If you are a business in retail, you will be familiar with Point-of-Sale (POS) systems. In fact, the likelihood is that you are already using a retail POS and have been for some time. However, during the last few years, new developments in sales process management have resulted in the emergence of electronic Point-of-Sale (EPOS) systems, blowing old POS systems out of the water and enabling retailers to combine several aspects of the sales process. From providing eCommerce support to offering mobile device compatibility, there are a number of reasons why any business should consider updating their POS system to EPOS:
More Payment Methods Can be Accepted
EPOS systems accept a wide variety of payment methods both on and offline. For customers making physical payments, cash, card and contactless payments can be made easily. For those wishing to make purchases online, EPOS systems take many forms of digital payment, resulting in fast and efficient online payment processing. They can even accept foreign currencies or bank transfers, meaning your customers will always be able to make some form of payment. More payments ultimately mean more custom, a definite advantage of EPOS.
Digital Shopping Cart Data Can be Analysed
For businesses practising eCommerce, the need to analyse data from shopping cart systems is crucial in order to identify trends within their online customer base. EPOS systems enable shopping cart data to be seamlessly integrated with offline sales data, providing an overview for retailers and creating a concentrated database that can be used analytically.
Several Stores can be Simultaneously Managed
If you are an expanding business with stores in different locations, EPOS systems can help make life that bit easier by accumulating data from each of these stores and centralising it. This means that instead of having to merge each store’s database, retailers can access different information all together in one place. This function can also be used by online retailers, who may or may not have a single physical store.
Extensive Reporting Competencies are Offered
Analysing sales reports is a normal part of running any retail business in order to gauge how the business is doing financially, as well as accruing data that can then be used to attract new investors or shareholders. Successful EPOS systems offer highly sophisticated reporting competencies that can be carried out from an end-of-day, weekly, monthly, or yearly timescale. Additionally, reports can also be tailored to generate specific sales information. For example, if a retailer wanted to monitor sales in relation to a certain time period or trend, this could be achieved using an EPOS system.
Customer Reward Schemes can be Applied
Implementing customer reward schemes is a great way to offer customers an incentive to return to you for business and subsequently improve customer retention. EPOS systems give customers the chance to input specific information that will allow them to receive points, unlock exclusive discounts, or receive specific rewards, all of which will encourage them to continue using your business.
Gift Cards can be Issued and Redeemed
Finally, EPOS systems allow retailers to issue customised gift cards that can be used to make physical or digital purchases. Offering this service will help increase repeat business as people will feel obliged to spend their money once it has been transferred to a gift card. Furthermore, offering gift cards is also a great way to increase brand awareness and generate new business; for example, if somebody has given a gift card as a present, this could potentially bring new customers.