An efficient retail EPOS system offers so much more to retailers than a traditional cash register. It will not only provide the owners with real-time information about customer behaviour and inventory but also help them implement customer-centric practices in their stores.
According to one study, only 36% of single-store retailers have an EPOS system in place, even though they can help retailers amplify their annual revenues by 10%.
What Is An EPOS System?
EPOS systems help businesses manage all of their financial transaction. They comprise of hardware, software along with other peripherals such as credit card machines, scanners and receipt printers. A cashier is usually in charge of managing them at the checkout points of retail stores.
These systems normally store data in the cloud. This practice will not only keep your data safe from loss or theft but also enables you to access it from anywhere in the world.
Allow me to walk you through some of the key features that every retailer should look for in a point of sale system.
Modern, Simple, Quick Technology
We are now living in a fast-paced world; there is no doubt about it. More than 82% of customers have reported that they would not like to shop at stores where they have to stand in queues for a long period of time.
Therefore, it is important for you to prioritise reliable and quick customer service at all times. A slick retail EPOS software can help you in this regard. It will not only take up less space at your store but will look great as well.
Even the basic point of sale systems utilise barcode scanners as they enable the cashiers to breeze through the transactions efficiently and quickly.
Product Performance Reports
Customisable product reports will help you determine the quantities of the products that need to be ordered. They will also help you identify what does or does not sell wellat any given time.
It is vital for you to know which products are most valuable for your store, especially if you have a large inventory to look after. You may also use these reports to identify the KPIs such as margins, pricing, time, and promotional period.
You will be able to better monitor your store’s performance with these customisable KPIs.
Split Payments/Multiple Payment Options
You must think beyond the traditional modes of payment such as credit cards and cash. You must choose an EPOS system that enables you to accept mobile payments.
It should allow you to split a single payment in case your customer desires to pay the bill via cash and gift cards simultaneously.
Refunds, Store Credit and Returns
The refund process should not only be stress-free and easy for the customers but for you as well. Your EPOS solution should have multiple built-in options for you to offer your customers a credit/cash return or even swap an item.
Get ahead of the curve by implementing an easy return policy in your store.
Online Management System
Customers nowadays are more inclined to view a store’s website before deciding to pay a visit to their physical location. Therefore, if you want to grow your business and boost your digital presence, you should invest in a system that offers your clients an Omnichannel experience where they can see your latest inventory and prices online and in store.
Offline Capability
Your retail EPOS system should be able to run offline as well. Choosing to buy a system with offline capability means you will be able to capture customer data and process payments without the internet. The data will automatically synchronise as soon as the connection is restored.
Inventory Management
With some point of sale systems, you can use a barcode reader to interface the stock management functions. All you have to do is scan your entire inventory as soon as it comes in. You can do it in batches or one product at a time.
The system will then start to subtract the number of sold items from the inventory as the customers continue to purchase them and warn you when a product count is running low.
Discounts and Promotions
Most point of sale systems allow you to set up bundled deals, time-bound discounts and promotional pricing easily. The reports, on the other hand, will reflect the changes in prices in order to ensure accuracy of sales data. This will help you discern your successful campaigns from not so successful ones.
You must select EPOS retail systems that allow you to do this with ease. This way, you won’t have to update your prices manually in case you are planning to offer discounts on some of your products.
Customer-facing Display
These screens make it easy for the customers to see if there’s anything missing from their orders before they are placed. This feature, however, is not essential if you cannot afford to spend big bucks.
Seamless Integration
A good retail EPOS system will not only be able to smoothly integrate with the built-in feature but with the 3rd party applications as well. For example, and changes made in the inventory should update automatically at the checkout point so as to keep the employees informed at all times.
Employee Management
Most point of sale systems now come with built-in:
- Security management systems
- Employee management systems
- Time clocks
Such systems will allow you to limit access of any employee by allowing you to set permissions based on their job roles. By doing this, you will be able to ensure that your operations run as safely and smoothly as they can.
Customer Support
Every time an EPOS system goes down, a business will lose money. Therefore, it is vital for you to choose an EPOS vendor that offers technical support 24/7. Even though most EPOS vendors require small retail owners to wait for a day after reporting the issue, the best vendors will try to solve the issues ASAP.
The idea is to look for solutions that at-least offer a free demo or trial. They should also offer you assistance during the training and installation phase in order to better prepare your employees for the changes.
I’m sure you would have enjoyed reading this blog on key features of a retail EPOS system. Feel free to leave a comment if you did.
Our retail EPOS systems are not only easy to learn, fast, responsive but they can run offline as well. Intelepos does not offer you an off the shelf product, our team of experts can tailor the solutions in accordance to your business needs.