In many cases, wholesalers run very large and complex operations that cater to a wide array of customers – varying from businesses to ordinary consumers. With wholesalers catering to this diverse customer base, demanding both large and small quantities of products, they would need the perfect system that would complement all their operations respectively. In recent years, wholesale EPOS systems have been increasingly adopted by wholesalers to manage their business’ requirements. If you are a wholesaler and are looking to invest in adding a POS system, choosing the right one can be very important in making sure that your day-to-day processes go uninterrupted and your staff members’ performance/efficiency is enhanced – not hindered. Knowing how wholesale EPOS systems could benefit your various sites should be at the foundation of your decision.
In this blog piece, we have outlined three ways the right EPOS system helps wholesalers. Specifically, we have focused on the areas of how an EPOS system can help you 1) manage, record, and maintain your community of customers, 2) manage your loyalty and promotional offers/programs, and 3) manage your inventory and stock. All three of these segments remain critical to ensuring that wholesalers are successful -both in the short term and long term.
Let’s dive into the benefits!
Whether you are a wholesaler whose predominant focus is on supplying businesses, or you are one that focuses on consumers as well, maintaining and managing accurate customer-related data is essential to your business for two reasons. On one hand, you need to maintain this information to gain insights and understand the trends of your product movement. This will allow you to forecast future demand and growth, allowing you to plan ahead efficiently. On the other hand, maintaining these records will allow you to establish a personal relationship with your customers, business or ordinary consumer, allowing you to customise your engagement with each of them.
An EPOS system gives you the ability to do this via a centralised point of access. From the moment a customer makes her/his first purchase, all information related to this customer and/or the business they represent will be recorded in your system, across all your locations (if you have multiple ones). Additionally, if you supply businesses directly, all information entered into the system by your main/head office will also be accessible from any of your sites – especially those within close proximity to your corporate customer.
For example – Let’s assume your main corporate office is located in Harrow, however, one of your customers is headquartered in Glasgow, where you happen to have an outlet. The company in Glasgow will most likely liaise directly with your team in Harrow to set up long-term business and supply of your products. However, once this initial agreement is set up, your outlet in Glasgow will be notified of the supply requirement and will likely be the main point of supply for your customer in the region. All this information would be accessible through your centralised EPOS system – if you have the right one in place.
Once you have all your customer-related data stored within your system, this pool of customers will likely keep growing – at least, that is the intended goal for any business. Once you have your customers using your outlet, guaranteeing regularity should be your next step, given that 70%+ of business make most of their annual revenue through retained/recurring customers. If you have a customer, business or consumer, making sure they visit your store regularly will not only bring you more business but establish your site as an entity with a good reputation – paving the way for potentially more customers.
With the right EPOS system in place, you can leverage this vast amount of information in your favour to develop strong relationships with your customers.
For example – Let’s assume you work with a business that has consistently increased their overall volume of items purchased every quarter. Your information will subsequently let you know of this activity, allowing you to offer promotions for an overall quantity of goods slightly higher than their expected increase, at a discounted rate. The result of doing this would be two-fold – on one hand, your relationship with your customers would be improved and, on the other hand, your overall volume/quantity of business will also increase.
With business occurring at a record pace in today’s world, wholesalers are consistently being flooded with orders and demand from all over the country. This demand fluctuates based on a wide variety of factors, varying from consumer confidence at a given time, the season, the latest market trends and most in-demand products at that moment. Tracking and understanding these trends can be the determining factor behind how effectively a wholesaler stocks up at just the right amount – not too much, not too little.
With the right EPOS system in place, you would be able to track the flow of your products as they are bought – allowing you determine trends and which products are more likely to run out faster due to their demand. If you are a wholesaler that deals with businesses on the back-end of your operations while maintaining a front-end store catering to basic consumers, the right EPOS system would allow you to reconcile both segments and give you insights into what to expect in the future. You would be able to track and monitor product demand and consumption in real-time!
For example – If you are a wholesaler based in London and you cater to both businesses and ordinary consumers, with the right wholesale EPOS systems, you would be able to track all products as they are bought by both groups. Similarly, over time you will be able to ascertain the buying trends during a particular period of time, the number of new customers you will acquire, and eventually generate a forecast using this information that can be used to determine how much you will need to stock up on, when you will need this, and how much you can expect to earn in terms of revenue.
Rapid transactions and growing demand are transforming the way we do business in today’s world. Businesses are operating at high levels and require the right tools, software, and platforms to stay lean and grow consistently – wholesalers are no different. With an EPOS system that understands the needs and wants of your business, the benefits of having one in place can be immeasurable! In this piece, we have covered three key ways wholesale EPOS systems can benefit your establishment -would you like to know more on this topic? Please feel free to reach out at any time!
If you would like to install wholesale EPOS systems at your site, let us know here and we can set you up with a personalised demo! In the meantime, stay tuned to this feed for more in the world of EPOS systems!