Why Your ePOS Software is Vital to Your Business

July 25, 2019 2:27 pm

Your store’s POS software could very well use an upgrade if it can’t match the incredible benefits of a modern ePOS system. Modern systems come equipped with incredibly powerful tools to help drive your business’s marketing efforts, organize your inventory, and much more. Upgrading to a modern ePOS system can mean taking your business to the next level in customer care and organization. Here’s why your ePOS software is vital to your business.

Customer Profiles

Connecting with your customers is an essential piece to the puzzle that is customer service. You’ll want to connect with your patrons on as many levels as possible in order to help them feel that “like home” comfort when they shop at your store. Making them feel welcomed, valued, and understood can mean the difference between loyalty and business for your competition.

With a customer profile created at the point of sale, your ePOS system will begin tracking customer purchases, acting as not only a sort of e-receipt for exchanges or returns, but also a valuable tool in determining how to market to those specific customers.

Marketing requires a deep understanding of exactly what your customers want, and what better way to do that than by tracking their purchases? You’ll be able to find trends in their spending habits, identify favorite items or services, and gain further insight into the mentality of your customers.

You’ll be collecting personal information when you create a customer profile; things like email addresses, home addresses, and phone numbers, so you’ll want to be sure that your ePOS system is secure and you ask customers if they’d like to receive promotional emails.

Inventory Management

There’s nothing more frustrating or time-consuming than a disorganized or incorrect inventory count. Incorrect counts, missing items, or an outdated system can make dealing with inventory the last thing anyone on your team wants to have to do.

With a modern ePOS system, inventory management is completed in real-time, meaning changes are always updated as soon as possible and items are tracked with greater precision. You can set notifications to remind you of low stock as well, making those highly-coveted customer favorites always available in your store.

Let’s not forget that a poorly managed inventory system can spell disaster if you need to issue a recall for one or more products. Without knowing the when and how the items were sold, you’ll have trouble tracking down the recalls and possibly run into legal troubles including fines.

Poor inventory management is also costly; from recounts to premature orders, inventory can end up putting a strain on your company’s wallet, which will hold it back from true growth. Keep your inventory organized and updated in real-time with an ePOS system.

Analytics

Remember how we mentioned understanding the customer was the best way to improve your relationship with them? This goes for your business as a whole as well. The more you understand how your business operates and performs on a daily basis, the more insight you’ll have into how to improve and expand it.

Analytics tools are standard for many ePOS systems, providing valuable data on daily sales numbers, trending items, weekly performance, and even monthly profits. The insight that an effective analytics tool can provide is absolutely vital to running an effective and efficient business.

With analytics, you can identify key problem areas in both your marketing efforts and your customer service. You’ll be able to make changes accordingly, improving customer satisfaction, store efficiency, and even employee happiness.

Did you know that a well-managed and successful business is much more likely to keep employees on the payroll? A business that runs poorly affects both customers and employees in more ways than one. Lack of advancement opportunities, customers’ attitudes, and the overall management of the business are just a few reasons why your business might experience high turnover rates.

Ever-Changing Payment Methods

Keeping up with modern payment methods is crucial to keeping your business in the spotlight. The way we exchange money has evolved considerably from its humble beginnings, with cash taking a backseat to other electronically-based payment methods.

With touchless payments, online payment systems, and more, the modern world is full of ways to pay, and it’s important that your business has the ability to accept various methods of payment. If you’re missing just one method (like touchless payments), you can very well be missing out on an entire niche of potential customers.

Keeping your business updated on payment methods also improves the company’s image; making your business more forward-thinking and modernized. The customer will appreciate a range of options, and you’ll attract new customers that may not have considered your business in the past.

With new payment methods come new threats. Cybercrimes have been on the rise for a number of years, putting businesses and customers alike at risk at the point of sale. It’s important to ensure you’ve chosen an ePOS system that adheres to strict security protocols and has a reputation for safety and security with its customers’  information.

Conclusion

An ePOS system can have many benefits for your business, not the least of which is improving your relationship with your customers. Gaining further insight into your business and its patrons can only serve to assist you in making better marketing decisions and encourage your business’s growth. Keep your competitive edge by using the latest in ePOS technology.

%d bloggers like this: