A Detailed Guide to EPOS Systems
Retailers who can’t provide customers with a reliable way to pay for purchases are less likely to generate revenue efficiently – and thus unlikely to stay ahead of the competition for long. While simple tills or cash registers at the store exit are the most basic tools available for this purpose, technological advancements have given rise to specialised devices – EPOS systems – that can help sellers make a better profit, and give buyers more options and a better brand experience.
In this guide to EPOS systems, we’ll take a look at what these devices are, what they can do, the benefits they provide, and how you can get these advantages for your own business.
What Are EPOS Systems?
A Point of Sale system is a system, used in various kinds of retail outlets, that allows customers to pay for goods and services. In a physical store, this is the specific location in the establishment where the customer pays for any purchases.
And by definition, the cash register inside a store is an example of a Point of Sale system. However, more modern versions of these systems do exist. In particular, EPOS (Electronic Point Of Sale) systems which are computerised versions of their traditional counterparts. They provide additional features and functionality that can benefit both customers and merchants.
What Can EPOS Systems Do, and How Can They Benefit Your Business?
So, what are some of the extra features that make EPOS systems useful for buyers and sellers? And how do these translate into tangible benefits for you as a merchant?
Effective EPOS systems allow merchants to check product information and stock inventory in real time. If a buyer standing in line asks a quick question about which products are available, an EPOS system makes it possible for a staff member to get the necessary information and answer the question immediately. Hence, an EPOS system with this feature would be invaluable for good customer service while simultaneously minimising expenses by reducing your reliance on labour, which can be more expensive in the long run.
Being able to keep a close eye on inventory and expenditure will also ensure that you don’t over-order stock, but rather hold just the right amount to match how much you are selling, leading to more effective budget allocation and inventory distribution.
EPOS systems also let customers view products themselves, if they want to. Multimedia displays allow potential buyers to see the appearance of the item they are considering, as well as get a quick impression of its features. Seeing these details may be the final push that convinces them to buy. Since customers may be more interested at this stage, merchants can also use this time as an opportunity to upsell.
What else can these systems do, and what can they offer to make it easier for you to run your business?
Important Features of EPOS Systems
Let’s quickly explore some of the other functions that should be present in a state-of-the-art EPOS system.
Payment Options
High-quality EPOS systems should be able to receive various forms of payment from customers, including cash, cheques, credit and debit cards, vouchers, electronic deposits, and more. The system must provide receipts, not only for standard purchases, but also gift receipts and receipts for electronic payments.
This is important because customers pay for their purchases in a variety of ways. In order to operate efficiently, a business must be able to process multiple forms of payment quickly and without error.
Transaction Functions
Transactions aren’t always as simple as the buyer making a payment and then receiving a product or service. Thus, EPOS systems must also be able to process other actions such as sales, refunds, recalls, and exchanges. Buyers and sellers should also be able to make product inquiries, scan items, and retrieve product descriptions.
Omnichannel Fulfilment and Direct Deliveries
The system should give store staff the ability to process and track omnichannel orders from shipping stores. A dependable connected omnichannel system is invaluable for businesses these days, given the multiple ways in which customers can interact with – and buy from – their favourite brands.
On a related note, an EPOS system should allow different store branches to book in and update stock against customers’ purchase orders. As the business expands and perhaps adds more locations, this becomes more and more vital.
International Pricing and Other Functions
A modern EPOS system – especially if it is being used in a multinational business – must also account for different languages, currencies (and conversions), alternative tax rates in different countries, and tax exemptions where applicable. These functions are especially vital as a business expands into other countries and transacts with international customers.
Customer Accounts
Effective EPOS systems must assist staff not only with sales functions, but other tasks such as marketing and customer service. Therefore, merchants must be able to use EPOS to view customers’ purchase histories, and other information such as registration for mailing lists.
Store Performance
It’s not just about the customers; it’s about the employees and their metrics as well. The EPOS system should be able to provide sales reporting and analytics for each branch, assist with the creation of daily or weekly reports, as well as keep an eye on reserves of inventory and any necessary repairs or updates. This empowers brands to make quicker and more accurate business decisions across their physical and digital stores.
Till/Admin Operations
Employees of the store should, via the EPOS system, be able to clock in and out for their work shifts. Other features such as calendars, mailing systems, messaging functions, and a steady internet connection must be available as well.
Security Features
The EPOS system must have strong security features present, especially as it is used to store cash and sensitive client information. There should be secure login procedures, lock screens, and required permissions for various functions and access.
