Point-of-sale (POS) software is traditionally used for managing your business transactions. It essentially comprises a computer with software for tracking and managing orders.
These systems are commonly used in retail operations and are useful for one thing and often only that one thing; completing sale transactions.
As we step into a digital age, it is clear that traditional POS software is not as appropriate for contemporary businesses.
This is where an electronic point-of-sale (EPOS) system comes into play.
EPOS systems are a combination of hardware and software that is designed to help you run your business more efficiently. An EPOS system isn’t limited to tracking sales transactions and has operations that can help you manage things like your inventory, till, and reporting.
So, here are a few more reasons why you should consider upgrading your POS software to an EPOS system.
Better customer experience
EPOS software makes everyone’s lives easier, and this includes your customer.
If you are in any type of retail business, you know that your consumers want everything fast and convenient. An EPOS system is built in a way that lends itself to taking and completing orders as quickly as possible.
From featuring touchscreen capabilities and having hardware compatibility with a range of devices (tablets, laptops, PCs, and even mobiles), to offering guest-facing screens, your customers are going to have some of the shortest wait times they have experienced with an EPOS system.
You can even keep track of customers and their purchases by creating unique customer profiles. This can help you with personalisation and enhance your customer service.
In a competitive market, these small customisations can be the differentiator between a successful business and one that is simply trying to survive.
Moreover, as your systems build up a log of your customers and their preferences, you will find it easier to start upselling by recommending other products that they may like.
You can even reward loyal customers with targeted promotions.
An EPOS system also works to help centralise all your operations.
With POS software, you would have only your sales transactions recorded, but with an EPOS system, you can track your inventory and sales all under the same system.
Automated systems ensure that all the numbers add up, as every time an order is placed, your inventory figures also reflect this sale.
This gives you a clear view of your inventory, making it easier to manage stocks.
Post-sale activity is also much simpler to handle with an EPOS system, as refunds or exchanges can be entered into the system and are accounted for.
This makes your accounting process much easier, and limits opportunities for human error to cause problems.
Additionally, with so many operations all logged in the same system, it is a lot easier to scale your business, as no matter how much you grow, you can rely on an EPOS system for the same operations management.
Analysis of sales data
A good EPOS system can also help you gain insight into your sales trends.
You can get reports about your sales on a daily, weekly, monthly or yearly basis, which you can then use to create a robust sales and marketing strategy.
Using this data, you can even identify your best salespeople or which products have the most appeal to various segments of customers or locations.
All this information is also available in real-time, so you can get reports whenever you need them, enabling you to respond to market demands just as quickly.
So, no matter how large or sprawling your business may be, no matter how many locations you have, you can manage them all using an EPOS system.
As time passes and your historical data adds up, it will become easier and easier to predict future trends, allowing for more precise ordering, store allocation and stocking as well.
Upgrade your point of sale software with an EPOS system
Before you ask how much an EPOS system costs, while an EPOS system can be a significant investment, it goes above and beyond in justifying its value.
As with capabilities that far surpass the regular POS software, an EPOS system is perfect for businesses looking to grow and scale.