The days of using cash registers and hand-written receipts are gone with the wind! Today’s ePOS systems are modern and efficient. You’ll also find that these systems offer all-in-one capability, allowing you to manage other business processes, such as inventory and sales tracking. An ePOS system is for much more than scanning items and printing a receipt.
If you’re still using an outdated transaction system but are on the fence about switching to something more modern, here are some benefits to consider before you make your final decision.
Streamlined Inventory Management
Without an ePOS system, your business is stuck with taking inventory manually. This not only takes hours of an employee’s time, but it’s also prone to human error and mistakes. In fact, one study found that inventory is only accurate 63% of the time.
With an ePOS system, each time an item is scanned and purchased, inventory numbers are updated in real-time. This means that stock volume quantities will always be up-to-date, and you can view these numbers from a device that’s connected to the system, such as a mobile phone or tablet.
With the ability to monitor product turnover, you can quickly see when stock is getting low. In fact, most ePOS systems allow you to set up thresholds, alerts, and automatic reordering. This means less time looking over shelves and numbers to see which items are selling out.
Improved inventory management also filters to other business operations, such as arranging items within your store, marketing, and even space optimization.
Better Data, Better Analysis, Better Decisions
Data makes the world go round, and the more data you have about your business, the smarter and more-informed decisions you can make. With an ePOS system or register, you’ll be able to have around-the-clock access to all of your sales data, and the numbers can be put into a variety of charts, graphs, and reports. Using this data, you can look at sales numbers, financial flows, and much more.
What’s great about having an ePOS system is that you can view sales data from anywhere at any time. Most systems use cloud-based software, which means the information is stored outside in the cloud and can be retrieved from any device at any time.
With the data provided from the ePOS system, you can track:
- Peak sales hours
- Which items are selling the fastest and slowest
- Transaction speeds
- Sales by hour, day, month, etc.
Using these numbers, you can make smarter business decisions, even when you’re away from the office. Being able to access this data from anywhere means that you can show an investor your sale’s growth or let a potential business partner in on sales metrics.
Boost Customer Satisfaction
Every customer has their pet peeves, but one general frustration that many customers face each time they go shopping is waiting time. No one likes to stand in a long line before they can check out and get on with their day. A frustrated customer is an unhappy one, and unhappy customers are less likely to return.
The good news is that by using an ePOS system, you’re able to provide a quicker checkout process. Without having to wait in long lines, customers are less likely to be frustrated, especially those who are in a rush.
Transactions conducted using an ePOS system only take a few seconds. Even large purchases only take a few minutes to complete. Items simply have to be scanned and bagged, and then the customer can pay using cash, debit, credit, or a gift card. Some ePOS systems even accept mobile payment options, such as Apple Pay and Samsung Pay.
An ePOS system also improves customer satisfaction in that you have access to real-time inventory data. If a customer asks about item availability, you no longer have to go check the storage room to find an item. Instead, an employee can simply log into the ePOS system, find the item’s associated barcode or SKU number, and view real-time inventory levels.
In turn, you can provide a quicker buying process while also ensuring that your top-selling products are always in stock. These are effective ways of keeping your customers happy.
Increase Leads & Conversions
Customer experience is crucial for not only getting new leads, but for keeping customers coming back to your business. A nice perk of having an ePOS system is that it allows your business to make sales in unique ways.
For example, if your business wants to hold a pop-up shop on a busy street, an ePOS system allows you to do just that. All that’s needed is a device, such as a tablet, that’s connected to the system.
Imagine the possibilities! Your business could participate in local events and tradeshows, all while gaining leads and making sales.
With an ePOS system, you’re able to increase your brand’s visibility by being more mobile. The more interaction you can have with local consumers, the more profitable your business will be in the long run.
An ePOS system can be an expensive business purchase, but the benefits far outweigh the upfront cost. By investing in this system, you can streamline your most critical business processes, which allows you to focus on running your business versus managing inventory or creating your own metrics reports.