Point of sale systems can help businesses in a number of ways, creating information on peak times and best sellers that allows you to increase profits and grow your business. If you have not yet invested in an EPOS solution, make 2018 the year to transform your business with the help of some high-quality EPOS hardware and up-to-date software.
With the help of an EPOS system, business owners can use the reports to make decisions concerning staff, inventory, marketing and even the pricing based on the predictions the system produces. Here’s how, with the best retail POS system, you can transform your business this year:
Good staff management is crucial if you want a sufficiently run business, no matter the size or industry you are in. You don’t want customers waiting in queues or having a long wait for food. An EPOS system can track sales transactions, predicting what periods are the busiest so you can have staff in the right place in advance. In addition to having the correct number of staff at the right time, you can also manage the staff based on their performance. For busy shifts, you want efficient and quick staff members working on tills and helpful staff who are happy to help with customers when periods are slower. Good staff management means you can fully optimise your business.
Investing in a state of the art EPOS system helps you to capture vital customer information which can be transferred to building your business and a loyal customer base. The system can accumulate purchase history and preferences, giving you a better understanding of what they want, and also helps to identify loyal customers and those who spend more. If you have loyalty cards, you can also collect information from them to be stored on the EPOS system. Checking purchase history, you can predict what offers may interest them.
Sales reports can be generated throughout the day, which gives you insights on the sales based on constraints such as date, payment types, transactions, and items sold. The reports can also be generated for a time period of your choosing, letting you know the sales of a day, week, month, or even year. By using customised sales insights, you can analyse the best-sellers, what days are best for certain products and which promotions are best suited to the products and your business. If you continuously monitor the reports, you can predict where your business is heading and any strategies you may need to put in place to improve.
Managing inventory is labour, time and effort intensive, but essential for helping with sales. An EPOS system can provide you with accurate stock counting in real-time, as opposed to a traditional till system that requires manual counting. This means you are alerted when you need to re-order stock and can make better-informed decisions when ordering popular and unpopular products. Inventory management with EPOS systems also ranks products in terms of profitability, which can help you decide if you want to continue selling the product or not.
If you have decreased or raised the price on a product, you have to know whether it has been effective, such as an increase in sales of an item with a reduced price. Your retail EPOS system means you can see what has worked and what hasn’t and adjust future pricing decisions accordingly. Knowing how price changes have worked in the past can help you decide on what products you may want to invest in, and also gives you a run-down of best-selling items. Creating a best-seller list allows you to know what works well for your business, and the items you should invest more money in. EPOS systems can also track the sales quantity and profits made on the best-sellers.
Marketing has become more and more important for businesses of any size, and with the help of your EPOS solution, you can decide where you need more marketing and what for. If you have a slow day of the week, or slower winter seasons, you can adjust marketing accordingly. This could be promoting a deal on a slow day or offering discounts or new product in winter. Analysing data sales can give you an idea of why you have slower periods, and also means you can change aspects to help these times, using marketing to promote it.
EPOS systems have changed a lot in recent years, and more changes are expected to come that could mean a complete transformation for retail and hospitality industries. With data on sales tracking and trends readily before you, your business can improve and grow in unexpected ways. While an EPOS system should not be used as a crutch or as a crystal ball, it does give you a huge advantage and is definitely a worthwhile investment. Get in touch with 3R Telecom today to see what we can do for your EPOS solution.