21 Aug
Have you been thinking about switching your small business from a traditional cash register to an electronic point of sale or ePOS system? If so, you are not alone. Many small retailers and restaurants are making the change every day. An ePOS system can provide some great advantages over the old cash registers. In this blog post, we will discuss a few key benefits of switching to ePOS software and why it is important.
Increased Efficiency
One of the main draws of ePOS software is that it allows businesses to work in a much more efficient manner. With a paper-based system, tasks like looking up past orders, inventory management, and reporting take a lot of manual work and time. An ePOS solution automates many of these processes for you. Cashiers will no longer have to do math by hand or deal with illegible handwriting – the system does it instantly. Management can access everything they need from one integrated dashboard instead of sorting through stacks of paper receipts and order slips. Everyone in the business will save time that was previously spent on administrative tasks. This gained efficiency can be redirected towards more important areas like excellent customer service.
Improved Inventory Management
Keeping track of stock levels, sales trends, and what needs to be reordered is a challenge without the right software tools. An ePOS system for retail makes inventory management much simpler. It maintains constant updates on hand counts in real-time as sales are rung through. Managers can set automated reordering thresholds to avoid running out of high sellers. Detailed sales reports break down what items are most popular each month or season so you always have the right mix of products on hand for customers. Spoilage and waste is reduced with the ability to better anticipate demand. Overstocks and out of stocks become a thing of the past.
Enhanced Customer Service
With all customer data centralized in one database, ePOS empowers employees to provide top-notch service. Cashiers and other staff members will instantly be able to lookup a customer’s previous orders, preferences, loyalty points balance, or any notes like special instructions. They no longer have to search file cabinets for hard-copy records or forget important details that could damage the experience. Customers will feel appreciated knowing the business remembers their name and usual orders. Loyalty programs and targeted promotions become much more effective when integrated directly into the POS system as well.
Fewer Errors
The chances for errors are significantly reduced versus paper-based point of sale. ePOS eliminates worries about things like illegible handwriting, missed or incorrect keystrokes during manual data entry, or paperwork getting lost, damaged, or disorganized over time. Automatic checkout processes like order history recalls, guided menu options, and integrated payment processing remove opportunities for mix-ups. Cash registers cannot make mistakes with basic math equations either. Management no longer has to spend valuable time double checking paperwork or reconciling statement errors each month.
Accepts Multiple Payment Methods
Rather than forcing customers to only pay with cash, ePOS gives businesses the ability to securely accept all major credit, debit, EBT, and gift cards directly through the POS terminal. Customers appreciate the flexibility and convenience of being able to choose their preferred method. Multiple payment processing also opens doors to selling gift cards or allowing payments through mobile wallets. It gives the option to easily offer layaway or financing programs too. With the built-in ability to accept non-cash transactions, more sales opportunities present themselves.
Also Read: What are the costs of ePOS systems?
Analytics and Reporting
Data-driven decisions are so important for ongoing success, yet obtaining deeper insights from paper-based systems is nearly impossible. Robust reporting features within ePOS software provide management exactly what they need. Easy-to-read sales and performance dashboards break down metrics like top-selling items or lowest margin products on a daily, weekly, or monthly basis. Drilling down into raw data reveals patterns around things like seasonal tendencies, popular time periods, or sales attributable to specific promotions. This knowledge helps optimize strategies around buying, staffing, marketing, and more.
Mobility
Today’s customers want fast, convenient service wherever they are in a store. A cloud-based epos system allows for fully mobile point of sale capabilities right from the built-in tablet, phone app, or handheld devices. Cashiers can help customers find items on the sales floor, check inventory in back rooms, or process orders outside without missing a beat. Management gains remote oversight including the option to log in from home if needed. Associates no longer have to be tethered to fixed counter registers in one area only. Mobility leads to higher employee productivity and an improved experience for customers who can check out anywhere including right at the item shelves while shopping.
Integration with Other Systems
Many ePOS platforms seamlessly integrate with other software already in use like inventory, accounting, CRM, and ecommerce solutions. Connection to additional applications removes inefficient manual data entry and re-keying of information. Valuable time is saved by not having to toggle between separate programs. Transactional data like sales, inventory adjustments, and customer information flows freely between synchronized systems in real-time for an always up-to-date single source of truth. Integrations automate previously repetitive tasks and pave the way for future add-ons that further boost operations.
If you’re ready to upgrade your checkout process, go for Hana Retail as one of the top retail store POS software on the market. Sign up FREE today!
