Your point of sale system is an integral part of your business that carries significant influence.
Whether you are a brick-and-mortar store, online, or someone who participates in both, the checkout process plays a major role in bringing customers back.
If you ask too much of people when they are simply trying to pay, why would they feel inclined to give you their money again? They can find similar products elsewhere and enjoy a smoother purchasing process.
This is ePOS systems come in handy. They are capable of more than you may expect, and you probably haven’t even thought of all the features you could leverage that could dramatically improve the way your business operates.
What is an ePOS system, you ask? They come in a variety of forms—no two are exactly alike (depending on the company), but there are electronic point of sale systems that make transactions quicker and compile relevant data. For instance, instead of using a bulky cash register, you could simply plug a card reader into a tablet running ePOS software. If you don’t have an ePOS system in place yet, here are a few ways your business could benefit from it.
Glean insights into your business’s performance
Whenever customers make a purchase, the ePOS software makes a note of it. Over time, the system can tell you how many people buy from you, what kinds of items they purchase, how many, how often they come in, what times of day they tend to shop, and more.
The software can publish these results in an easily readable report so that you can glean unprecedented insight into how your business is performing.
This insight is invaluable because it enables you to make data-driven decisions. You may think an item is flying off the shelves, but the numbers may tell a different story. You might think that your store layout is effective, but the data might suggest that you need to rearrange.
With an ePOS system that provides helpful data analytics, you can spot positive and negative trends more efficiently, and then adjust your business strategy according to what the graphs and charts say.
Reduce the potential for error
Your employees are talented, but they are human, which means errors sometimes happen. EPOS systems make it easy to account for coupons and other discounts to prevent over or undercharging.
Most consumers don’t even carry cash with them anymore, though. If they do, it might not be enough to cover the cost of one of your products, and there goes someone who can no longer transact with you if your cumbersome credit card machines are consistently down.
EPOS systems enable you to accept multiple kinds of payment, including digital wallets, so that every transaction goes as quickly and smoothly as possible.
Give your employees a break
Besides expediting the checkout process—which your employees will definitely appreciate—ePOS systems are meant to make their lives easier in other ways. The best ePOS software includes user-friendly interfaces that require minimal training, so your staff can enjoy using a simple and intuitive platform without the dozens of unique buttons custom-made cash registers sometimes include.
EPOS systems can also automate certain processes. Why make your employees monitor inventory when your software can do it for them? Every time they make a sale, the system subtracts how every many items left the store from the inventory total.
This way, you and your staff always know exactly how much of each product is on-hand and when it’s time to produce or order more.
Improve customer service
Customers will notice the efficiency of ePOS systems at checkout as well. Not just because it takes significantly less time, but because if you are a brick-and-mortar business, your employees aren’t confined behind the counter.
If each of them has a card reader plugged into a smartphone or tablet with the ePOS software, then they can help customers anytime, anywhere—and that means lines diminish.
EPOS software in your employees’ hands also makes them more knowledgeable. If customers have a question about stock, your staff can answer them immediately. Technological tools can also help reduce the potential for customer cart abandonment, both online and in-person.
Market more effectively & retain customers
Many ePOS systems integrate with external marketing platforms, so as you collect email addresses at checkout, you can use both systems to send customers personalized emails with thank you notes, special offers, promotions, and more.
You can even use the combined features of both resources to enhance your customer loyalty programs, tailoring discounts to returning customers and determining who to send sneak peeks of new products to.
EPOS systems are becoming more commonplace, so you don’t want to remain a business that cannot transact with everyone who is interested in you. When will you implement ePOS software?