Top 5 ePOS Benefits
Why You Should Integrate an ePOS System
Electronic Point of Sale systems represent the finish line of the purchasing process. Everytime we buy a product or service, it is likely that we encounter EPOS systems.
This is the result of modern trends of development in the point of sale field, moving towards more and more technological, efficient, and fast all-in-one till systems. Nevertheless, few (mostly small) businesses are still using old cash registers.
The basic functions of a EPOS system bring the most benefits to companies that need to effectively coordinate operations between front and back offices. But in general, an EPOS system, together with its toolkit, can literally revolutionise a business’ performance.
It is not just about registering figures, taking payments, and printing receipts. An electronic Point of Sale (POS) is essential to:
- Improve Inventory Management of Your Business
- Manage Your Business Better Using Data Analysis
- Improve Customer Satisfaction
- Boost Your Customer Loyalty Programmes
- Save Time and Money
When you incorporate a POS system that includes hardware, software, and peripherals, then you will speed up your daily sales transactions, saving a lot of time and money. EPOS systems have similar features and procedures, but with greater benefits like data reports and better customer experience that will ultimately drive your business’ success.
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Advantages of ePOS Systems
Improve Inventory Management of Your Business
When an item is scanned and purchased, the database is updated in real time. The stock volume can be tracked directly from the EPOS system itself or in case you own an mPOS system, from every electronic device synchronised with it, such as smartphones or tablets.
This way, by monitoring product turnover you will be able to track the amount of goods sold and when inventory needs to be replenished. In addition, according to the data that you collect through the system, it is possible to envision a plan for the arrangements of goods within the store.
In terms of marketing, checking the stock performance and the frequency with which specific kinds of items are sold is fundamental to determine the trends of consumption. This leads to in-store spaces optimisation and, eventually, to cost-cutting measures
Manage Your Business Better Using Data Analysis
As mentioned above, EPOS systems record all the sales data. The related information is usually supplied in the form of reports, graphs, and charts. Data analysis mostly concerns the items purchased but also financial flows.
Tax rates and income levels are calculated automatically and saved in the system. Moreover, most of the EPOS systems usually work with cloud-based software, so all the information is stored and traceable on a daily, weekly, monthly, and yearly basis.
Using an EPOS system precludes the need of the Internet. Luckily, some EPOS software ensures temporary data backups and continued functionality even if the internet connection is lost.
Improve Customer Satisfaction
Waiting time is maybe one of the most annoying things for your customers. Every business wants satisfied customers, right? For this reason, EPOS systems run in order to make the buying process faster, and to limit the queue in front of the POS terminals or cash registers.
With an EPOS system scanning products and taking payment transactions now only take a few seconds. Hence, customer checkout speed has been verified and confirmed to be a key factor for customer satisfaction.
Apart from this, clients often ask the store staff about item availability. Usually, it is time-consuming to go and check store rooms, and making customers wait longer is never a good thing. In these cases, EPOS systems provide direct information concerning the stock level of every type of good in real time.
So, with EPOS systems, your business can focus on efficiency while at the same time making your customers happier and more satisfied.
Boost Your Customer Loyalty Programmes
Still on the subject of consumer trends, customised loyalty programmes can be taken into account. Normally, an EPOS system collects data about all the clients taking part in the programme.
When the loyalty card is initially created, personal information is gathered (sex, age, status, occupation, nationality, etc.) in the system that is used. In this way, when a client makes a purchase, it is possible to determine what their shopping tendencies are.
For this purpose, thanks to the contained data, tailored discounts and promotions can be designed for every customer according to specific habits and tastes. Also, you can build customer profiles in order to better understand what they actually need and their trends considering the purchases.
Save Time and Money
It is evident that all the functions performed by the EPOS system greatly benefit the business. By carrying out tasks that do not require human resources, the company can save time and money.
By using an EPOS system some parts of the selling process become automated, so you can use your staff in other areas that cannot be automated so easily. Thus, further improving your business functions.
All these mean significant cost-cutting capacities, and granting the opportunity to invest the money saved in other areas of your business. It has become clear that implementing an EPOS system can support company growth and business performance improvement.
Is It Safe to Use an ePOS System?
It is reasonable to care about the safety of your transactions. Business owners worry about their customers’ data because it is essential for every company to secure this sensitive information in order to retain their customers’ trust and satisfaction.
Of course, the companies that built the software which is used in the Electronic Point of Sale systems have thought about the safety of these data. As a result, most EPOS software is PCI compliant, which is a set of security standards that ensures the safety of sensitive information.
Therefore, you can further secure your business transactions using a payment gateway system, in order to be even better prepared for any potential security risk.
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