Benefits of EPOS Software
EPOS is different from traditional EPOS systems uk in
physical retail locations as they offer:
Automatic Inventory Tracking - EPOS will adjust inventory
numbers every time you make a sale, receive stock, or issue a return.
Mobility - You and your team can access your EPOS system
from any tablet or smartphone, allowing them the flexibility to process orders
no matter where they are.
Faster Sales Tracking - Track orders by the hour with EPOS
to stay on top of stock and prepare for when your business gets busy.
Customer Loyalty Management - Grow customer relationships
with better customer transaction data by tracking customer interactions and
enabling you to implement reward and loyalty programs for repeat purchases.
HOW DO EPOS SYSTEMS WORK?
EPOS systems consist of computer hardware and software
configured to process a wide variety of transactions and data points. For
physical businesses (and businesses holding their own stock), this hardware can
include peripherals such as barcode scanners, cash drawers, receipt printers,
and more.
EPOS can also support data entry from a variety of devices,
allowing you and your team to process product details, track orders, and
measure sales all from one system or dashboard. Best of all, it can be
configured to work with the existing features on your eCommerce website.
BENEFITS OF INTEGRATING EPOS SYSTEM WITH ECOMMERCE
OPERATIONS
As more and more pure-play merchants and branded
manufacturers open brick and mortar locations to engage directly with
consumers, it’s critical that the point at which employees physically process
customer payments for goods or services rendered is integrated and synced with
all other business operations.
Benefits for Your Business:
Ensures consistent pricing on your website and other
channels
Speeds up order processing
Manages all sales channels in one centralized dashboard
Tracks business performance and generates accurate progress
reports
Auto-updates inventory numbers to avoid understocking or
overstocking issues
Reduces the chance of manual errors
Prepares for peak times and makes accurate inventory
forecasts
Benefits for Your Customers:
Speeds up transactions and order processing
Issues discounts, promotions, and custom offers to customers
Ensures product pricing and detail accuracy across platforms
Issues refunds and process returns in a timely manner
Creates a better online shopping experience
Accepts multiple payment types and shipping methods
Tracks recurring business and customer loyalty
ARE THERE ANY DISADVANTAGES OF USING AN EPOS SYSTEM?
The advantages of switching from a traditional POS system to
an EPOS system are hard to beat. This being said, the one disadvantage is their
high cost. Due to all of the integrations and customizations of your EPOS
system, it can be more expensive option than other POS systems.
“Prices for a basic EPOS system start at around [$1,300]. An
industry-specific system, with extensive back office features, comes in closer
to [$1,900]. For an advanced system, with multiple terminals, it’s not uncommon
to pay in excess of [$4,000]” – Magestore
Ultimately, the total price of your EPOS system will depend
on what features you want and need for your eCommerce business.
5 TIPS FOR USING EPOS TO TRACK SALES AND INVENTORY
EPOS Tips
Ready to make the switch over to EPOS for your eCommerce
website?
Here are five tips to help you make the most of your EPOS
system and track sales and inventory more efficiently.
1. Choose the Right EPOS Software for Your Business
EPOS Software for eCommerce Businesses
There is no one-size-fits-all EPOS software for eCommerce
businesses. You’ll need to research the closest fit for your business needs and
customize the rest. Dedicated research is the best way to find an EPOS system
that fully integrates with your website and existing systems.
Some questions to ask when choosing EPOS software are:
How many orders do I process, or expect to process, in a
given timeframe?
How do customers place orders on my website? What features
of this process are essential?
Do I want to be able to run promotions and offer discounts
across platforms?
How do I plan on tracking my inventory? How can I avoid
understocking and overstocking?
What metrics (sales, conversions, customer satisfaction,
etc.) do I want to track?
Do I plan on accessing my EPOS system by device or location?
What is by budget for EPOS software, hardware, and
customizations?
How do I need my EPOS software to integrate with my
eCommerce website?
Your goal is to standardize your order processing and
inventory tracking to help you work more efficiently. As before, it’s worth
spending time researching your options. Fortunately, most EPOS software
providers will be able to help with customization to create a perfect system
suited to your business needs.
2. Consider Scalability and Plan for the Future
One of the top reasons to switch from your traditional POS
system to EPOS is in preparation for business growth.
As your business grows, acquires more inventory, and
processes more sales, your capacity for managing everything becomes limited by
a standard POS. An EPOS system allows you to automate as much of these
processes as possible, in a fast, accurate manner.
EPOS pulls in the data automatically, matching your
inventory, notifying you of any issues, and tracking the progress of your
business. While it’s essentially hands-off, you can access your system from
anywhere, which gives you and your staff even more operational flexibility.
Even if your business is steady right now, it doesn’t hurt
to plan for the future. An EPOS system ensures you are ready to handle an
influx of new orders with ease.
3. Keep an Eye on Your Business from Any Device
EPOS makes it easy to manage all of your processes from one
centralized system. You can see what’s going on with sales, inventory, and more
from any device as long as you have internet access. What does this mean for
your business? It means you’re better prepared to avoid common mishaps like
out-of-stock errors and cancelled orders.
4. Improve Customer
Loyalty by Creating a Better User Experience
Your customers want things to be FAST. They want to find the
information they’re looking for, place their order, and get their items
delivered as quickly as possible. With an EPOS system, not only do you save
time managing the sales portion of your business, but you create a better
experience for users as well.
This can be done a variety of ways:
Stay on top of inventory to avoid out-of-stock issues
Match inventory to orders to ensure faster processing
Ensure accurate pricing on your website so users know what
they’re paying
Track recurring business to target repeat customers with
relevant merchandise.
Issue custom promotions and discounts your customers will
love
Issue refunds and process returns quickly to keep customers
happy
When you automate the systems in your business, you save
time managing menial tasks and more time focusing on what matters most in your
business – keeping customers happy.
A better user experience increases your chances of positive
reviews and repeat business. You’ll also build customer loyalty and brand
recognition, expanding your business scope over time. Even better, your EPOS
system will be there with you as you grow.
5. Make Accurate Inventory Forecasts
Our final tip is to use your EPOS system to make accurate
inventory forecasts. You can examine past trends to identify your “busy
seasons” and plan accordingly. This ensures when peak season comes around,
you’ll be prepared. You’ll also know to avoid holding excess stock during the
slow times, saving you money and granting flexibility to focus on marketing
efforts.
Your EPOS system can be fully integrated to track when stock
is low, how many orders have gone out, and your overall business growth.
SUMMARY
Is using an EPOS system right for you? In short, it depends
on your eCommerce business needs and goals. If you want to increase the
efficiency in your business, avoid common order mishaps, and provide a better
experience for your customers, an EPOS may be the right fit for you.
It’s important to research your EPOS software options and
customize your system as needed. You can then track sales and manage inventory
all in one place from any device. This not only saves you time, it helps
prepare you for future business growth.
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