to move your business forward, check out the guide to another EPOS system.