Advantages of an EPOS System with Stock Management
If there's one thing that's certain, it’s that retail is constantly evolving. No longer are EPOS systems used simply for the recording of in-store sales. They are an advanced, integrated business solution - the centre of all retail business activities. Reposs EPOS systems are now used to manage stock, manage accounts, and provide insights into purchasing behaviour.
These dynamic shifts show no sign of slowing down either. The COVID-19 outbreak at the start of the year highlighted many shortfalls of older generation POS platforms, from their lack of integrated payment methods to their inability to monitor and report on customer behaviour. These market conditions have only consolidated the need for a comprehensive, EPOS system to generate revenue for your business. Did you read our recent blog about integrated payments systems?
One of the many features that have proven invaluable during COVID-19 is that of stock management. Reposs EPOS allows your business to evaluate the success of individual products, comparing sales, revenue, and profits, allowing you to make informed decisions about your stock levels and ultimately boost your profit margins through smart investment.
Stock management comes built-in to your Reposs EPOS till system, so your business can immediately start benefiting from smarter stock management and controls, saving you time and money.
In this blog, we’re going to walk you through what 'stock management' actually is and how it can benefit your newsagents or convenience store.
What is 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. If any of these factors are unbalanced, the end result is fewer sales and less money in your cash register.
The Importance of Stock Management for your Convenience Store
A retail business is useless without its inventory. 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 a products. With our electronic wholesaler links, your orders can be placed easily from within the system when stock levels are running low.
Save Time with Stock Management
Our smart EPOS systems take the hassle out of stock management and this can have a massive impact on the efficiency of your stock control. Reposs systems automatically track product performance and stock levels, replacing outdated methods of using physical spreadsheets and manual data entering - a time consuming task.
Reposs’ Wholesalers Links allow for the easy reordering of stock when levels are low, saving your business even more time and money, benefitting your cash flow.
Improve Cash Flow and Reduce Losses
Ever wondered what your best selling products are? What about your most profitable products? Reposs EPOS systems provide your business with critical information regarding the performance of individual products so you can make informed purchasing decisions when updating your stock.
By tracking product performance, inventory management software allows your business to identify it’s best and worst performing products and make appropriate future buying decisions based on that information. This allows you to focus investment on products that your customers will love, whilst limiting your losses on under-performing products.
Never Run Out of Stock
Never forget to order more stock ever again. With Reposs’ electronic wholesaler links, orders can be placed quickly and easily with wholesalers when stock levels are running low. Our wholesaler links give you complete control, and makes the re-ordering process quick and easy.
This process will not only save you time, but will also allow for a greater level of customer service. Keeping up with customer demand is critical to the success of your convenience store, especially under today’s market conditions (with COVID-19), where consumer demand can change dramatically.
Consolidate Your Inventory Management
Having your stock management software built-in to your EPOS ensures that your systems are consolidated in one place. This makes the continued management of stock a breeze - a welcome shift away from the thankless task of having to manage multiple separate spreadsheets.
The consolidation of your inventory management software into your EPOS not only increases efficiency, but it reduces the risk of manual entry errors that may arise when using spreadsheets. This means that stock data can be more accurate, allowing your product buying decisions to be as informed as possible.
Benefit from Integrated Stock Management Today
Increase customer satisfaction and save time and money by adopting Reposs' smart EPOS system that offers built-in stock management capabilities, with the optional extra of our wholesaler links add on.
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.