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Why Your Business Needs to Invest in A Modern Retail EPOS Software System
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 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. 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. 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. 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. 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. 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. 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
Boost Your Business with The Right Inventory Management Retail Software
Is inventory management taking up too much of your time? Do you have data to hand regarding what stock you are holding in the business, and do you have the right stock to meet demand? Modern retail software, focused on inventory tracking and management, does all this and more. These software packages give modern retailers the tools to make the most of their most valuable asset, stock, and the ability to stay profitable and competitive in a data-driven world. And that’s only the start of all the benefits that effective retail software can bring. Five Big Benefits to Inventory Management Retail Software Save time and money The most straightforward benefit of retail software is that it will automatically and accurately process and track your inventory for you. From purchasing to synchronising stocks and sales from your store estate, online channels and other outlets you might manage, you will have a central and single view of stock. Having either excess or insufficient stock costs your business money – making the difference between a successful retail business and an unprofitable one. Too much stock and you have unnecessary capital tied up, run the risk of depreciation or wastage and face additional warehousing costs. Whereas too little can result in stock outs and negative customer experiences. Not knowing where your stock is or having inaccurate data can also cause problems because you can’t use it effectively. So the return on investment for the right systems definitely pays off. Recognise your top sellers more easily With an inventory management system, accurate and accessible data and insights are power. It’s simple to analyse which products are your best sellers and check how much cover you have, so that you can reorder at the correct time. This allows retailers to plan and merchandise accordingly. Better yet, when retail software is connected to your CRM system, you can also drill down according to demographics or region/location. Discover new target markets and pitch them the products they like best. Once you’ve had retail software in place for a couple years, you’ll have enough data to start generating realistic future trends predictions. Spot your peaks and valleys and optimise stocking in response to maximise your profits. In addition, being able to see what is not selling can also allow you to markdown and plan effective promotions. Optimising Space Warehousing and store estate is precious, so it’s important to make effective use of that space. By knowing what stock you already hold, and what you actually need means that you can manage your stock effectively to save space and minimise costs. Furthermore, well organised warehouses with defined storage and bin locations also allow you to fulfil store and online orders with speed, which can be the differentiator when it comes to great customer service and meeting expectations where next day or even same day delivery are becoming the norm. The right inventory management system will also allow you to report on and therefore allocate to stores and locations according to demand and season. Eliminate overselling Overselling can be the bane of retailers. Missed sales and stock outs not only eat into your potential profits, but they can also result in customer frustration and impact brand loyalty. Having an effective inventory management system lets you identify the best store locations to hold your stock, ensuring that you meet demand. Allocate to your store profile more effectively. For example, you may have higher footfall stores in prime locations where you want to ensure that the racks and store room are well stocked. Making optimal use of staff skills Manual systems are not only time consuming, but also prone to error and frustration. Put your staff skills to better use by having a system that will allow you to accurately process stock with minimal effort. Focusing on other skill sets and training opportunities can definitely boost staff morale and motivation, ensuring a happy workforce. Eurostop Brings Retail Software Insights Eurostop is one of the world’s most trusted vendors of inventory tracking and retail software, with deep analytics and easy integration into your existing business systems. Combine with robust, easy-to-use POS units and you’ve got a retail software solution that saves time and makes money. Click here to order a free demo.
The Top 5 Retail POS System Advantages for Retailers & Consumers
These days, if you’re a retailer, implementing a reliable retail POS system is a must. Not only will it facilitate your retail processes, but it will also make the purchase journey much easier for customers, improving the in store experience and brand loyalty. As one of today’s leading retail EPOS systems providers, the team from Eurostop wanted to highlight some of the benefits.
