The need to knows of Retail EPOS Solutions
Most modern retail businesses will have retail EPOS solutions already in place, but is your solution offering you value for money and helping your business to grow? Have you ever considered an epos solution that synchronises and integrates with your accounting solution and the opportunities it could open for your business?
When you review and evaluate the different aspects that are needed to run a successful retail business, it can sometimes be tricky to identify what’s working effectively and more importantly, what isn’t when using a standalone EPOS solution. An integrated retail EPOS solution can give you a complete view of your processes, promotional success and user management control, that a standalone system wouldn’t be able to offer.
A company and solution go hand in hand
Before you even start to consider a new retail EPOS solution, you need to be aware that your investment in a new solution should be more than just the product you’re receiving. You need to choose a supplier that can not only provide retail EPOS solutions for you but can support and work with you post-integration to work with your requirements and needs.
Bit Systems do not believe in a ‘one size fits all’ approach, because business requirements and specifications differ from company to company. Bit Systems work with our customers to identify what your business requirements are, so we can offer a more tailored solution and make sure your business really benefits from a holistic integrated system.
Things to consider when choosing retail EPOS solutions
There are many factors to consider when choosing a retail epos solution and we understand that the amount of information and solutions available can seem overwhelming. The first question you need to ask when considering a new EPOS solution is how a new epos solution would benefit and help to grow your business?
Identifying where your retail operations need improving, and then aligning those issues with an epos solution that can help you to overcome those issues, helping to maximise sales and increase customer satisfaction, means that you are most definitely onto a winner. An integrated EPOS system can help to streamline your processes and reduce administration, which in return will increase convenience for your customers, improving their shopping experience, which then leads to an upturn in sales.
I’m sure most retailers would also see the benefit of having a responsive and intuitive user dashboard, with custom menus designed specifically for your business, not only benefiting your till operatives when trying to find the information that they need, but also improving your customers experience when at the point of sale or when just asking about a pricing or stock enquiry.
Access to live data with retail EPOS solutions
One of the key benefits of having integrated retail epos solutions is being able to access live data at the point of customer contact. This means not having to wait for the customer or stock information, and having accurate and up to date data, reducing your customer waiting and queuing time. By integrating your EPOS solution with your accounting solution, your data will be up to date, accurate and won’t inhibit your customer journey when they are in store.
This includes real-time access to:
- Customer balances
- Customer credit limits
- Inventory data
- Customer price-lists
- Promotions and loyalty scheme data
A centralised hub for information
Within the fast-paced retail environment, retailers need retail epos solutions that are secure and reliable and by investing in an integrated EPOS solution, you will be working from a single database, storing your data in a single system, so you can ensure consistency throughout your business. This seamlessly shared source of knowledge empowers your front-facing staff to know that the information they are working with is accurate and up to date at any time, reducing issues surrounding miscommunication. This central hub of information can also be used across multiple locations, to enable stock levels at each store to be updated.
Valuable sales and inventory information
In-store customer experience should not be the only benefit of an integrated EPOS solution. Your EPOS solution should be able to provide you with important sales data, to enable you to focus your attention on improving your demand forecasting and stock replenishment.
Detailed reports will give you a bird’s eye view of your business – including which products are selling fast and which products are slow-selling, allowing you to make more informed decisions. By using these detailed reports you should be able to track profitability by a terminal, by product and by the department, helping you to improve scheduling, operational efficiency and profit.
By analysing these kinds of reports, you will be able to assess and answer commercial questions, such as are your marketing activities working? What are your peak selling hours? Do you need to increase staff during those peak times? Can you streamline your opening hours to increase revenue?
Further to this, these reports can also help with your inventory management, you can use predefined system alerts to help you operate at the optimal stock level. This will lessen your stock holding, and help break down inventory costs.
What really matters?
However, the most important factor for any retail business is customer satisfaction and meeting the demand of your consumers. To allow your business to make the best decisions in regards to your customers, you need to have accurate and reliable data. By choosing the right epos solution for your business, you can put your staff in the best position to meet customer demands effectively and efficiently.
By choosing a solution that offers user-friendly interfaces that can be specifically configured to suit the needs of your staff and business, you will be able to accelerate your transaction processes, improve accuracy and help to meet your customer satisfaction levels.
By choosing a modern integrated solution, you can use the data collected to develop meaningful and customised marketing campaigns to target your customers with the right incentives at the right time, helping to boost repeat custom.
If you think that an integrated EPOS solution could benefit your business further, we look forward to hearing from you.