If you are on the verge of launching your startup business, it’s in your best interest to leverage an electronic point of sale system. Older businesses that still use traditional cash registers are a bit behind and may be reluctant to update because they don’t understand what makes an ePOS better. Why not give yourself an advantage right out of the gate?
EPOS hardware and software will significantly influence the way you run your business. What exactly can you use an ePOS for, though?
For improving accuracy
Electronic point of sale systems reduce the potential for human error. Your employees are adept, of course, and you trust them—but sometimes understandable mistakes happen, and they might under or overcharge a customer (especially if the customer is paying cash).
There also might be a miscommunication regarding pricing, such as when coupons are involved. EPOS systems can accept credit cards and contactless payments like digital wallets, and they update price changes you make across stores if you have multiple locations, so they can significantly improve accuracy.
For analyzing data
One of the primary benefits of ePOS systems is that they collect valuable data you can use to improve your business. Whenever people checkout, it records the items they purchased, how many they bought, what time of day they came in, how often individual customers have come in before, and more.
This information enables you to make data-driven decisions based on sales patterns and customer behaviours. When you understand your customers’ preferences better, you can tailor your operations accordingly.
For streamlining operations
To make things even better, ePOS systems record and adjust data in real-time. If a customer makes a purchase, the overall system deducts however many items they purchased from the store’s database so that you always know how much of each product you have on hand.
Employees can quickly check the database instead of making customers wait while they go to the back room. If someone sees a product online and heads into your physical store to buy it, they won’t be disappointed to discover that the item is already gone. Having insight into your available stock lets you know when it’s time to order more and what products to order or produce less of.
For making customers happier
Customers absolutely hate long checkout lines. Fortunately, ePOS systems expedite the checkout process so that transactions happen much quicker than traditional cash tills allow. A customer who walked in and out the door rapidly (while happy with their purchase) is more likely to come back.
This principle applies online, too. Website shoppers dislike when they need to create an account with a password, enter an abundance of information, and sort through pages and pages of confirmation and other details.
If a business asks too much of them, they’ll grow frustrated and abandon their carts, seeking the same products elsewhere. A streamlined checkout process encourages them to go through with their purchases.
EPOS systems also minimize queues by freeing staff members from behind the counter. Many systems only require a tablet, a card reader, and the software, so employees can check customers out from anywhere in the store.
In addition, they can accept a variety of payment methods. While you should not stop accepting cash, you severely limit the number of people who can transact with you if you remain cash-oriented because most people don’t carry enough bills with them. Many consumers prefer to pay with other methods than credit cards, too, so you open your doors to a wider variety of customers by accepting their preferences.
Giving your employees a useful tool
EPOS systems are also meant to make your employees’ lives easier. Instead of making them work with bulky equipment and monitor stock and balance books manually, they can have an easier time at work with an intuitive and user-friendly interface that does not require much training. They’ll be able to help more customers and find better uses for their time than conducting tedious tasks that can be automated.
For marketing purposes
When you understand your customers better, you can market to them more effectively. For example, an ePOS system can capture a customer’s email and determine if they are a first-timer or returning visitor.
The email you send them in a few days can carry a personalized message depending on what kind of customer they are, which can tremendously influence customer loyalty and word-of-mouth marketing.
Both customers and employees appreciate electronic point of sale systems, so you should give your startup a leg up by using one from the get-go. There are all kinds of software on the market, so find an ePOS that includes the features that will benefit your business. How soon will you purchase ePOS software?