5 Benefits of Mobile Technology in Retail
With current challenges on the high street, when it comes to your retail business, it’s becoming increasingly important to streamline processes and optimise the in store experience for your customers. Implementing mobile point of sale (MPOS) technology is a great, affordable way to bring an efficient and personalised service to your shop floor. If you’re still undecided, however, Eurostop has collected some of the most attractive benefits here of investing in MPOS technology. It Turns Cashiers Into Sales Team Members One of the biggest advantages of mobile point of sale solutions is that they will turn your store staff into sales generators as well. Your teams will now be able to also assist your customers anywhere in store, as well as provide personalised customer service, offer rewards, upsell and cross sell and check inventory in real-time and on demand, assisting every potential sale. Streamline the Return & Exchange Process Having a long line of people waiting to return and exchange products can really affect your in store and brand experience, which is why there’s another way. Mobile POS devices help minimise backups at till point by providing the flexibility to scale up with additional service points when required, improving customer service and throughput. Enhanced Customer Service Solutions When it comes to keeping your customers happy, MPOS systems certainly don’t disappoint. You’ll be able to answer questions on the floor about product availability, ring up sales ASAP, offer suggestions and insight on customers’ past purchases, and much more. You can give your retail brand an edge, reducing lines and keeping customers satisfied. This not only reduces any potential wait time, which is a must when customers don’t want to wait around and you need to service as many customers as quickly as possible, but the mobility of mpos means that it is also much easier to accommodate ‘social distancing’. With the flexibility to move anywhere on the shop floor, you can ensure that you use every inch of retail space. Increased Marketing Insight Mobile point of sale systems don’t simply help you process transactions and help customers, they also collect key data and insight that can be analysed for future sales and marketing campaigns. You can obtain important customer data, such as sales history, email addresses, and more, to create targeted marketing campaigns. Scalability Lastly, but certainly not least, one key benefit of MPOS solutions is that mobile technology makes it simple to scale up or down, depending on how busy you are in store. Keep in mind that every mobile device is also a transaction processing station, meaning you have the right technology and the flexibility to cater to seasonal demands, such as sale, promotional or festive periods while still capitalising on every piece of square footage. Contact us today for more MPOS solutions! For those looking to streamline their everyday processes and boost their bottom line, contact Eurostop today. Our retail solutions run the gamut and we specialise in everything from stock control to customer services, so visit us online or call +44 (0) 208 991 2700.
What is the Demand for Turnover-Based Rents?
It’s no secret that the COVID-19 pandemic and the three national lockdowns have caused some major issues for both landlords and tenants alike, in particular high street retailers who are understandably struggling with cash flow problems during the current restrictions. The retail news is littered with stories of major high street names that are in CVAs or administration and are looking for support at this time. Many such as New Look, All Saints and Ann Summers, to name a few, are seeking for landlords to take a different approach to managing their property rentals. More and more landlords who are seeking a different approach, that will surely take them into the ‘new retail’, are now looking at a turnover rent based commercial leasing framework for its retail and hospitality occupants. But what does this involve and how is it managed? Eurostop, is a leading tenant management software provider, and is powering many landlords who have already adopted this model as an alternative to fixed rent. What Exactly is Turnover-Based Rent? In the simplest of terms, turnover-based rent means that a proportion of your rent is calculated as a percentage of the sales turnover, or revenue, that you’ve received from your commercial store over a period of time, which sits alongside a ‘base rent’. The base rent is guaranteed and may be subject to review as per traditional commercial leases. The proportion of base and turnover based rent is usually agreed between the retailer and landlord and may vary. This number can also take into account the retail sector where a particular commercial rental property is located. For example, those with lower turnover and a greater profit margin could be charged a higher percentage; those with higher turnovers and lower profits, a lower one. Why is Turnover-Based Rent in Such Demand? A turnover-based rental model is a more flexible model. While for tenants it can take some of the financial pressure off when times are tough, there are several factors which can make it a mutually beneficial arrangement, for both landlords and tenants. Indeed, in the US, the same model is referred to as ‘revenue sharing’. Because a proportion of the rent is based on trading performance, landlords will benefit also and receive an increased income when trading is high; and for tenants, during more difficult times, like during the Covid-19 pandemic, tenants have a little more breathing space. Although a fixed rental agreement, with periodic increments can seem more attractive for landlords, the current situation highlights some