Is using an old-fashioned till or cash register to manage and track your sales, inventory changes, customer information, and other tasks becoming more and more challenging? What if everything was controlled by a centralised system?
Retailers today have a wide range of tools at their disposal. For almost every aspect of a retail operation, there is either software, hardware, or a mix of the two. In addition, technology has made our tools more sophisticated and interconnected.
The EPOS system is one device that’s at the heart of many retail establishments. Retail EPOS systems are tools that are becoming smarter and increasing efficiency in more than one aspect of retail businesses, so they are more than just tills to be used at the register.
What is an EPOS system?
An EPOS system is a store till system that integrates point-of-sale software and hardware. It enables you to use a single device to speed up checkout operations, perform transactions, and manage inventory.
EPOS systems have become an essential component of modern retail organisations, delivering several benefits and revolutionising how transactions are processed, inventory is managed, and customer relationships are cultivated.
According to Statistica data, there were more than 2.1 million retail EPOS systems in the UK in 2016, up from just under 1.2 million five years earlier. In this blog post, we’ll look at the advantages of implementing an EPOS system in the retail industry.
EPOS for retail vs. POS for retail: Are they the same?
While both POS and EPOS systems are used to conduct sales transactions, EPOS systems go beyond the basics by including capabilities that help retailers manage other parts of their business more efficiently and effectively.
Businesses that want to get insights from sales data, streamline inventory management, and provide a more personalised customer experience frequently pick EPOS solutions.
What industries stand to benefit from the use of an EPOS terminal?
- Warehouse and distribution
- E-commerce fulfilment
- Transportation and logistics
- Energy and utilities
How does EPOS for retail revolutionise the industry?
Electronic point-of-sale (EPOS) systems have truly revolutionised the retail industry in numerous ways, of which a few are:
1. Streamlines transactions
EPOS technologies make transaction processing faster and more accurate. The checkout process becomes smoother with barcode scanning and linked inventory management, lowering customer wait times and enhancing overall efficiency.
2. Monitors transactions
EPOS systems maintain real-time inventory levels, adjusting stock quantities automatically when sales are made. This allows merchants to keep track of their inventory, avoid stockouts, and make better purchasing decisions. Inventory information can also be used to determine sales patterns and popular items.
3. Integrates multiple channels
Modern EPOS systems may integrate with a variety of sales channels, including internet storefronts, mobile apps, and physical stores. This allows companies to provide a consistent purchasing experience across several platforms, making it easier for customers to engage with their brand.
4. Facilitates efficient reporting and analytics
EPOS systems generate detailed sales, inventory, and other critical metric reports. These studies can help retailers make informed decisions about pricing, personnel, marketing efforts, and other issues. This data-driven strategy improves strategic planning and assists retail stores to remain competitive.
5. Reduces human error
Errors are reduced because EPOS systems automate the sales process, reducing human errors in computations and order processing. This improves transaction logging, inventory monitoring, and financial reporting accuracy.
6. Manages employees
EPOS systems frequently include capabilities that allow you to manage employee schedules, measure working hours, and even calculate commissions and incentives. This simplifies worker management and ensures fair compensation.
EPOS for retail has greatly improved the operational aspects of the sector
EPOS for retail has revolutionised operations by streamlining procedures, enabling data-driven decision-making, increasing consumer experiences, and promoting more efficient and effective corporate management. The capacity to collect and analyse real-time data has enabled retailers to respond swiftly to changing market conditions and consumer preferences, eventually driving retail innovation and growth.