EPOS systems come loaded with a diverse range of benefits for both businesses and their staff. From automating your entire point of sale process to adding unique functionality that helps you engage with customers better, these systems can be a tremendous asset. However, as a business owner, one of your major focuses and concerns is most likely centred around how adding a system to your business could help you save money, both in the short-run and long-run.
While there are arguably many ways by which an EPOS system can save money, in this piece we highlight three critical ways you can expect to save money with an electronic POS system in place. Let’s start our deep-dive with how it helps with decision-making!
Honestly speaking, your business will only be as smart and effective as how intelligently you run it. If you look at the most successful businesses out there, irrespective of scale and size, the key behind their success is how effectively their leadership has been in leveraging their resources and utilising them in a manner that complements contemporary trends. So, what would be the main ingredient behind gaining these insights? Data and information will almost always be the right answer.
With the right EPOS system in place, your business is constantly accumulating data in relation to your inventory/stock, your staff’s performance, trends in the movement of goods/services, among many other things. This information empowers you with the ability to determine when and where you stand to make the most money, spending as little as possible. For example, if you identify a product that is very popular among your customers over a period of six months, you can shift your re-stocking focus to facilitate this demand, as opposed to other less-trending items. With a manual process or inferior system in place, these insights may not be readily available, thereby leaving you in the dark about one manoeuvre that could help you make/save more money for your business.
An informative EPOS solution can also provide you with extensive insights into how well your staff is performing – giving you the ability to reward your top performers and give the others incentives to do better.
While this is a factor that directly influences your employees/staff, how effective and efficient your point of sale services play a critical role in driving more business and saving you money in the long-run. The more convenient your processes are, the much easier it is for you and your staff to complete payment processes and, potentially, acquire new customers. Having a system in place that is user-friendly can help save money in two ways.
On one hand, a comprehensive electronic POS system will be much easier for your staff to learn and use, given that each component would be a part of the same technology and you would be using a software that has a superior and more accessible user interface. With the right system in place, each employee you add onto your payroll would take significantly less time to learn how to navigate the system. As the old saying goes, “time is money”, and the more time you save, the more you save money in the process.
The second benefit of having an easy-to-use system would be that this would also translate to shorter wait times for your customers – something that would naturally drive sales up and make your business more money. If there is one thing that customers love universally, its the lack of having to wait in line to get what they want. If your product/service is as good as we know it is, your customers will be more inclined to choose you over your competitors if they do not have to wait in line for too long.
As an added note, do not forget that many customers weigh their overall satisfaction heavily on how fast and efficiently their good/service is made available to them – trimming wait time as much as possible, is always a good thing.
If you run a small business, adding an EPOS system into the fold can be a costly endeavour, which may throw you off initially. However, you can almost guarantee that you will be able to make up for this by implementing a comprehensive and complete EPOS system that includes both hardware and software components.
Currently, many small and medium-sized businesses work with separate vendors when it comes to their store’s POS system, which means they would have to deal with multiple points of contact, instead of one. This can prove to be costly in the long-run as these business owners would have to conduct regular processes of system maintenance with different vendors. In most instances, you would have to pay for these various service requirements separately, as opposed to via one single plan. The more non-centralised components you have, the more you would have to pay.
Additionally, having a system in place that is not comprehensive would lead to inefficiencies and incompatibility among your various components. Imagine having regular issues with one of your components, like a card reader, simply because it was not compatible with another component of your POS system – what would this to your business and its sales? In this situation, many small businesses owners would end up spending a lot of time and money solving a simple technical problem that would not exist under a comprehensive system, which would only result in loss of sales and customers.
Despite the fact that comprehensive POS systems tend to have higher upfront costs, they save money in the long-run, while providing better servicing and maintenance processes. It is important to highlight that the life expectancy of an all-in-one POS system would often exceed that of other systems because each component is equally durable.
EPOS system providers, like eposEX, know and understand that the demands of modern businesses require the presence of formidable technology that can make operations more efficient while saving them money in the process. If you would like to check out an EPOS solution that can do all of the above, and much more, for your business, get in touch with us!