Top Benefits of an EPOS System

Gone are the days when hospitality and retail owners had to rely on outdated tills and spreadsheets to run their business. 

With new technology, especially in the field of electronic point of sale (EPOS), there is now a range of affordable and user-friendly options available to help them better manage inventory, sales and customers.

Still on the fence about whether an EPOS system is right for your business? We're sharing the top five benefits of installing Epos Now:

What is an EPOS System?

An electronic point of sale system is a cloud-based software solution that helps businesses manage inventory, process sales, and track customers. 

It’s an all-in-one solution that can be accessed from any internet-enabled device, making it ideal for businesses with multiple locations or mobile workers.

Benefits of an Epos System

Insights and Analytics

With all your sales data stored in one place, you can easily track your best-selling products, identify patterns and trends, in real time and make more informed decisions. This information can be used to improve the overall performance of your business.

Let's say you're a restaurant owner. With EPOS software, you can quickly and easily generate detailed reports on your best-selling menu items and completely revamp your inventory and pricing strategy.

Here are just some of the many functional reports you can generate with Epos Now:

• Total sales report: See how much revenue your business is generating. This helps you to monitor your progress and identify any areas for improvement.
• Customer report: Keep track of your customers' spending habits and preferences. This information can be used to target them with special offers and discounts.
• Time comparison report: Compare sales data from different time periods. Spot any sales spikes or lulls so that you can make changes to your staffing levels accordingly.

Time-Saving

EPOS systems can help automate specific tasks and processes, freeing up hours to focus on growing your business.

Let's say you own multiple boutiques. You can remotely monitor inventory levels and track sales performance from one central location. This is a big time-saver as you don't have to visit each store to check on these things physically.

Here are just some of the ways an EPOS system can save you time:

• Automatic stock management: With an EPOS system, you can automatically keep track of your stock levels. This means you'll always know what needs to be ordered, and you won't have to waste time manually inputting data into a spreadsheet.
• Faster checkouts: Customers hate waiting in line, so keeping checkouts moving quickly and efficiently is essential. With an EPOS system, you can speed up the checkout process by accepting multiple payment types and automatically applying for discounts and promotions.
• Staff training: Training new staff members can be time-consuming, but with an EPOS system, you can easily create user profiles and set permissions so that only certain staff members can access certain features. This means you won't have to spend hours training each new team member on how to use the system.

Money-Saving

An EPOS system can help improve your bottom line by giving you a clear view of your incoming revenue and outgoing costs.

If you own a barber shop, for example, you can keep track of your stock levels and avoid over-ordering, saving you money on storage costs.

Here are some ways Epos Now's all-in-one solution can help you to save money:

• Reduce waste: With an EPOS system, you can keep track of your stock levels and see exactly what needs to be ordered. This means you won't overorder products that end up going to waste.
• Save on staff costs: By using an EPOS system, you can automate certain tasks like stock management and reporting. You won't need to hire as many staff members to do these tasks manually. Plus, your team will be able to work more efficiently.
• Marketing campaigns: With an EPOS system, you can easily track the success of your marketing campaigns. This information can be used to adjust your strategy and save money on future campaigns.

Customer Retention

It costs five times more to acquire a new customer than it does to keep an existing one. So, it's essential to focus on retaining your current customers. 

For example, if you own a cafe, an Epos system you can set up a virtual loyalty card. This means customers can earn points every time they make a purchase, which can be redeemed for discounts and freebies. This encourages them to return to your shop instead of going to the competition.

Here are some ways an EPOS system can help you to retain your customers:

• Customer loyalty programs: With an EPOS system, you can easily create and manage customer loyalty programs. This will encourage your customers to keep coming back, as they'll be able to earn rewards for their spending.
• Personalised service: An EPOS system gives you access to your customer's purchase history to offer them personalised service. This could be anything from recommending products they might like to providing them with a discount on their next purchase.
• Improved customer experience: A smooth and efficient checkout process is essential for keeping customers happy. With an EPOS system, you can speed up the checkout process and reduce queues, improving the overall customer experience.

Employee engagement

Your employees are your brand ambassadors, so it's important to keep them happy and engaged. An EPOS system can help you to do just that.

If you own multiple sports bars, an EPOS system, you can set store competitions with prizes for the top-performing employees. This will encourage them to work harder and provide better customer service, as they'll be vying for the prize.

Here are some ways an EPOS system can help you to engage your employees:

• Incentivise top performers: With an EPOS system, you can easily track employee performance and identify top performers. This means you can incentivise them with rewards and bonuses, which will keep them engaged and motivated.
• User-friendly: If your EPOS system is user-friendly, your employees will be more likely to use it and feel comfortable doing so. This means they'll be more engaged with the system and more likely to provide excellent customer service.
• More time serving customers: By using an EPOS system, your employees will spend less time on tasks like stock management and reporting. This means they'll have more time to serve customers, which will improve the overall customer experience.

Final Thoughts

These are just a few of the benefits of using an EPOS system. Your business will become more efficient, save money and improve the customer experience. Not to mention, you'll be able to engage and motivate your employees.