of the disadvantages of this traditional approach. For the landlord, a new, collaborative approach can bring other benefits. Data sharing from such a partnership can also allow landlords to optimise retail space and the shopping experience by allowing them to identify good quality tenants and retail sectors. In turn, this valuable information can be used to adjust and plan retail space in their shopping centers and commercial properties accordingly. This allows landlords to ensure that their space remains occupied and avoids high turnover or worse still, empty space. …such a partnership can also allow landlords to optimise retail space and the shopping experience How is A Turnover-based Rental Model Implemented? In order to transition to this new leasing model, property owners will need a system that supports transparent data collection, processing and analytics. Landlords will require a system that can reliably and securely collect accurate sales turnover information from each of its tenants, and report on this data to provide the correct business insights. In addition, there are other considerations in assessing retail turnover rents particularly in an ‘omnichannel’ ecosystem where the path to purchase isn’t just in store but also online, and then with online there are issues such as taking into account returns. A Few Things to Keep in Mind For a turnover-based rent model to work for both tenants and landlords, it’s important to: Keep Open Provisions: This is where tenants are required to keep a property open during specific hours negotiated with their landlord unless it can’t be opened due to damage or safety concerns. Defining Turnover: Another important component is having a clearly defined turnover clause that’s based on the historic performance of a business. Confidentiality: For this type of rent model to work properly, landlords will need to obtain a variety of information from tenants, everything from sales data to other information. This means using a safe and secure tenant management system is essential for confidentiality purposes. Contact us today for more about turnover-based tenant management solutions For more information about the advantages of investing in a tenant management system, contact the team from Eurostop today. We also specialise in retail EPOS systems, inventory control software, and more, so contact us now.
5 Benefits of Retail ERP Software
When it comes to improving your relationship with customers and keeping track of all of your retail company’s important data, there’s nothing quite as beneficial as reliable retail ERP software. As one of today’s leading providers of inventory control and POS software, Eurostop has helped hundreds of retailers improve their processes with our specialised ERP software. However, we wanted to share some of the leading benefits with you, so here they are! Real-Time Information Having access to the right data when you need it is essential for making informed business decisions, which is why retail ERP software is a key component of any successful business. This is because it provides you with real-time information from across your business. It synchronises all channels, as well as business functions such as accounting packages, to provide a single view of data on which you can reliably base your planning and strategy. This is particularly important when managing products, stock, sales, promotions, customers and orders across multiple channels in a fast paced retail environment and for an omnichannel customer experience. Inventory Management When running a retail business, inventory management is extremely important, helping ensure you have the necessary products stocked to meet customer demand. Both too much and too little stock can cause financial problems, as well as not having a transparent view of where stock is located in your business. Through the use of ERP software and stock control solutions, you know exactly what’s in your inventory, and where. This specialised software will also enable you to track trends and make long-term forecasts based on historical data Customer Management Solutions In addition to tracking your inventory, the right ERP software will enable you to record and manage customer purchase history as well. Improve customer loyalty by being able to understand your customers better. An ERP system automatically collects data from across your selling channels, and with the right reporting tools, you can analyse their shopping habits and preferences, providing you with insight into how you can serve them best. With this valuable information you can create targeted promotions that will help you meet their needs and expectations. Point-of-Sale (POS) Solutions Many ERP providers, Eurostop included, offer connected POS solutions designed to streamline your retail processes and provide added oversight and data. Sales and customer data is automatically synchronised to your central ERP system, and product, prices, stock and promotions can be reflected in your POS so that your entire business remains up to date with accurate information. Sales Analytics Many of your company’s major decisions will be based upon one thing: improving sales. That’s why the analytics information provided by ERP software is such an important component. You’ll gain insight into which products are selling and which aren’t, allowing you to make informed decisions such as which lines, colours or sizes need to be marked down, or what needs to be replenished. An ERP system can help buyers and merchandisers with planning and to establish how much product cover the business has. Contact us today for more about cutting-edge retail ERP software! For more information about our comprehensive retail solutions, contact us online today or call +44 (0) 20 8991-2700.
