Adding an EPOS system to your business, or switching over from one to another, is an important decision for any business. Factor in initial cost, new functionality, the learning curve, and you are left having to make a decision that would fundamentally alter the way in which your day-to-day operations are done. However, with the right EPOS system in place, your business stands to gain a lot from the tremendous value such a system would contribute to your overall operations.
In this piece, we run through three unique features of EPOS systems that can help enhance the overall operations of your business, irrespective of what industry you operate in. The three features covered below are 1) the forecasting capabilities and functionality of a system, 2) the customer retention and relationship management functionality, and 3) the staff management and engagement functionality.
If you are a business whose core focus is on ensuring sufficient stock, strong customer relationships, and efficient staff management and engagement, read on for more on what to look out for in your new EPOS solution.
Particularly beneficial to wholesale businesses, the forecasting functionality of several electronic point of sales systems gives businesses the ability to forecast stock availability. This feature is based on the data the specific system collects over time, which includes the buying patterns and trends of wholesale customers. The reason why this functionality is particularly beneficial to wholesalers is due to the regular and more patterned purchasing habits of their customers (unlike non-wholesale customers who are more irregular). Additionally, wholesale customers typically purchase a large quantity and volume of goods than the average non-wholesale customer, thereby making the need for inventory forecasting functionality even more important.
Wholesalers often supply businesses who depend on the availability of stock in order to sustain their own business’ operations. Failing to supply such customers on time with the specific quantity they need, may drive customers away from the wholesaler entirely – losing important business in the process.
That being said, forecasting functionality built into your EPOS system can also be beneficial even if you run a non-wholesale outlet. The data accumulated over time can give you great visibility into your orders and stock consumption on a daily, weekly, monthly, and even quarterly or annual basis. Forecasting is a great way for businesses to stay on top of their operations and make sure that they stock up with precisely what they need – nothing more, nothing less!
Regardless of what type of business you run, ensuring high levels of customer retention through strong customer relationship management programs can determine the success of your business. Companies and businesses that are successful usually have a strong base of recurring customers that make up a large proportion of their revenue. Loyal customers who stick by businesses instil additional confidence in the minds of prospective customers, thereby extending a business’ core customer base even more.
With the right EPOS system in place, customer relationship management becomes seamless. Systems with strong built-in data collection and marketing/outreach modules give businesses the ability to identify high-value customers, understand their buying habits, regularity of engagement, and tailor customized promotions/offers to them in order to entice them further.
This system of customer relationship management will only get progressively better over time as businesses collect more data, facilitating the opportunity for more customization. Some EPOS systems also come with multi-modal customer engagement methods like SMS marketing, through which customers can be reached directly.
Imagine you are a restaurant with a regular customer who comes in weekly to enjoy one of your signature menu items. With this information at hand, you could engage this customer at the time he is expected to visit and sweeten the pot by offering another dish or side at a discounted price. The result? Customer satisfaction ✓ Customer retention ✓ Customer relationship improvement ✓
Let’s be real, your staff are your ambassadors. Making sure they are present and competently performing their tasks is at the forefront of how your customers perceive your business. If your staff performs poorly, in the long run, your business will as well. That is exactly why it is important to make sure that you are on top of your staff’s performance, making sure they are delivering to the best of their abilities.
The right EPOS system for your business, in this case, would come with a built-in staff management module that will allow you to monitor your staff’s attendance, in the process making sure they are present on time and ready to serve your customers when needed. Additionally, built-in sales metrics allow you to track your highest performing staff, in terms of sales closed and customers engaged. With this functionality in place, you can reward your top performers with incentives to do even better. You could also identify moderate to poor performers and cater to various training sessions to help them perform better.
The overall efficiency of your staff will also be improved via an EPOS system, given that it automates manual processes and cuts the average amount of time your staff member would spend on a transaction. EPOS systems with high-quality and convenient user interfaces will contribute further to your staff’s efficiency by making the overall transaction process simpler for them to carry out. Always be sure to prioritize user interface as one of your qualifying features when picking an EPOS system.
Whether it is managing your stock and making sure you have the right amount of products available, making sure you are carrying out the right customer outreach and engagement activities or managing your staff, EPOS solutions can help you in many ways. We have highlighted just three of these ways in this piece. However, if you have more questions and would like to know more, stay tuned to this feed or give us a call on 020 3657 9676 for more information.
We hope this has been helpful – if you would like to check out a system with all of the above functionality, let us know here and we will set you up with a personalized demo within the week!