Electronic point of sale (EPOS) systems connect to back-office and shop floor operations to help create streamlined retail and venue management. This sophisticated partnership of hardware and software supports retail and hospitality businesses with a wide array of operating functions from customer transactions to marketing promotions.
Key benefits
Over the years, EPOS technology has improved dramatically. Initially they were created with a focus on sales, inventory and cash management, but more recent developments have added to the capabilities of these systems. EPOS Systems now deliver efficiencies in several key areas of retail, hospitality and leisure businesses.
Whether you’re looking to implement an EPOS system in your business for the first time or looking to upgrade an outdated system knowing the benefits to EPOS systems should help confirm that it’s the right step to take for your business.
Take card payments
One of the most basic and greatest benefits to EPOS systems is that they can accept your customers money. This happens usually via an integrated payment provider. There are multiple providers for this but we can help recommend the best provider for your specific needs.
Improve customer experience
The most recent EPOS technologies allow for fast and efficient transactions which ultimately improve customer experience. Now more than even customers demand speedy service and the accurate information. The latest EPOS systems use technology such as touch-screen cash registers to make processes extremely simple for operators.
Restaurants are also a business in which customers expect speed of service in the current climate. Using EPOS systems waiting staff can now take orders using handheld devices meaning chefs can begin cooking part of the customer’s meal before the whole order is taken. Orders can appear in the kitchen as printed tickets or some restaurant chains now have even integrated display screens into their kitchens.
For any customer facing business, it’s integral that you give customers accurate product information. EPOS systems hold real-time inventories, so you can perform quick stock checks and order items that are out of stock from suppliers at the click of a button.
Inventory management
As mentioned above EPOS systems are an invaluable tool when it comes to managing stock in real time. Every time a customer purchases a product, the inventory records on the system are updated. Whether the sale is processed electronically or manually the systems database will update its stock records.
Good EPOS systems provide an accurate picture of stock levels at any given time. This helps you to minimise product or items being out of stock whilst also meaning you don’t hold more stock than required.
Detailed sales analytics
In order to manage your businesses efficiently, you need real-time data that puts your financial performance into context. EPOS systems enable businesses to record every transaction in great detail. They can then use this information to identify shopping or dining trends, allowing you to tailor business accordingly. It’s also possible to make predictions about future revenues, allowing you to plan scheduling and orders and more.
Reporting is a key component of a modern EPOS system. End-of-day reports, for example, provide you with sales analysis by the hour, category, employee or even products. This can help you identify peak periods or analyse staff performance. Or you can track performance of particular products.
Efficient labour management
Having detailed and accurate reporting that enables businesses to see hour to hour data enables them to plan their human resources in detail. The latest EPOS systems can even help manage and monitor schedules and rotas.
Integrate with accounts
Accounting issues often cause lots of headaches for businesses. When in a customer facing environment time is much better focused on being on the floor. The latest EPOS systems can be linked with accountancy software – automating many of the essential accounting processes.
EPOS systems can now manage invoices, bill payments, payroll and expenses. All of this financial information can then be automatically fed into balance sheets and profit and loss statements – giving you real-time performance information.
Digital receipts
Saving paper is important for lots of businesses from a social responsibility point of view and it’s also a good way for businesses to save money. Not every customer needs a paper receipt now as well therefore the latest EPOS technology can send a digital receipt to an email address. This gives customer proof of the transaction that won’t be lost but also provides you with potentially lucrative contact details.
Marketing opportunities
The marketing opportunities are endless when you have a modern EPOS system in your business. The vast array of reports available allow business to identify trends and consumer preferences that can be used to drive marketing campaigns and promotions. For example if a report highlights a particular product isn’t selling well businesses could create a promotion around that product to increase sales.
A lot of retailers and restaurants now use EPOS systems to collect email addresses directly from customers. Helping create a valuable marketing database that can be used to promote new products and special offers.
Our experts say
EPOS systems can help change the way you do business and helps provide a range of tools that can help drive efficiencies within your business operations, sales and marketing.