5 Gaps ERP Software Can Bridge in Your Business
When it comes to running a retail business, process efficiency and accuracy of data are both essential to your success. That’s why many invest in cutting-edge retail ERP software, like that offered by Eurostop. However, if you’re on the fence as to whether an updated retail ERP system will benefit you, we’ve collected some important facts for you here. Below are five gaps in your business that reliable ERP software can help you bridge. Dispute Resolution One of the foremost advantages of retail ERP solutions is that they can make dispute resolution easier for all parties involved. You’ll have an accurate audit trail and records related to, for example, suppliers, product information, prices, stock movements, sales, orders and fulfilment status to help identify and resolve any potential issues and prevent any disputes in the future. Comprehensive Data With ERP software you’ll have access to a wide variety of data, unifying it all under one umbrella, collecting data from across all channels and suppliers. This is not only the most convenient and streamlined option, but it also offers real-time data that is as accurate as possible. Informed Decision-Making When you make an important decision for your retail business, it’s vital to have all of the facts so that you can make an informed decision. With ERP solutions you’ll have access to the necessary data and insights to act in a timely manner, improving both the accuracy and efficiency of your daily processes; helping you to make better plans for the future. Customer Service Another very important aspect of your business is how you treat your customers. Retail ERP software is designed to improve your relationship with customers in a variety of ways, collecting and providing you access to data like customer purchase history and preferences. This enables you to better understand and serve your customers according to their wants and needs. In addition, fulfilment modules will also enable you to keep a close eye on store replenishment and order status, so that you can manage and fulfil orders as quickly as possible for true customer satisfaction. If your customer base is in the EU, then it is also important to consider the General Data Protection Regulation (GDPR) and ensure that your system has the correct features to enable you to deal securely with customer data Centralised System A robust ERP system will enable your business to operate seamlessly, rather than in silos. Different departments and users can be allocated appropriate permissions to different modules in the same system, which means that they are all operating off the same up to date information. Disparate systems that have to be updated manually can be time consuming to keep up to date, and are prone to error. Contact us today for more benefits about retail ERP software! To learn more about how our ERP software can benefit you, contact us today online. You can also call +44 (0) 20 8991-2700 for more information about our mobile POS systems, and more.
5 Benefits of Mobile POS in Retail
When you’re not tied down to your cash register, things can really open up in terms of retail opportunities. That’s why now more than ever businesses are implementing retail MPOS systems that give them a wider range of customer service benefits. At Eurostop, we’re committed to helping you run your business in the most effective and efficient way possible, so we wanted to discuss some of the advantages here of implementing a mobile POS system. Turning Your Cashiers into Salespeople Rather than having your cashiers anchored behind the register, why not put your personnel resources to your advantage and make them sales generators as well. Placing them on the shop-room floor to help potential customers make their decisions can drastically help you increase your sales. Cashiers can look up product information, present up sell opportunities and on demand assistance. Avoiding Lost Sales by Improving Efficiency It’s no secret that people don’t like waiting in line, especially when they’re patronizing a business. Often, the longer the line is, the more likely customers are to go elsewhere. However, with a retail MPOS system, you’ll be able to drastically reduce lines and avoid lost sales from increased wait times. This can be especially helpful with the festive season approaching. Accepting All of Today’s Modern Payments These days, there are a number of different ways customers can pay for goods and services, like using credit or debit cards, coupons, and mobile wallets. By implementing the right mobile POS system, you’ll be able to stay on top of all of today’s modern payment options. Collecting Important Data Another great benefit of having a reliable and connected MPOS system is that you can collect and integral single view of data to be used for a variety of purposes, like future marketing campaigns, customer research, developing loyalty programs, and more. Improving the Return & Exchange Process Often, customers returning or exchanging goods can quickly create a bottleneck at the register. However, with retail MPOS solutions, you can avoid that holdup by designating staff members to work with customers returning and exchanging goods directly, freeing up all of your registers for those important sales. Contact Eurostop today for more information about our MPOS services! To learn more about how we can help you improve your retail business’ daily processes, contact Eurostop online today or call +44 (0) 20 8991 2700.
