Having an electronic till system means you can record sales, manage stock levels and have financial information instantly imported into your accounts software package without the need for human interaction or manual data entry. EPOS Systems mean that your retail business can manage operations from one place, with a connected and holistic view of your business information.
Here’s 5 Reasons Why Your Retail Business Needs An EPOS System:
Accurate Reporting
Any retailer knows that the margin for error with stock takes and incorrect pricing can have a devastating impact on their bottom line. If different stores are selling items at different prices or your best sellers sell out during your busiest periods you are bound to become frustrated. If you have accurate reporting, management are able to see an overview of how sales are doing and what is selling well, at what price. An EPOS system gives you an overview of all your business information including, sales and cash flow. Accurate reports give you the confidence to plan ahead and make business decisions that will help grow sales and reduce the risk factor. Cold hard facts and stats can make all the difference in growing and successful chain of retail stores.
Complete Stock Control
By performing a quick search, an EPOS system will inform you the level of stock you have for any item in a matter of seconds. With tracking through barcoding, you can know what stock is sold, delivered or due for delivery as it happens. Once an item arrives in store or your warehouse and is scanned, you can track the life cycle of that item wherever it may be. Having knowledge and information at the fingertips of your customer facing team means they have the information to assist customers and manage their expectations. You can even set low stock level alerts on popular items so that they are flagged to be reordered without the need for any manual administration.
Save Admin Time
Your staff may spend hours setting up and monitoring how promotions and sales are running. By using an EPOS system you can save time using simple set up menus, recurring events and specific reports that can extract the sales data your team will need to determine the success of promotions. You can also set up custom dashboards and reports for different data mining across the business. That way managers across different departments have information relevant to them at their fingertips without the need to research and spend time creating their own reports. Plus, if you connect your EPOS system to your accounts software through financial integration, you only need to input product inflation once and it will be shared throughout your system, reducing the chances of human error and saving admin time.
Customer Loyalty Management
Whether you sell to trade or retail, your business will likely have a loyalty programme to ensure your customer keep returning to your store. EPOS systems can help you manage that relationship by storing customer information. By tracking your customers and their spend you can report on what it is that attracts that particular buyer to purchase from you. If you have periods of down time, you can tailor offers and promotions based on previous purchases. Creating purchase intentions can be difficult if you have no customer history or information. Looking at what consumer type someone might be and tailoring a promotion at them can help encourage additional spend.
Support When You Need It
Running a retail business is stressful and your operations generally mean you need to integrate lots of key areas together such as accounts, stock control, online sales and reporting together. Whilst you’re the expert in generate promotions and increasing sales and growing your retail business, you need an EPOS support partner you can rely on. If your tills go down or a connection stops working, it can have a major impact on your business. That’s why you need an EPOS partner who can help you resolve the issue quickly.
At KCPOS our SLA means that we will answer your support query within an hour and provide a fix within eight hours (usually this is much quicker!). All of our support team go through extensive training in both technical and software support. As a minimum they all have AAT qualifications to support financial integrations (so you’re in safe hands!).
To find out more about KCPOS check out our retail EPOS information.
