There are endless products and technologies that businesses can invest in as a way to streamline and improve business operations. One system that often goes overlooked is an electronic point of sale (ePOS) system. These systems are a must if you want to modernize your retail management system.
What’s nice about ePOS systems is that they can be used for much more than processing sales. The right ePOS system benefits marketing, customer data collection, inventory management, and even employee time tracking.
Because there are so many ePOS systems on the market, it’s important to find an ePOS
that can be customized to meet your business’ needs. Here are some of the perks of a customized ePOS system.
Streamlined Inventory Management
One of the most beneficial features of an ePOS system is the ability to conduct real-time inventory management. Each time a customer makes a purchase, stock quantities and inventory records are immediately updated. This means that your inventory levels will always be correct.
Be sure to find an ePOS system that offers inventory management that fits your needs. If you run a retail business, any system is likely to meet your needs; but if you own a restaurant, your inventory management will be a little different. Instead of subtracting a certain product from inventory levels, you’ll need a system that’s able to account for ingredients when a specific meal is ordered.
With real-time and streamlined inventory management, you can ensure that you’re never out of stock of your best selling items. It also means less time spent conducting manual (and often erroneous) inventory checks.
Marketing is one of those business processes that’s ever-changing, and falling behind can have a huge impact on your business’ success. Having an ePOS system allows you to collect all sorts of consumer data that can be beneficial when identifying buyer personas and your target audience.
Using an ePOS system, you can effortlessly collect a customer’s name, date of birth, email address, and much more. With this data, you can determine who is purchasing from your business. For example, if you find that your product is attracting a younger crowd, you may be more inclined to use more modernized marketing approaches, such as video content or SMS messages.
By understanding your target audience, you can create more personalized marketing campaigns that entice your consumer base to make a purchase. At the same time, an ePOS system can also be beneficial in creating brand loyalty.
With data collected by the system, you can determine who your top customers are. In turn, you can create a loyalty program that rewards those clients. This type of marketing allows you to create a relationship with your customers by showing that you value their purchases.
Increased Customer Satisfaction
A business can’t flourish without a growing base of satisfied customers. According to Customer Thermometer, 54% of customers have higher expectations for customer service today compared to a year ago. So how can an ePOS help your business to better satisfy customers?
Speed is crucial for overall customer experience. Customers don’t want to have to stand in a long line in order to complete their purchase. With an ePOS system, transactions can be processed much quicker. This reduces the risk of a long line that leaves customers frustrated, or even worse, customers heading for the exit without completing their purchase.
Having an ePOS system can also increase customer satisfaction in that you can:
- Support a variety of payment options, including mobile pay
- Offer digital receipts
- Check inventory levels on the fly
When customer service and satisfaction are high, you can only expect your profit to continue to increase.
Better Employee Management
Time tracking is a vital yet can be an annoying part of running a business. No employee wants to have to fill out a paper timesheet every day, yet pen and paper are the most common options that owners run to when needing a way to track something.
Not only does an ePOS system make transactions go smoother than ever before, but the system can also make time and employee management much less cumbersome.
Using the system, employees can clock in and out. the same feature will also allow you to create employee schedules based on peak shopping hours. This ensures that your store is always properly staffed to meet customer demands.
An ePOS system can also be used to track employee management. You can see who is working and when as well as which employees are making the most sales. With this information, you can reward employees or shift around schedules to provide better customer service.
A modern customized ePOS system will have a huge impact on all of your business operations. The more streamlined day-to-day business is, the more time you have to focus on driving your company towards the path to success.