Businesses are always looking for solutions on how to save money and effort, and increase sales. So they need to find what is the fastest and most efficient way to run businesses. That is when an EPOS system comes in. Its up-to-date technology and efficiency make it a must-have for any business. Let’s take a look as we guide you through the definition and benefits of an EPOS system.
What is an EPOS system?
EPOS, or Electronic Point Of Sale system, is an advanced payment solution enabling customers to pay effortlessly for goods or services. This technology revolutionizes the way businesses manage their operations, contributing to improved efficiency and heightened customer satisfaction.
Utilizing EPOS systems, you can seamlessly process and track sales transactions while accurately capturing crucial data. Furthermore, electronic point of sale solutions generate comprehensive reports centered around sales data and product-related information. This allows businesses to gauge their brand’s performance and make informed decisions from one secure location.
One of the highlights of an EPOS system is its user-friendly interface, which requires minimal training to operate. A user can become proficient in just a few minutes, navigating the system with ease and confidence.
EPOS delivers a level of sophistication beyond that of traditional cash registers. Its advanced functionality covers various aspects of business management, including inventory control, employee scheduling, and even customer relationship management, among other tasks.
Presenting real-time data, this system enables retailers to make swift changes that positively impact their bottom line. For example, by analyzing stock levels, you can restock popular items swiftly to meet consumer demand or discontinue low-performing products. Timely adaptation to customer preferences exemplarily contributes to increased sales and improved profitability.
The advanced reporting capabilities of an EPOS system contribute greatly to informed decision-making. Businesses can tailor their strategies by offering insights into sales trends, popular products, and customer habits. For instance, retailers can identify peak hours and schedule staff based on this information to ensure seamless customer service.
Another aspect that sets the electronic point of sale apart is its compatibility with various devices and third-party integrations. In fact, it often works seamlessly with other software solutions like e-commerce platforms. This sets the stage for unified business operations regardless of whether they are in-store or online.
EPOS systems have indeed gained considerable traction among modern businesses. A study by Allied Market Research predicts that the global EPOS terminals market will experience a compound annual growth rate of 21.4% from 2020 to 2027, reaching a staggering $32.36 billion in value.
How does an EPOS system work?
An EPOS system is like a cash register connected to a computer. It can perform various functions that help retail businesses run more efficiently and effectively. For instance, it reads the product’s barcode via a barcode scanner and then calculates the amount that customers need to pay. It can also accept different forms of payment, such as cash, card, or contactless, and issue receipts via email or text.
Also, EPOS supports data entry through various devices like touchscreen monitors, keyboards, and barcode scanners. This provides accurate information on price while offers quicker service to customers. At ConnectPOS, we offer powerful POS software that can integrate with almost every hardware provider, thus, give you the tools you need to save time and increase your sales.
Benefits of an EPOS system
It is clear that EPOS systems could be considered vital for any retailer, but what features set them apart? Why should a retailer change her/his current system if it does the job? There are a number of long-term advantages to using EPOS.
Reporting on how well your business is performing
If you have ever used a traditional till, you would understand the frustration of balancing tills, managing accounts, and calculating reports at the end of the day. With EPOS, all of your data are automatically synced, saving time, and producing more accurate reports. Moreover, with its cloud-based system, you could have full visibility and control of your business anywhere and anytime.
EPOS system takes the stress out of reporting and allows time for retailers to do more strategic planning. At ConnectPOS, we offer over 20 comprehensive reports and a customizable dashboard for you to elevate your business.
Tracking and managing your inventory
So, you are able to see which products perform well from the reports, but that wouldn’t mean a thing if they were not in stock.
A good EPOS system should provide you with inventory management. You could check, update, and add stock levels in real-time. You could also manage and transfer stock between multiple warehouses and outlets. Therefore, you wouldn’t have to manually check this yourself and still be sure that the right products are in stock.
With ConnectPOS, you would be able to manage multiple stores and warehouses with real-time data synchronization.
Increasing customer loyalty
In 2018, a study found that 91% of customers are more likely to shop at stores that remember them. This is why numerous POS systems now have loyalty and customer management features.
You could easily add emails and phone numbers of customers to your EPOS system. Then when you have promotions, you would already have access to their information and be able to send them details about the sales. In addition, you could see their purchase history, so you could tailor your marketing to what they are buying.
Above are just a few of the benefits of having an EPOS system, there are so much more that the EPOS system brings to business owners.
As expectations from customers have increased significantly in the past few years, which makes it competitive for retailers. One of the best upgrades for your business is to invest in an EPOS system. If you are still using traditional cash tills, it is time to switch to an EPOS system, it would help you save time money, and improve sales.
And what’s better than an EPOS from ConnectPOS? We are proud to be one of the best POS systems with cutting-edge technology, a friendly user interface, and must-have features that would easily elevate your business.