Retail EPOS systems are a tremendous asset for firms. Be it a motor and brick store or a major franchise, EPOS systems can increase profits by cutting operating costs, increasing sales and improving customer relations. However, to be an asset, the EPOS system must have the right features. EPOS systems come with several features, however, if any company is to thrive in the retail industry, they must invest in the right EPOS software. Most notably, a solution that has the essential features required to improve sales and cut costs.
Once a cutting edge feature, cardless payments are now an essential feature retailers must consider when looking at retail EPOS systems. Cardless payments allow customers to pay for goods and services by holding a card to a reader. Manual inputs, like PIN numbers, are not needed because customers don’t need to swipe cards. Instead, they just have to tap on the reader, and the transaction is complete. Cardless payments allow customers to make purchases in a fast, easy and hassle-free way.
The option to pay for goods quickly, efficiently, and with minimal fuss is an option customer always welcome. Customers can complete transactions faster and spend less time in a queue. With cardless payments, customers are not required to remember vital information, like PIN numbers, nor do they have to rely on bank cards. Furthermore, cardless payments are incredibly secure. Data stored on the card is secured because it is in encrypted form – moreover, cloning a card is impossible because the data is stored in encrypted form.
Generate sales reports
EPOS retail systems can do more than just track sales. They can generate reports to give you insights into how the business is performing. Retailers can generate reports on different variables, like top-selling items, best sales clerks and more. EPOS systems can also generate reports based on sales inventory, logistics management and other operational/functional-related activities. The additional insight provides multiple benefits, like streamlining business processes, reducing human error and more.
Customer management application
Every retail EPOS system should come with a customer management application. One method to increase sales is for retailers to encourage repeat visits from customers. To get repeat visits, retailers must build customer loyalty, the best way to build loyalty is through understanding what customers want and building incentives around it. Retailers cannot accomplish this without a customer management application, making them an essential feature in an EPOS system.
A customer management application allows retailers to track customer activity, build customer profiles, buyer personas and more. With this information, retailers can design incentive programs, and other means to improve customer loyalty. Discounts, incentive programs and special incentives are just some of the options available to retailers via customer management applications.
RFID stands for radio-frequency identification and consists of a microchip and antenna. RFID can store a large amount of information on a product, far more than a barcode. When the product is scanned at the counter, all the relevant details like shipping date, manufacturer date, price and serial number are brought up. The computer is updated instantly when a product is checked out for purchase. Essentially, with RFID, it is possible to update stock inventory in real time.
Thus, retailers can reduce operating costs because they no longer need a sizable team to monitor inventory. With RFID technology, retailers cut the risks of human error and increase operational efficiency. Finally, retailers can increase customer satisfaction because they would have the right products at the right price, with no delays or product shortages. In short, RFID technology is an essential feature because it brings several benefits.
Low power consumption is a huge benefit.
It is estimated that the average electricity bill for businesses is, on average, £3,061 per year. Therefore, retailers need to consider how much energy is used by the system before investing in it. Retailers must also consider power saving options to use energy more efficiently and reduce energy costs.
Fortunately, several EPOS systems come with power saving options, like Real-time clock (RTC mode) or Deep Sleep mode. Deep Sleep mode makes efficient use of power – if the EPOS system is not used for a prolonged period of time, then the system will power down and restart with the press of a key. Thus, power is not consumed needlessly and increases efficiency in power operations.
There are plenty of retail EPOS systems in the market, however, when searching for an EPOS system, it must contain five essential features. These features include cardless payments, customer management application, low power consumption, RFID technology and report generation. Without these features, it would be difficult to generate the expected benefits of an EPOS system, which include lowering operating costs and increasing revenue.
Want to know more about EPOS systems? Find more information on the eposEX blog.