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Leslie Gilmour

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How an Electronic Point of Sale System Can Help Your Business Grow

Cha-Ching, might be the traditional sound of profit in your small store, but it may not be the future. Technological advances in point-of-sale transactions have made electronic systems the newest must have. As small businesses move towards electronic point of sale machines, they find their costs decreasing, their time increasing, and their customers remaining loyal. Here’s why an electronic point-of-sale (EPOS) machine is best for your growing business.

What is an Electronic Point of Sale system?

An EPOS is a new aged cash register system that not only tracks your cash flow but manages your inventory and customer data. In real time, an EPOS system can tell you exact stock, customer trends, cash on hand, and other critical information. All of this can be delivered to your smartphone or computer while additional transactions are still being rung. Typically a system will be sold as a unit with a cash drawer, register receipt, credit card reader, scanner, and computer system. This unit is then connected to online software through your stores' local internet connection.

EPOS systems come with integrated inventory system

Managing your inventory in real-time doesn’t just sound like a convenience, it can translate into capturing sales and building customer confidence in your store. Since EPOS systems can automatically alert you when inventory is running low, you’ll be able to order items faster and more accurately. Up-to-date inventory means keeping fast selling items on the shelves and always knowing when slower items need to be placed on sale. Utilizing an EPOS means no more dusty old items forced to be sold for 90% off because they were lost in stock, and no more hot-ticket items stalling for weeks empty on the shelves!

Standard Inventory management can assist with physical audits.

Sadly, EPOS systems can’t do every aspect of your inventory management. You’ll still need to perform periodic manual inventory audits of your current stock to account for the shrink. However, an EPOS system will typically lower the need for a manual audit significantly, due to its accurate reporting of sold goods. You’ll also be able to run reports that compare your inventory week to week, month to month, and even year to year. With a simple push of the button, you’ll have access to trends within your own company. These reports allow you to base your product orders off concrete data.

EPOS systems excel with future ordering.

Many companies with manual point-of-sale systems need to rely on intuition, customer feedback, or vendor recommendations to place future orders for goods. This places the business owner at a significant disadvantage when negotiating for lower rates or better inventory. An EPOS system will provide previous order pricing and your average sale price, allowing you to be armed with valuable data to negotiate better terms with their vendor. EPOS systems also can provide valuable information about customer buying trend, habits, and previous orders – allowing you to build an inventory for your specific market.

An EPOS system can reduce fraud

No business wants to consider that the majority of their shrink comes from within the company. Careless mistakes, broken items, or downright theft can happen to any business owner. Business owners who use a manual point of sale system are more likely to experience shrink from their employees. Owners are also less likely to track the shrink to a specific employee due to poor records and insufficient data. An EPOS system provides a multitude of information and details that will allow an owner to track losses to a specific employee or customer.

For example: Say your store is experiencing a loss from an excess of returns. With traditional point-of-sale, you may be able to track the receipts and compare them to store footage to detect any issues, but it would take hours of time and may not point to any strong leads. With an EPOS system, you’ll be able to see exactly which cashiers conducted the majority of the transactions, which customers were responsible for the returns, and when they were likely to occur.

It may be that your store needs a new return policy, retraining of your cashiers, or to limit the returns of just one or two customers. No matter the issue, the additional data from an EPOS system ensures that you’re not wasting time!

An EPOS system can redefine customer information

While we’re talking about information, don’t forget you want as much information about your customers, too. With an EPOS system, you can easily see the previous purchase history of your customers, track who your best customers are, and target customers based on their shopping preferences. From knowing who to send your latest sales flyer to, to who to call when the newest gadget hits the shelves. EPOS systems are excellent at tracking and managing customer data so that you can capture sales while appealing directly to your target customer.

So, what should a business look for in an EPOS system?

The right system will cater to you, and that means inventory! Every EPOS system will track a business’s inventory only a small handful offer complete inventory systems with a host of helpful reports, management systems, and features. Look for the capacity for back-orders, customer requests, low stock alerts, and price tracking.

The right system will be easy for you and your staff to use. No matter how many fancy bells and whistles a product comes with, it comes down to if your staff can use it. Even the best point-of-sale system is worthless if you can understand how it works, or even worse if your staff can’t ring customers up!  Make sure the system you choose is seamless and doesn’t slow down customer interactions.

The right system will grow with your company. Don’t expect to stay small forever, but plan for today. The right system will have just what you need for right now but maintain the capacity to add additional features and units as your business grows. While you’re just starting, you don’t have the capital to pay for features you won’t use. However, when you start to grow, you don’t want to retrain your staff on a system they’re unfamiliar with.

So, how can an EPOS system help your business? By managing your inventory, keeping tabs on your employees, simplifying your audits, and catering to your customers. It’s no wonder that business that switches from a traditional point of sale to an EPOS see a marked decrease in their operating costs! A good EPOS system keeps your business organized, in demand, stocked, and on track. What else could you want?

By managing your inventory, keeping tabs on your employees, simplifying your audits, and catering to your customers. It’s no wonder that business that switches from a traditional point of sale to an EPOS see a marked decrease in their operating costs! A good EPOS system keeps your business organized, in demand, stocked, and on track. What else could you want?

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