An Electronic Point of Sale (EPOS) system can provide significant improvements in efficiency within a retail context. An EPOS system offers multifunctionality allowing a business to process transactions using a wide range of payment methods quickly and efficiently whilst also providing data to track stock levels. These systems are commonly used by large retailers to ensure efficiency and have a similarly useful application in smaller businesses.
The EPOS system you select for your business will vary based on a number of considerations. Whilst stores benefit from software POS systems integrated with the hardware, many service providers or e-commerce businesses focus solely on software POS systems. One key consideration is where the data is stored from a POS system. Cloud-based data storage provides the option for data to be stored securely and accessed remotely. This also provides the option for data from multiple business sites to be stored in one location.
Read more for some further information on some of the key considerations when choosing an EPOS system for your business.
How Can a POS System Assist Your Business
A Point of Sale (POS) system with software integrated can provide a technological route to streamlining a business’s transactions. This is done by providing a system to securely store data on a business’s sales. Using a system which can store and present this data in a usable format can lead to significant savings on administrative costs. A POS system can be integrated in a store setting and an e-commerce context to provide data across a wide range of business activities.
This data can also be used in real-time to understand the inventory of a business. By identifying increased demand for a product through clear and concise data, further orders can then be made to meet this demand. The data from customer purchases can also be used to assess the success of marketing campaigns and plan future marketing efforts.
The versatility offered by POS systems from a business management perspective means that it is central to many of the day-to-day activities involved in the running of a business.
Upgrading a POS system can have a significant impact on a customer’s experience. Modern systems offer options such as digital receipts by email or text for in-store purchases, loyalty cards linked to an online account and efficiently processed transactions. Modern EPOS systems can grow and change to meet the evolving needs of a business. This is relevant for many small-to-medium sized businesses expanding into an e-commerce setting.
A POS system streamlines the running of your business by reducing the number of tools required. The core functionality of a well-designed POS system is by providing a quick and easy user experience for the customer. Providing options for different payment methods on a user-friendly interface is one way in which an effective POS system can offer improvements in customer service.
In addition to improving the customer experience, POS systems also provide useful data linking to a number of areas of business operations. One of the most useful tools relates to inventory management. By providing real-time data on inventory in an easily accessible format it is possible to ensure that stock is managed effectively. There is a key benefit to having key data relating to sales and inventory in one location. By reducing the number of different tools used it is easier to quickly navigate between the different data required in the day-to-day running of a business.
Many POS systems will also offer a much wider range of tools specific to different businesses. In a retail context, a specialist POS system will offer significant flexibility in reporting. This is important to ensure that the focus of reports can be as specific as required. This could relate to reporting of information such as the volume of sales of specific items, peak business hours as well as employee targets.
As a wider range of options for different services are increasingly being integrated into POS systems it can be challenging to know the right option for your business. Speaking to an experienced distributor of EPOS products such as iOResource can help place the different options in context. For businesses of all sizes, modern EPOS systems offer a key opportunity to streamline day-to-day operations and place information on sales in a useable format. By providing efficiency and saving time in a number of areas, these systems ensure that data is readily available to make informed business decisions.
POS Systems for E-Commerce
Choosing the right EPOS system is particularly important if there is an e-commerce component to your business. One use of an EPOS system is in a store for a small business which also offers delivery. This system could significantly improve the process allowing returns in stores. Offering a click-and-collect option is another example where a well-designed system can offer significant improvements.
This provides the option to review data from online deliveries, click-and-collect purchases and in-store purchases to quickly respond to new business opportunities. One key consideration when selecting a system for online orders is options for different payment methods. A well-structured POS system is crucial to providing continuity in the customer experience whether in-store or online.
Benefits of an EPOS Till System
Choosing the right EPOS till system for your business can lead to significant increases in efficiency at the point of purchase and improvements in the customer experience. Key requirements are a clear display, good internet connectivity, functionality to integrate apps and options for different payment providers.
A versatile electronic till is central to the success of an electronic point of sale system. It is important to opt for a make and model with customisable features to ensure it is set up for your business’s needs. It is important to choose the right electronic till for your business as the specifications of this device will be at the core of many business management activities within an EPOS system.
Choosing a reliable make and model for standalone kiosks can have a big impact on a business. Reducing waiting times, ensuring that sales data is tracked and providing real-time information on inventory are some of the benefits offered by a well-integrated standalone kiosk. If a kiosk is self-service it is important to have a clear and easy-to-use display, a reliable receipt printer and a payment terminal offering options for differing payment methods.
It can also be useful to opt for a kiosk with functionality to accept loyalty cards. EPOS systems mean that it is possible for data on loyalty cards to be updated from different sites and logged on an online account for the customer. This is important in a modern business context where many customers will utilise a company’s online services in addition to making in-store purchases.
In smaller businesses which do not take a high-volume of transactions in a short timeframe it may only be necessary to use a single mobile POS device. The benefits of using a POS unit with integrated software includes the option for online payments, the ability to track purchases and the option to track inventory. From a customer experience standpoint, investing in an EPOS system even for a smaller business can lead to a more streamlined process.
A device such as a mobile card reader is also useful in a hospitality setting. In this context it is important that devices have good connectivity, a usable interface and can process transactions quickly. Good integration with a well-structured EPOS system is important in providing real-time information on stock levels.
Many businesses have made significant savings through the use of self-service kiosks. Requiring a clear and recognizable layout these can reduce waiting times and provide savings. With fewer staff required to supervise multiple kiosks, the benefit of this system can be maximised by choosing kiosks which can be integrated to a well-structure EPOS system.
In some contexts it is important that self-service kiosks provide options for cash as well as a variety of other payment options. However, many businesses streamline their approach by offering kiosks as a cashless option with traditional kiosks offering a wider variety of payment options.
Get in Touch
Based in Rathenew Co. Wicklow in Ireland, iOResource is a distributor of EPOS products. We have been providing innovative solutions since 2002 and can offer a wide range of products and services relating to point of sales systems. Discussing EPOS systems with our experienced team can be helpful in understanding the best option for your business.
Drawing on our experience we can provide technical support to ensure that a client’s EPOS system is optimised to their business needs. To find out more about how we can assist your business by providing the latest EPOS technology, get in touch today by calling +353 (0) 404 20700 or emailing us at firstname.lastname@example.org and one of our team will get back to you.