EPOS Systems Allow You to Maximise Cost Efficiency
One of the most significant and tangible ways that an effective EPOS system can benefit your business is that it lets you maximise cost efficiency. In other words, EPOS allows you to reduce costs and get more “bang for your buck” out of fewer resources.
One of those resources is labour. This is a crucial point, as labour or retention costs often form a large position of overall business spending. A well-designed EPOS system loaded with useful features can reduce the need for staff, allowing for savings in this area.
The system also makes things easier for the staff members you do hire. It does this by automating or simplifying vital tasks like inventory management, data entry, analysis of sales patterns, scheduling, and loss prevention.
Trying to accomplish all of these functions by hiring more staff is possible, but costly and prone to error. An EPOS system serves as a superior alternative, performing these functions flawlessly while also minimising your hiring costs.
As an example, look at the introduction of these systems in fast-food businesses. The pace of business in these establishments is rapid, with customers ordering and expecting their food quickly. It would be difficult for staff to keep up with all of this, while also tracking inventory, promotions, different payment methods, store performance, and more. EPOS can make all of this much easier and simpler, performing many of the needed functions quickly and without error so that your staff can focus on other tasks.
How Have These Features Helped Business Succeed?
Checking off a list of features that must be included in a useful EPOS system is all well and good. But what does it actually look like in practice when a business invests in these systems and uses them to help optimise their operations? Let’s take a look at some success stories.
Bovet 1822
Bovet 1822 is a 200-year-old luxury watchmaking brand with a passionate commitment to quality standards. This has ensured many satisfied customers and collectors, and enabled the business to expand rapidly to over 100 locations worldwide, including a boutique at the Marina Bay Sands in Singapore.
Due to this much more widespread brand presence, Bovet 1822 needed a reliable, local EPOS vendor for retail. A quick and painless rollout of new systems would be imperative, as business operations must not be interrupted. To add to the challenge, the company did not have an IT team in Singapore at the time, which meant no internal resources to assist with implementation.
Eurostop provided the perfect answer, delivering a complete EPOS solution with all the features that Bovet 1822 needed: options for print invoicing, additional streamlining of processes, an ultimately enhanced customer experience, and more.
The Eurostop team even provided assistance with internal IT configuration, installation and integration of retail systems to ensure that everything ran as smoothly as possible.
Bovet’s Regional Brand Manager was deeply impressed, noting that project development and integration proceeded very smoothly despite the short timeline. With the challenges solved and all systems in place, Bovet 1822 was able to continue its business expansion and operations, continuing to delight customers.
All Watches
All Watches, an exclusive distributor of luxury and branded watches, has had years of success due to providing high-quality products for their customers. The company eventually grew to include several retail stores across Singapore, as well as a store in Kuala Lumpur, Malaysia.
More branches and more expansion mean a greater need to move product stock between stores and warehouses. For a while, All Watches tried to keep up using manual methods of monitoring inventory, but soon this was not enough. Data accuracy decreased, and daily operations at the branches started to become complicated. Something had to change.
That change came in the form of a decision to use Eurostop’s EPOS systems. The Managing Director at All Watches was convinced that these systems would be an ideal solution for the increasingly complex issues with inventory, stock movements, and transfers.
The Eurostop systems were indeed able to automate, update, and provide real-time information for many of these processes, vastly improving operational efficiency for All Watches. Team members could now easily view stock movements in between store branches, check product availability, and access other necessary information.
In addition, the systems allowed the team to track customer records, purchase history, and other data such as loyalty points and rewards. All of these were automatically updated for All Watches by the Eurostop systems.
Ultimately, the All Watches team was able to improve business efficiency, accuracy, and tracking – thanks to Eurostop EPOS systems.
Get The Best EPOS Systems Available
The companies described above experienced significant difficulties as they expanded their operations, but they were able to overcome all obstacles to continue delighting their customers – because they chose the right tools and systems to get the job done.
You can succeed in the same way.
Whether you are a beginning business owner who wants to start off with the best possible tools, an experienced director who needs reliable systems to manage multiple locations, or anything else in between…you can’t afford to waste time or resources with anything less than the most effective solutions possible.
Eurostop provides advanced systems that can help you monitor inventory, collect customer information, or upsell products and services. We’ve also developed Mobile Point of Sale (MPOS) systems that provide these same features right in the palm of your hand.
If you’d like to examine and determine the specific Point of Sale requirements that you need, we’ve got you covered. Want to know more about KPIs in retail, how to increase sales, when to update your POS system, and more? Check out our other business insights.
Are you ready to choose the best possible solutions for your team, or learn more about how EPOS systems can level up your business? Contact us today.
