4 Ways EPOS Retail Systems Improve Inventory Management
There are different types of retail stores that can be classified according to the size of their business and the way they sell products. What all retailers have in common though, is purchasing a variety of goods in large quantities from different wholesalers and selling in small batches directly to the final consumer. In order to do so, they constantly strive to keep a firm control over the flow of incoming and outgoing products from their inventory.
Inventory management is as important as it is complex and expensive to run effectively, that's why most retailers nowadays make use of EPOS retail systems.
EPOS retail systems differ from standard EPOS systems by a number of different functions especially designed for retail businesses. These will be discussed in depth below and you will be given a broad overview of their benefits, their prices and how much even the most basic EPOS retail system can improve your inventory management.
If you are a retailer and you are looking for inventory management solutions, you are very welcome to fill out the free quote form to be contacted with a list of hand picked suppliers who match your specific needs for EPOS retail systems.
What You Will Learn about EPOS Retail Systems
|What are EPOS Retail Systems?|
|Compare Prices of EPOS Retail Systems|
|Why You Need Great Inventory Management|
|The Benefits of EPOS Retail Systems|
What Are EPOS Retail Systems?
EPOS retail systems are a combination of computerised equipment that perform all tasks of a store checkout counter, allowing payments, verifying transactions, and perform several other services normally provided by employees.
Having an EPOS retail system is an easy and effective way to overcome inventory management problems and help retailers have an accurate control over their stock.
Depending on the size of the business and the complexity of the retail activities, some EPOS also allow to track sales made online, browse through product catalogues and select products for purchase, enter customer-specific information, and process orders.
Every retailer should invest in an EPOS retail system or cash register as it can bring numerous benefits to retail businesses by providing handy information to support the development of accurate marketing initiatives and business growth decisions.
Compare Prices of EPOS Retail Systems
Depending on your needs and the type and size of your business you will need different types of EPOS retail systems with different features tailored for you. Get an idea of how much you need to spend in order to save a lot more following this table:
|Type of EPOS||User||Features||Average Price|
|Low End||Small Retail Point||Receipt printer, card and cash machine, cash drawer||£1,000|
|Medium Range||Small to medium businesses||Specific software for retails, restaurants, bar and similar||£1,500|
|High End||Medium to large busines||Multiple terminals and customised for your needs||£3,000+|
Why You Need Great Inventory Management
As aforementioned, one of the most hectic and time consuming tasks retailers face on a daily basis is inventory management.
The biggest challenge is to make sure they have the right amount of products in stock that matches consumer demand, and avoid having too much or too little in stock, as it can quickly become very costly.
For this reason, no matter the size of their business, both big and small retailers spend a significant amount of time and energy to track their products in stock. A simple and effective way to gain full control of your inventory management is by investing in an EPOS retail system.
Even with a very simple set-up, you will be able to track the number every item in stock, get a notification when you run low and order from suppliers instantly.
A basic need for almost any retailers is also to know the availability of a certain item upon request of a customer, challenge the every kind EPOS retail system will solve easily.
The Benefits of EPOS Retail Systems
We at Market Inspector put together a simple infographic to show how EPOS Retail Systems will improve your inventory management in 4 ways:
Keep reading below for a more detailed description of the benefits of EPOS retail systems in inventory management.
EPOS retail systems collect vital, real-time information about the retailer’s inventory every time an item is scanned. As a matter of fact, when a customer is checked out, the purchased goods are immediately subtracted from the inventory list that is automatically saved on the system's hard drive. This allows to get an immediate status of the inventory and can be a useful way to promptly answer customer inquiries about the availability of certain products just by scanning the barcode.
EPOS retail systems allow retailers to set alerts in case a given item is low in stock and needs to be re-ordered soon. Some more advanced systems can also show both the most recent price paid for the goods, as well as the average price paid in the past, providing information to help retailers get the best deals from their suppliers.
These systems can run reports that give daily, weekly or monthly overviews of the inventory activity. Most EPOS retail systems also allow to compare inventory reports from different months or years and can track the activity pace from previous periods to help anticipate and plan the stock for the upcoming times.
Good EPOS retail systems save customers’ purchase history and makes it available to the retailer right at the cash register. This gives retailers access to useful information to understand who their best customers are and what they like. Obviously these are precious insights that can be used to inform the customers about an upcoming shipment of their favourite products or a new product in stock that might appeal them. Regarding the controversial subject of customer privacy, new regulations are being set in motion starting from May 2018. You can read more about it in this Oracle article.
If you need specific information about the best EPOS retail systems for your business, just fill in the form at the top of the page and we’ll make sure to provide you with up to four, free, non-binding quotes to help you make a well-informed decision.