The primary function of any business is undeniably to generate sales and profit for its owners. A popular way through which many choose to boost both of these is by offering lucrative promotions and loyalty programme benefits to it customers. While this may not sound like a particularly complex function, effective management and execution of discounts and benefits are necessary if they are to make returns in the long run. That’s why many business owners turn to handle their promotions with EPOS systems.
In this context, Electronic Point of Sale (EPOS) systems are invaluable tools. Deceptively simple and often believed to perform mere cash register service, EPOS forms the backbone of most businesses and is the secret behind sustainable sales and profit growth.
The article below will examine how loyalty cards, offers, sales and promotions with EPOS systems can be tailored to each of your customers and administered automatically, eliminating any complex data analysis or effort on your part.
As is often the case with seasonal produce or just about any product that’s time sensitive, finding the best price range can prove to be challenging. In this regard, your EPOS system can track your sales over time and determine the optimum price point for your products in a way that is most beneficial for your business. This is particularly helpful in pushing out products that aren’t selling as well, identifying a discount for which has never been easier.
Flexible pricing strategies help to improve customer loyalty. Find out how.
Your EPOS software will also help you market your promos to your customer base almost automatically. Having collected their contact information at checkout, you can launch email campaigns from your POS terminal itself, should you integrate your system with the necessary software. This is a particularly effective marketing and sales strategy especially given that approximately 50% of customers are drawn to the convenience of electronic interaction.
Loyalty programmes are highly useful tools in retaining your customers and ensuring loyalty. Either taking the form of coupons, promos, rewards, discounts etc. these are meant to reward a customer for their frequent purchase of your products. These are often put in place to cut off any competitors from latching onto your customer base. A Customer Thermometer survey recently revealed that 68% of customer won’t return if they feel a business is indifferent to them.
With EPOS software in place, administering loyalty benefits is a walk in the park. These can be administered in multiple ways, ultimately depending on the type of business you own and the kind of customers you deal with. The most common of these is the point system, where points are awarded for purchases made, which can later be used to collect rewards or access special promos, tailored specifically to the customer’s spending habits and purchase history. These are tracked and automatically generated by your EPOS system, eliminating the need for you to manually administer or track your customers’ bill history.
If you run a restaurant or bar, utilising the data analysis generated by your EPOS is sure to bring in the business. With such a system in place, you’ll be able to identify which items are purchased in combination, which items are popular among certain demographics and what time certain products sell better, among others. This information can be used to create tailored promos or even help servers recommend items frequently purchased together, giving a personal touch to your customer service as well.
It has been estimated that a satisfied customer will tell nine people on average about a good experience; a fact particularly pertinent to the hospitality industry whose success largely depends on positive customer experiences.
Survey data indicate that businesses which focus on customer experience have an average of 60% higher profits than competitors. While this may seem self-evident, most businesses often neglect the little ways through which they can enhance customer experience, focusing mostly on pushing out high-quality products. This, unfortunately, is only one part of the equation; especially with a growing number of customers now expecting businesses to take care of them and safeguard their interests.
This has made remaining on top an almost Herculean feat. It is due to this precise reason that smart tools and devices are now required not just to automate service and increase efficiency, but to give customers a human touch that most businesses struggle to do.
Promotions in and of itself are not enough to ensure the future profitability of a business. Customer loyalty is an essential part of this process and so, here are 5 easy steps you can take to boost customer loyalty.
At eposEX, we want to help you succeed. The best way to capture and maintain a large customer base is through a personalised approach and efficient service, ensuring a seamless and satisfying customer experience. Whether you want to run your promotions with EPOS systems or want to manage your inventory carefully, our EPOS systems will help you achieve this. Contact us today for more information.