The top EPOS trends for 2021
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. Market conditions are more dynamic than ever, with consumer demand changing one day to the next.
In this article, we cover what can you expect from POS platforms in the months ahead into 2021?
What Have Been The Significant Trends in 2020?
The point of sale system is the workhorse of any retail business. It’s what processes payments day in and day out and without it, would prevent your retail business from generating any revenue. Your EPoS system is as important as an eCommerce businesses website.
For this reason, it’s no surprise that research carried out by Grand View Research found that the global point of the sale terminals market is expected to reach USD 108.46 billion by 2027.
It’s no longer enough to provide customers with the bare minimum in terms of point-of-sale platform, convenience and therefore customer service. Customers have become to expect the luxuries and additional services a smart POS system can provide. That is to say, a traditional cash register with an attached card reader (with no contactless payment option) will no longer suffice in the new retail environment. No matter the industry, mobile is growing. Not accomodating this dramatic shift will alienate a prominent future customer base and cost you in the long run.
The COVID-19 outbreak at the start of the year highlighted many shortfalls of older generation POS platforms, from their lack of payment methods to their inability to monitor and report on customer behaviour.
What’s becoming more clear as POS technology advances is the importance of staff training. Investment in technology isn’t enough in itself. Dual investment in both technology and subsequent staff training is what will sustain business growth. This investment will allow your retail business to sell more products and appeal to the younger, tech-savvy audience. By adopting mobile POS technology trends, it will benefit both your customer and your fiscal bottom line.
Significant Shift to Mobile
As with many many other sectors and industries worldwide, there has been a significant shift to mobile supported systems within the point-of-sale market.
Mobile technology covers a wide range of elements when it comes to EPoS systems, designed to help retail businesses in a number of ways. Mobile technologies seek to improve customer service, the ability to proactively manage stock, and improve the purchasing convenience to customers through a greater variety of accepted payment types.
Mobile payments continue to rise in popularity, with many shoppers now expecting this payment functionality wherever they shop. Contactless payments have only been made more popular by the difficulties of COVID-19. Shoppers are looking for the safest way to pay, and your retail business has a duty of care for your staff members. For this reason, contactless payments and mobile POS are likely to become more desirable in 2021, as the world settles into a new normality. Retailers need to integrate mobile payment processing and accept contactless payments, in order to protect both their customers and their staff.
Mobile POS offers customers an advanced, on-demand service, and enables your retail staff to offer genuine customer convenience.
Advantages of Reposs’ Mobile POS (Table Service):
- Improved functionality. 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.
- A convenient way to pay. Allow your customers to pay from the comfort of their table. This method also ensures safe distances are adhered to in a COVID-19 environment.
- Charge from anywhere. With Reposs Table Service, you’re able to bill a specific table using any of the business’ network of computers. This not only keeps your staff and customers safe during a period of social distancing, but it also allows for the more efficient management of table billing. Customers receive prompt service, encouraging repeat business, and freeing up staff time to focus on maximising covers.
Customised Loyalty, Gifts, and Subscriptions
Point of sale technology in retail is on a continuous path to support the greater personalisation of the shopping experience.
With a smart POS, your retail business will have access to each shoppers purchasing behaviours (with their consent). With exact customer data, you can tailor seasonal promotions, early bird and multi-buy discounts and preview events to pull in customers in-store and upsell existing customers.
Smart POS solutions will enable your retail business to offer membership discounts, gift cards and barcodes as a minimum, providing loyalty opportunities for your customers.
Comprehensive Staff Training
Investment in technology isn’t enough in itself. Dual investment in both technology and subsequent staff training is what will sustain business growth.
The retail environment is agile, with continuous technological advances adapting the way in which the traditional POS can and will be used. If your staff aren't confident using a modern POS and its features, the investment won't return an impressive ROI, as sales suffer as a result. For example, although retailers are starting to adopt contactless methods of payments into their POS systems, it's believed that 23% of them struggle to accept payment with the tool due to a lack of staff training.
Training is an often overlooked aspect to the success of your EPOS system. Without training, your staff won't be as efficient as possible which could result in costly human error. Full training in all the features your EPOS system has to offer will improve staff confidence and, as a result, improve the service they offer your customers.
Reposs are able to provide staff training and support both in the use of the system and in ongoing programming changes and amendments. Training can be carried out both in person, as well as remotely. This service ensures your retail business is getting the most out of it's EPoS system and maximising sales revenue.
Customer Experience is Key
Customer experience is perhaps the most important differentiating factor between your retail business and the next. In a time where market conditions are more dynamic than ever and customer demand fluctuates from one day to the next, customer experience may be the key to predictable cash flow.
One way to improve customer experience is making it easier to conduct transactions. More and more, customers expect a convenient, streamlined checkout experience.
This can be ensured in a number of ways.
It’s important that your POS system accommodates a host of payment methods, with the bare minimum being cash, debit card, credit card, and contactless payments, including Google Pay and Apple Pay.
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 business.
Here are some other ways Reposs POS can improve customer experience:
- Fast checkout times. Fast service is a good service. That’s why accepting contactless payments is important. Your job as a business is to make your customers purchasing journey as quick and seamless as possible.
- Supported payment options. Customers have come to expect a variety of acceptable payment options. It’s no longer enough to offer cash and chip-and-pin payment only. Ensure you’re capable of serving all customers, no matter their payment preference, with Reposs EPoS.
- Wholesaler links. With Reposs’ wholesaler links, you’ll never forget to order more stock ever again. With our electronic wholesaler links, your orders will be placed automatically when stock levels are running low.
Business Insights and Personsalisation
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, 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.
Get More Out of Your POS
There’s no doubt that heading into 2021, having a state-of-the art EPoS system will set your business apart from your competition and allow you to process more transactions on a day to day basis.
As the technology keeps on advancing, retail POS systems are getting more effective, secure and affordable for all retailers to improve their business tasks.