Why Every Retail Business Should Use An EPOS
Brick and mortar shops generally use traditional EPOS system to facilitate the checkout process, collect payment from the customer and log/print receipt data. However, a recent EPOS system has set a standard for sales process management, combining the convenience of E-Commerce, mobile compatibility and a software based approach that is vastly better than the analogical hardware based EPOS system of the past.
There are 12 reasons why each business should equip an EPOS:
1. Accepting the Widest Range of Payment Methods
With card swiping dongles making it simple for offline customers to swipe their card online payment processing that can accept any type of payment, an EPOS can equip your business to collect payments. Accept foreign currencies, direct bank transfers, funds from a payment processing account? All the possibilities are within reach using a mobile epos system.
2. Ability to Distribute and Accept Store Gift Cards
An EPOS can also place you to offer and accept virtual and physical gift vouchers that can be customised as you would prefer. This will improve the probability of repeat business and referrals since people will be practically obligated to spend the funds with your store after they`ve stacked the money onto one of your gift vouchers. Obviously, gift giving and sharing are also great for spreading brand promotion and awareness.
3. Compatibility with Digital Shopping Carts
The best EPOS system for your business has a robust shopping cart system that customers use to select and pay for things. For businesses that conduct both offline and online sales, an EPOS can bring together online shopping cart data into same interface that is used to manage offline sales. Latest EPOS soluitons are designed to seamlessly integrate with the digital shopping carts for a streamlined customer experience that facilitate a high rate of satisfaction and loyalty.
4. Better Inventory Management
Instead splitting stock management into an entirely separate department, an EPOS constantly updates the data in real time as each buy is made. In fact, the system can even be set to issue an alert when things are running low and should be restocked. In this way an EPOS can raise your bottom line by forestalling a reduction in sales caused by out of stock.
5. Accurate Accounting and Analysis
With a detailed inventory and receipt tracking integrated with the system, an EPOS allows with at most accuracy and consistency in your organization`s accounting. This data can also be used to upgrade sales analysis, to spot discrepancies and open doors for development. In addition, accounting data from all stores and sites can be displayed inside a single administrative interface for a all inclusive of your brand`s financial as a whole.
6. Pursuing Projected Sales Targets
Complete EPOS systems also make it possible to set specific sales and goals for stores and staff members. You can track individual employee performance to identify your most strengths and weaknesses in your team, while assessing overall store results on a daily, weekly and monthly basis. In this way, these systems provide goal-breaking objective and valuable insights that can be used as essential points of focus during corporate meetings and conferences.
7. Connecting the Management of Multiple Stores
Instead of merging databases and include the revenue and other stats of each individual location, organizations can use an EPOS to bring the entire data together under a single roof. A centralized sales management approach is perfect for any business that currently has multiple locations or plans on expanding in nearer future. Likewise, organizations that work online stores in conjunction with a single offline location can also profit by this functionality.
8. Simplifying Business Management Data
Corporate analysis is difficult enough without the fancy charts, graphs and terminology, each of which come with their own learning information. A balanced EPOS can drastically disentangle administrative analysis by showing data in simple formats that help managers draw definitive conclusions without an extensive amount of manual effort. Right now, epos system is an important tool for upgrading productivity and proficiency of managerial staff.
9. Flexible Reporting Capabilities
Generating sales reports is fundamental not only to get a better look at the organization`s ongoing progress and current obstacles, but also to impress potential investors, partners, associates and stock holders. A good EPOS offers reporting abilities that can be rendered on an end of the day, weekly, monthly or yearly basis. On the other hand, you can choose a custom time range to measure specific changes according to specific trends or influential organization events. For instance, you could generate a report based on the amount of net profit earned over the span of a specific holiday sale.
10. Easy for Customers and Employees to Use
Although a traditional cash register or old fashioned POS isn`t actually rocket science, they`re not even close as advantageous as the touch screen-based EPOS systems of today. In fact, managers and proprietors can even access the administrative side of an EPOS from their smart phone remotely anywhere there`s an internet connection. In addition, there are offline modes that allow data to be synced immediately when the system reconnects to the internet, making it possible to proceed with business as normal even without internet connection.
11. Implementing Customer Rewards Systems
It`s good to give customers a reason to keep working with you, and the best ways to do that is to provide rewards to repeat customers. An EPOS can offer your customers the chance to input discount codes and rewards member login credentials so as to get exclusive discounts, rebate, points and different rewards that will give them a reason to stay loyal to your brand.
12. More Detailed Receipts
While a typical POS will normally print receipts that contain basic information like the time and date of the transaction along with an itemized list of the items purchased next to their value, an EPOS can go a long ways beyond this to provide more information on the receipts themselves and within the administrative reporting interface. Despite the fact that this might seem like it`s only an additional advantage, it can go a long way to give your customers the feeling that they`re dealing with a professional organization.
Equipping with the Tools You Needed to Compete
These days, every niche is becoming increasingly competitive, so it`s not just about satisfying customers any longer, it`s about outdoing the competition. Being that the best organizations are now using EPOS systems to their benefit, one could argue that executing an advanced EPOS is basically a prerequisite to avoid becoming obsolete.