6 Key Benefits of an EPOS System
An electronic point of sale (EPOS) system is a combination of hardware and software, designed to streamline the management of your business. This powerful marriage of hardware and software is designed to integrate all business operations into a single solution — from stock systems to accounts.
Over the years, EPOS systems have undergone a number of developments. No longer are they used simply for the recording of in-store sales. They are an advanced business solution - the centre of all retail business activities. EPOS systems are now used to integrate stock systems, accounting systems and purchasing behaviour software. It shows no sign of slowing down either.
How is EPOS different to traditional POS?
When talking about EPOS, it’s important to know how it varies from traditional POS systems.
POS stands for ‘Point of Sale’ and it refers to where an exchange for goods or services is made. For traditional POS systems, this would be a physical cash register and card machine, used manually to reconcile accounts, process orders and track purchases.
On the other hand, an EPOS solution takes a more integrated approach. A fully integrated EPOS solution not only takes smart payments, but it connects to stock management software, accounting software and reporting software. This allows the system to automatically adjust product prices and stock levels, as well as report on purchasing behaviour. Not only that, but all of this important information can be found in one place, viewed through the interface.
An EPOS system, therefore, provides a number of benefits to a business, from stock control to customer service. Let’s take a closer look.
1. Integrated payments
Perhaps the most beneficial thing an EPOS system can do is guarantee the acceptance of multiple payment methods through integrated payments. Offering a number of accepted payment types will not only offer an enhanced experience to your customers, but it will also ensure your business doesn’t miss out on lost revenue.
An EPOS system will also have contactless payment functionality. With the world going more mobile with each passing year, only made more important by health concerns due to Coronavirus, customers have become reliant on contactless payments for a safe and efficient method of payment.
Alongside growing demands for multiple payment methods, customers expect a safe and secure checkout. Offering a secure checkout method improves the trust your customers have with your business, promoting repeat custom.
Read more about the benefits of integrated card payments.
2. Stock Management
Stock management, also called inventory management, involves a number of different processes, such as purchasing, order fulfilment, and stock control. Stock management is the process of tracking the success of products in-store and controlling the purchase of products from your suppliers. Successful stock management comes down to balance - ensuring you have the right stock, at the right quantity, in the right place, at the right time.
Stock Management is important as it allows your convenience store to proactively review and manage everything it buys and sells. It allows you to make smart product buying decisions, informed by previous product sales performance, ensuring under-performing products are removed and over-performing products receive more investment - enhancing your bottom line.
Some EPOS systems may also allow for the easy ordering of products. Reposs’ Wholesaler links ensure your business never runs out of products. With our electronic wholesaler links, your orders can be placed easily from within the system when stock levels are running low.
Read more about the advantages of integrated stock management.
3. Improved Customer Experience
Another of the most noticeable advantages EPOS has over POS is improved customer service. The latest EPOS solutions are designed to be as fast and efficient as possible, in order to serve the customer in a timely manner. More and more in the retail environment, customers expect a convenient, accurate and streamlined checkout experience. This can be provided through offering integrated contactless card payments and an intuitive to use touch-screen interface.
In cafes and restaurants, speed of service and convenience is also important. Not only that, but with recent events, social distancing and table side ordering/payments have also been prioritised by both customers and businesses.
The Reposs mobile tablet has built-in EPoS functionality that allows for orders to be taken at the table. Each dining group can be set up with their own unique table and tablet combination, with their order being taken through the tablet and a tab subsequently registered to them. These steps not only enforce safety guidelines resulting in high levels of customer satisfaction and repeat custom, but they also provide faster and slicker service to your customers which in today’s fast-moving casual dining and quick service space is vital to maintain an edge on the competition and maximise profits for your business.
Whether you’re running a convenience store or a large cafe, EPOS systems allow for greater levels of customer service through the use of contactless payments, mobile ordering functionality, stock management and personalised purchasing reports.
4. Business Insights and Personalisation
Customers appreciate a personalised shopping experience, as long as they perceive the service as relevant and beneficial. That’s why according to a survey conducted by Accenture, a global management consultancy, 83% of shoppers are willing to provide their information in exchange for a personalised experience.
Using customer data more efficiently and effectively over all areas of the business allows for the successful segmentation of marketing promotions, based on consumers’ interests and buying behaviours. In addition, you’ll be able to identify best-performing products, with the integration of your smart POS to your stock control system. This will aid in determining the focus for future marketing budgets, as well as restocking efficiency.
Stock management reports can also help you to identify trends and consumer preferences that can be used to drive future marketing campaigns. For instance, if a particular product is trending, you could perhaps run an offer to further entice customers.
5. Customer Loyalty and Retention Schemes
Point of sale technology in retail is on a continuous path to support the greater personalisation of the shopping experience.
With exact customer data, you can tailor seasonal promotions, early bird and multi-buy discounts and preview events to pull customers in-store and upsell existing customers.
Smart POS solutions will enable your retail business to offer membership discounts, gift cards and vouchers, providing loyalty opportunities for your customers and improving customer retention.
6. Reduce Fraud and Shrinkage
Retail fraud continues to rise across the UK, representing a major hindrance to many businesses' bottom line. Due to this rise, retailers have identified fraud as a major issue to prioritise, in order to protect profitability.
With an EPOS system, CCTV footage can be integrated with payment data. This overlay of information can help pinpoint the specific times at which fraud has occurred in your store.
The Reposs app automatically monitors your till roll data and identifies any suspicious activity or abnormal till use that could be costing your business money, eliminating the need to review hours of CCTV footage. Get the exact times of unusual transactions and receive automated alerts on your Reposs app, notifying you of any fraudulent behaviour.
Reposs app technology can also help your business identify employee fraud in the form of altered product prices, voids/refunds, no sales (despite the till being opened), cash lifts, and product changes.
Benefit From an Integrated EPOS Solution Today
Increase customer satisfaction and save time and money by adopting Reposs' smart EPOS system that offers built-in stock management capabilities, Reposs fraud technology, integrated payments and advanced reporting.
For any retailer that manages a complex inventory and wishes to take control and benefit from a birds-eye view of their store's individual product performance, Reposs' EPOS system is the answer.