Retail ePOS Systems
EPOS Solutions for Retail
Retailers are one of most common users of ePOS systems, and customers will usually encounter one part of this system. The retail ePOS hardware is usually made by cash register, card reader, PIN pad and card processing system, and depending on the type of business also a barcode scanner, weighing scales, etc.
Another part of ePOS Systems are the back office solutions, which allow tracking of inventory, managing sales, taxes, returns, exchanges, managing and facilitating loyalty programs, monitor trends, offer different types of analysis and reports.
Mobile POS Systems can bring advantages to this industry in very near future.
Typical functions of ePOS systems in retail include: inventory management retail accounting and customer relationship management. More advanced functions are usually needed if there is more than one store that is managed, if there is also an online store and if management of warehousing and distribution is needed.
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Advantages of Retail ePOS Systems
As a retailer, there are variety of advantages to using an ePOS system, these include:
These are the basic advantages of having an ePOS System that will improve your business. Tracking of inventory gives you the opportunity to track sales, trends in those sales and to run business more effectively. Besides its time saving feature, it decreases the risk of human error and helps to never run out of stock.
EPOS systems will give you access to detailed business reports and facilitate accounting as it gives you access to accounts receivable, accounts payable, etc. It also helps with tracking of employees, their working hours and preparation of payroll.
Checkouts and card processing is faster and more reliable, which keeps customers satisfied. Together with loyalty programs, gift cards and vouchers, customer relationship management is easier.
Getting access to customer purchase history might lead to better inventory and can help make your business more attractive for your customers.
Advantages mentioned above, such as tracking of inventory, tracking of sales, faster checkouts, access to reports saves time not only for the management of the business, but for human resources generally, which leads to more effective use of time.
ePOS system reduces the probability of employee theft - either cash or inventory, but also prevent not approved discounts and vouchers, therefore security is higher. Security is also higher for customers - credit and debit card payments are secured.
Functions of Retail ePOS Systems
There are some special features and functions that retail ePOS systems have that help address the needs of retail businesses:
Clothes matrix helps with keeping up with inventory according to products’ sizes and colours, which is especially needed for businesses like fashion stores - clothing, shoes or similar. There are ePOS solutions that are specialized for fashion retailers that include this function.
In retail business, barcode scanners are essential. Therefore ePOS systems specialized in retail business have to be functional with peripherals - barcode scanners. Another peripheral solution, that is needed for retail, especially for food and convenience stores is weighing scales.
There are many products that cannot be sold to under age persons - such as alcohol, lottery tickets, cigarettes, etc. Therefore such functions as age verification might come in handy.
This function is especially needed for food, convenience stores or newsagents. This is also practical for self checkouts, as the purchase has to confirmed by staff and therefore controlled.
ePOS systems can come with analytical tools that use information such as purchase histories, sales trends and other to facilitate merchandise management.
Warehouse management is also facilitated thanks to specialized functions in ePOS systems. Transportation from warehouse to the shop can be also managed, planned and tracked.
Detailed information about customer is stored and can be used for direct marketing, to predict trends and sales and see what aspects of the business where successful and which need to be changed to suit the customers better.
Low stock alerts will notify you whenever there might be upcoming shortage of products and creates re-order for the given products, making inventory tracking easier, as mentioned earlier.
Mobile POS systems and cloud computing are entering this field, taking management of retail businesses even more convenient and easier. There are some advantages to switching to mPOS systems.
Upfront costs are lower therefore many small retail businesses are faster to adopt this POS system. Data is accessible anywhere and any time, stored in the cloud - only an internet connection is required for business owner to access their data, making it less susceptible to the threat of computer crashes and other errors.
Another advantage is that mPOS systems could be used anywhere and is not bound to one location, which solves problems with trade fairs and other events happening outside of the business grounds. This advantage makes growing a business - especially when switching from one store business to multiple store business easier.
The future will show how quickly mPOS systems will be adapted and how popular they will be within retail businesses. Mobile payments are also making their way to retail businesses, making shopping experience even more pleasant.
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