Why Your Business Needs to Invest in A Modern Retail EPOS Software System

Written by Eurostop

Reading Time: 5 minutes

For years, Electronic Point of Sale (EPOS) software has been growing in use, and it’s easy to see why.  EPOS systems help tie together every aspect of your retail operations and can even be linked to other business systems, such as your inventory, ERP, accounting or CRM systems, to yield further benefits.

Today’s EPOS software solutions can do so much more than simply provide a platform for taking sales.  If you’re still using older software and entry systems that are little more than glorified cash registers, your operation could see so many benefits from upgrading.

In this article, we’ll talk a bit about how retail EPOS software can radically change how you conduct sales and track your inventory – changing the in store experience all for the better.

Seven Reasons It’s Time to Upgrade Your EPOS Software

  1. Accept a wider range of payments

Any till or EPOS system can accept payments – but in a global sales environment, you need options for taking payments in as many forms as possible.  Along with standard forms of payment like cash and credit card, modern EPOS systems can take several other forms of payments such as mobile wallet payments, multi-tender payments, deposits and more.

The easier it is for your customers to pay, the more they’ll come to prefer you over the competition.  This can be particularly vital if you’re expanding operations into countries where you have a minimal physical presence and need ways of handling local payment methods.

  1. An all-around better customer experience

Retail EPOS software makes life easier for your customers in multiple ways.  Beyond accepting more types of payments, your sales staff will easily be able to access product and other inventory data from across your store estate – allowing them to respond to enquiries, giving out accurate information to allow customers to purchase what they want in the most convenient way possible.  Never miss a potential sale!  Providing a personalised service also becomes possible  with inbuilt loyalty systems; and that’s vital as customisation becomes a key differentiator on a competitive high street. Your systems build up knowledge of what your customer preferences are, so why not upsell by recommending other products they may like, or reward loyal customers with targeted promotions?

Even when handling standard in-person sales, a good EPOS will speed up processing at till point, reducing queues and also errors.  Products can be scanned with prices, markdowns and promotions all applied correctly and securely.  This not only adds up to an improved customer experience – and your customers will appreciate it, but it also ensures that your sales data is correct and free from manual processing errors or fraud.

  1. Detailed inventory tracking

Inventory tracking is standard in any modern EPOS software, and it’s vital for improving efficiency within your retail business.  There are no more entering sales figures by hand, a time-consuming and error-prone process.  Every sale of every product, via every point of sale, is tracked and synchronised instantly in real-time across your store estate and in your central inventory management or ERP system.  This single view of stock is essential when managing customer demand and your retail business effectively.

  1. Deep analysis of your sales data

By tracking inventory over time, you gain access to a wealth of data on sales trends and how well particular product lines are doing, right down to SKU level – colour and size.  You can gauge customer interest – particularly if the EPOS is also tied into your Customer Relationship Management (CRM) system.  Report on sales on a daily, weekly, monthly, or yearly basis.  Identify your best salespeople, or which products have the most appeal to various locations or demographics.

Since all this information is real-time, you get up-to-the-second reports whenever you need, enabling you to respond just as quickly  There’s no easier or more robust option for staying on top of your sales figures, no matter how large or sprawling your operation may be.

Plus, as time passes, you’ll amass a huge amount of historical data which can then be analysed to predict future trends.  This allows for precise ordering, store allocation and stocking.

  1. Improved accounting and cash management

With all data tracking being handled electronically, accounting and cash management become far easier as well.  System data will be more reliable, with automated systems in place to ensure all the numbers add up.

Also, since all transactions are tracked including post-sale activity, this means actions such as refunds or exchanges are also instantly entered into the system and accounted for.  Reconciling your books has never been easier, with fewer opportunities for human error to cause problems.

Plus, since EPOS systems can track employee behaviour, you’ll be able to easily spot your best representatives, so that you can make the most of their skills and strengths.

  1. Electronic receipts and other reduced paper waste

Paper receipts are quickly going away, and that’s great for both the environment and your budget.  EPOS systems can easily generate electronic receipts or create digital equivalents for any other type of paperwork as well.

Employees will be more efficient, if they never have to manage and store paper.  They’ll lose fewer documents, and spend less time creating them in the first place.

In addition, digital receipts offer further marketing opportunities.  We touch on this further in the next point, but if your systems are GDPR compliant and allow you to collect marketing preferences, then why not use your digital receipts to inform your customers of relevant promotions, or take the opportunity to upsell similar products that may be of interest, based on purchase history?  This can work to the advantage of the customer as well, since you can harvest their email address and email them any crucial documents – making it harder for them to lose important paperwork.  It’s also simpler to re-send any documents they might need, with very little hassle.

  1. Leverage your EPOS for improved marketing

When your EPOS and CRM systems are linked, there are nearly endless opportunities for improved marketing.  Just as a few examples:

  • Do deep dives into your sales figures, cross-checking with buyer demographics, to discover niche sales trends that could easily go overlooked.  Then you can target those customers with marketing for the products they’re most interested in.
  • Operate drawings or giveaways, based on information in electronic receipts.  These are easier for customers to enter as well.
  • Track the success and failure rate of various promotions, allowing you to fine-tune your approach and create more effective marketing pushes.
  • Integrate upsells and value-adds at the point of sale.  If your EPOS machines have a dual customer facing screen, you can display marketing media or promotional content to the buyer as they’re checking out, increasing the chances that they’ll add to the order.
  • All-electronic processes will slash your overall marketing expenditures, such as paper and printing costs.  Email marketing is highly effective and far less expensive than traditional physical/paper marketing.

The World Trusts Eurostop EPOS Retail Software

We are one of the largest vendors of cutting-edge EPOS, inventory tracking, and other retail software packages.  Our systems combine simple, intuitive interfaces that require minimal training with deep data tracking and analytical capabilities.  The result is EPOS software that goes above and beyond to work for your company and pay for itself.

Click here to request a free demo of your chosen software.

Eurostop

Editor at Eurostop Ltd

Eurostop Ltd provides omnichannel retail software and services to international retailers in the fashion, footwear and retail industries.

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