What are the benefits of having an EPOS system for your business?

Is it getting harder to manage and track your staff sales, inventory changes, customers information, and more? Imagine managing everything with just one system. You have access to the most crucial aspect of your day-to-day business operations with an EPOS system (electronic point of sale). Your team can handle inventory management, customer relations, report generation, sales closing, and much more with the appropriate hardware and software setup.

Even if all of this sounds wonderful, you might still be unsure of what an EPOS system is. What is the process? What are the advantages of using EPOS system in retail? In this post, we’ll look at these questions in more detail, as well as how to select the right system for your business.

EPOS systems: what are they?

Electronic Point of Sale is known as EPOS. EPOS systems are digital payment systems that give companies the ability to accept payments, communicate with clients, and retain data. They are frequently utilised in restaurants, hotels, retail establishments, and other service-oriented enterprises.

To create a retail till system, an EPOS system integrates hardware and point-of-sale software. From a single device, it enables you to expedite checkout procedures, perform transactions, and manage inventory.

What functions do EPOS systems have?

Modern EPOS systems operate similarly to cash registers. Once you’ve finished making a sale and a payment, your transactions are entered into the till. An EPOS system is more powerful. EPOS software will display accurate and current pricing data. When a transaction is completed, the exact amount that the consumer must pay is calculated, and stock levels are immediately updated. This makes it possible for your team to handle payments and reply to inquiries regarding stock, etc., more quickly.

Advantages of an EPOS system for retail

There is a compelling reason why more retail establishments are switching to EPOS systems. They represent the future of retail, replacing traditional cash registers or tills. Some of the advantages have previously been mentioned, but let’s look more closely.

1. Accept payments throughout your shop

Vendors may now accept payments from anywhere in the shop thanks to the simple integration of your EPOS system with mobile card machine, Chip and PIN terminals, scanners, and receipt printers. Due to this, event planners and food sellers were among EPOS early users.

2. Utilise strong reporting to make knowledgeable business decisions

You’ll want to know what’s working and what isn’t once you start using an EPOS system. EPOS systems generate reports that are useful for taking immediate action. Most systems include an overview of your organization, both online and in-store, for rapid comprehension. The top systems also provide financial information, inventory reports, product reports, discount reports, cash monitoring records, retail sales reports, and more.

You may see the breakdown of your sales in detail by looking at a typical retail sales report. Which employees make the most sales? Which areas are prospering? Which times of the day offer the best chances for sales? What kind of consumer keeps coming back?

3. Boost revenue and client happiness

Right before a product is added to the sale, your seller’s EPOS software shows the relevant increment. And more revenue is generated while satisfying customer needs. That is one example of how an EPOS boosts revenue and client pleasure.

A strong EPOS system enables you to swiftly apply discounts, automatically compute taxes based on location, and generate an email or SMS receipts. You’ll have more chances to create custom lists for re-engagement, and you can manage, save, and recover shopping carts rapidly.

4. Increase client loyalty

You will have additional opportunities to send marketing emails because of the client lists you are developing. You can personalise those emails using your EPOS system. Create client profiles for each in-person or online transaction to keep track of contact details, past purchases, shipping details, etc.

This information can be used to contact someone straight from your EPOS. Call, SMS, or email customers about pertinent specials. Use filters to ensure that you’re never spamming individuals with unrelated content and reward them with loyalty discounts.

5. Sync with other programs and tools

Do you think your consumers might benefit from live chat? To keep them satisfied, link your EPOS system to a live chat application. There are a lot of good tools and apps you can use with your EPOS system. One of them is live chat. A store pickup and delivery app can be used to plan click-and-collect pickup schedules, manage local delivery zones, and establish delivery charges.

6. Organise personnel staff management

Since each member of your staff plays a unique role, they will require access to a separate section of your EPOS. A manager may need to give their approval. Workers in the warehouse might need to monitor delivery. With the correct EPOS, managing staff’s rights are simple. Whether it be in sales or another aspect of the firm, you should also keep track of performance. Your EPOS can be used to create staff IDs and assign tasks.

Impact of EPOS system on UK businesses

There is no doubt that the UK is one of the biggest markets in the globe. Customers and vendors in the UK share a passion for staying on top of the latest innovations, and they both update frequently to stay up to date with the technological advancements. Due to its modernity, the EPOS system is gaining popularity among UK citizens. UK business owners are being compelled to figure out a method to unify all the payment systems because customers want to utilise more payment alternatives than only cash and card payment solutions.

Customers can use any payment system with the EPOS system. Whether is cash payment, card payment, mobile wallet, or gift card, EPOS systems can work along with all the above payment methods. EPOS systems also make it easy for business owners to manage and grow their businesses with advanced features. Now they can manage employees, review their business, and receive Omnichannel payments more easily than ever before.

EPOS systems accelerated checkout times and improved consumer and salesperson satisfaction. With its AI power to remember and store each customer’s data separately, EPOS systems also help Vendors to keep a good relationship with their clients and bring them back to shop for more business.