Getting the Most Out of Your Retail Business POS System
Nowadays, things are rarely done the old-fashioned way. If you’re using a calculator and an outdated cash register, you could also be harming your business without even knowing it. That’s why so many have switched over to reliable retail POS systems, like those available from Eurostop. Like with most things, a great POS system is only as good as its operator, so let’s take a look at some of the ways to get the most out of your retail POS system. Ringing Up Sales The most basic thing you’ll be doing with your retail POS system is ringing up sales, but there’s a lot more involved in this process than you might think. Of course, the first part of the checkout process is adding the items being sold to your POS system by either scanning a bar code or entering it in manually. But that’s not all you can do: POS systems also enable you to apply discounts, take various payment forms, apply gift cards, perform mobile payments, and more. Managing Your Customers In addition to improving the sales process, a reliable retail POS system will help make it easier to manage your customers, improving both your sales capabilities as well as your customer service options. With a POS system, you can create a customer database to keep track of sales and repeat customers, you can also organise those customers into groups based on purchases and other criteria. Lastly, you can reward your loyal customers by implementing loyalty programs that offer special deals and discounts to frequent buyers. Reporting & Analytics Retail POS systems offer important tools to keep track of sales, enabling you to improve your product range and track seasonal trends and demand. With the right POS system, you’ll have access to product performance reports, regular sales summaries, and breakdowns based on products, SKUs, locations and customers. In some cases, you can also implement stock control software that enables you to keep a better handle on your inventory. Getting the Most Out of Your POS System To get the most out of your POS system, make sure you’re using all of the features and taking advantage of the tools it has to offer. Experiment with it and see what works best for you, getting to know your system’s resources. Contact us today for more about the advantages of retail POS systems For more information about our POS systems, mobile POS solutions, and stock control software, contact us online today or call +44 (0) 20 8991 2700.
Cash Registers vs. POS Systems: Which One is Right for You?
It doesn’t matter what kind of retail business you run, every fashion, footwear, jewellery, accessories, sportswear or department store needs a way to process transactions. However, if you’re wondering what type of transaction method is right for you, we’re here to provide some insight into the differences between a retail POS system or a cash register. Eurostop has helped many clients implement the most efficient transaction systems for them, so here are some tips for choosing between a cash register and a POS system. What Exactly is a Cash Register? Before diving into the details, it’s important to have a clear idea of each type of transaction method. Cash registers are used to ring up sales and often have a money drawer, and the capability to indicate the amount of each transaction and collect that data. More complex ones can also create financial records, add taxes, offer receipts, and more. They’re the cheapest transaction equipment, but for those who want functions like scanners and card readers, they’ll often have to pay extra. What is a POS System? POS systems offer many complex options, in addition to being able to do everything a cash register can. This type of system provides detailed transaction reporting and often has a touchscreen for easy use. Often, POS systems are composed of several components, including card readers,barcode scanners and a cash drawer. Although POS systems have been in use for decades, they’ve become the standard for retail establishments because they enable users to perform a wide range of functions, everything from tracking sales and customer information to stock control services. Additionally, many POS systems also make it possible to: Develop customer loyalty programs. Implement gift cards. Personalise service. Perform automated services. Collect data for business centralised insights and reporting. Implement marketing strategies. & More. Key Differences Between Cash Registers & POS Systems To choose the right solution for your retail establishment, you’ll need to take your needs and expectations into account. However, understanding the key differences between cash registers and POS systems is important. Some of the most notable ones include functionality, accuracy, , ease of use, reporting and integrations. In most cases, the return on investment will be invaluable. POS systems will provide more flexibility and functionality, as well as being easier to integrate with other retail channels. If change and migration is a worry, then make sure you select a reliable vendor will also be able to provide support and consultancy in your transition, which means that you can experience the benefits as quickly as possible and get the most out of the system. Contact Eurostop today for more about retail POS systems! For more information about choosing the best POS system for your needs, contact us online or call +44 (0) 20 8991-2700.