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Why Your Business Needs an ePOS System

Why Your Business Needs an ePOS System

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People at a bar

As a customer, think about what you prefer when you shop: a slow checkout process where the cashier has to use a bulky machine or a fast one where the cashier swipes your card on a reader connected to a tablet and you leave as soon as the transaction is approved?

Most customers agree that the second scenario is desirable. Whether shopping online or in-person, consumers enjoy speedy checkout processes that don’t cause any frustration.

That’s just from the customer’s point of view, though, and it’s one of the most obvious benefits of using ePOS systems software. From your perspective as a business owner, electronic points of sale can make a significant and notable impact on the way you run your business. Implementing one is to your benefit, so here are a few reasons why your business needs an ePOS system:

Data compilation and analytics

EPOS systems collect and compile data, presenting valuable information to you in a series of charts, graphs, and other digestible formats. This information includes details like sales patterns, the number of customers that transact with you, how much they purchase, whether they are first-time or repeat customers, and more.

You can cater to their desires and adjust your business strategy more effectively when you have more in-depth insight into what they want.

For example, you already know that if an item sells well, you should buy or produce more of said item and place it at a convenient location in the store; but do you know exactly how well? A product might be flying off the shelves and you underestimate how popular it is, or you might overestimate how eager people are to buy it.

Whatever the numbers say, you can factor them into your decision-making and spot trends on a daily to yearly scale.

Enhanced efficiency

How does the possibility of not having to deal with paperwork, accounting, inventory, and other tedious tasks sound? EPOS systems can automate many of the tasks that drive you and your employees crazy.

Not having to worry about manually monitoring your operations allows you to focus on other aspects of improving your business. And, as mentioned previously, you can get customers in and out the door much faster at checkout.

To track inventory in real-time

Tracking inventory is another pain, isn’t it? Well, instead of trying to tally in your head or keep a physical sheet detailing how much of each product is in your store, ePOs systems can take care of that for you. Whenever a customer purchases an item, the software deducts it from your inventory total. This way, you always know how much of each item you have on-hand at any given time.

One reason consumers like to visit physical stores is to test products out in-person. They like to touch it, see it, and envision the role it would play in their lives; and then purchase it online. If someone buys the same product from your store two minutes later, then the first customer may be disappointed that the item is no longer available because your database did not reflect your actual inventory.

EPOS systems make it possible to update inventory automatically, and employees never have to check the back room again if they can look at a tablet to know how much product is still onsite.

To provide better customer service

Providing staff members with easy access to information makes them more knowledgeable, and thus able to help more customers and answer their questions faster. Giving your employees easy-to-use tools makes their jobs easier, so they benefit from ePOS systems because it can remove tedium (and they enjoy it when checkout goes smoothly and quickly, too).

Many ePOS systems also only require software installed onto a tablet or smartphone with a card reader. Giving these tools to your employees frees them to roam around the store, capable of checking customers out wherever they are—eliminating lines and making both parties less stressed.

To reach more customers

EPOS systems can also make a difference in marketing. As they capture customers’ email addresses (when they provide them), they can discern whether an individual is a first-time or returning shopper.

You can then send personalized marketing emails to people depending on what kind of customer they are, offering unique offers and sneak peeks at new products. Personalized emails can result in six times higher transaction rates, but you can only create such emails when you know a bit more about your customers and what their preferences are.

Countless businesses are implementing ePOS systems, so you do not want to be at a disadvantage. How do you see an ePOS system to improve your business?

This is a collaborative post.

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