What Is EPOS Software and What Are It’s Benefits

EPOS system has been used by many retailers for a long time and has helped them to improve their business by tracking everything from inventory to customer loyalty. Most of the common features of epos systems are now available to the smaller retailers.

                       

Features of Epos System:

1. Automatically track inventory

EPOS can automatically update your stock figures every time whenever you receive stock, make a sale or process a return. Improve cash flow by stocking the products your customers want.

2. Instantly see your sales

Check sales by day, staff, customer or product. Schedule your staff efficiently dependent on hourly sales.

3. Improve customer service

See your customer's purchase history at the time of sale and offer extra products or services that may of interest for them. Best EPOS systems have built in marketing tools that let you maintain customer contact.

4. EPOS and E-Commerce

Each retail store requires E-Commerce website and an integrated EPOS system that will help you save time and money.

5. Process Cards through EPOS systems

EPOS with integrated card processing speeds up the transactions and simplifies staff training.

6. Watch your business from anyplace

Advanced EPOS systems let you see what's new with sales and inventory from any PC with internet access.

There are many advantages using EPOS software in your business, and for those looking for the best EPOS systems available, these are the business advantages to remember during your search.

Advantages of Epos Software:

Financial Accuracy

EPOS systems have more financial accuracy in contrast with other till systems when charging customers. While traditionally, businesses may depend on their staff's competence to effectively charge customers and accurately conduct transactions, human error is difficult to check. This leads errors and exclusions, results in over charging, under charging and even a loss of profit. Epos system greatly reduce the errors done by staff members and can guarantee a business' pricing and charging structure is consistent.

Speed and Efficiency

EPOS systems for retail and restaurants help you improve the speed and efficiency with transactions, allows your staff to focus on their customer service and enable to serve better. This improves the overall experience for customers and supports repeat customers.

Repeating

EPOS systems can deliver a variety of businesses performance reports, ranging from basic every day analysis of profits in identifying top-selling products. This provides businesses with a helpful picture of their complete performance. The reports can assist a business with a marketing campaign, and highlight services that should be improved, or help boost profits at more slow times of the year.

Accountability

EPOS systems enable business to monitor and record staff activity. This means they can pinpoint staff who are in charge of specific transactions that have done well, seeing the staff with the most strong sale figures, encouraging a spirit of competition inside the business. Interestingly, those with poor sales figures or surprising activity can also be identified.

Stock Management

Modern day EPOS systems can manage stock for businesses as well giving you the ability to quickly audit stock levels enabling you to identify areas where more stock is required. Automated EPOS systems can save much time compared to manual stocktaking.

Consider 10 Things When Choosing an EPOS System

Whether you may be looking at your first epos system, or looking to upgrade your existing EPOS, it can be very tough to choose between the many systems available in the market. To help you avoid the pitfalls of choosing a system that has more style than substance, here is our summary of useful points to consider.

                        

Functionality: To get the best out of an EPOS system, you have to first know exactly what you need it to do. Before you engage with any providers, it's a smart thought to write a list of 'must have' functionalities present and future and organize them. Some of the examples include: tracking popular dishes, inventory management, real time reports and customer payment times. If in case a vendor doesn't seem to offer all you want on paper, some providers can tailor their systems to meet your particular needs, since they build their own epos software.

Extra Features: Once you've sorted your needs, consider making a list of 'nice to-have' features. These are the sort of add-ons items that will make your restaurant function that a lot smarter and make it an ever better spot to eat and work. The ability to deal with your recipes by means of your EPOS system and transfer photographs, just as ordering ingredients through the system, are examples of extra features that can significantly support the performance of your restaurant.

Price: Every business needs to make sure they are getting value for money, but choosing which EPOS system to buy should be about cost alone. So, there is no reason to pay for features you don't require, or to pay high (or indeed only) installation costs. The ongoing costs of your EPOS should be simple from the start, with various pricing packages available to suit your specific needs. At Epos Direct, we offer a fixed-term support inclusive lease contract.

Ease of use: A sign of an incredible EPOS system is that it's so easy to understand that even in-experienced staff can be trained to use it in the blink of an eye. An interface that is intuitive is therefore an unquestionable requirement, and the ability to use touch screen technology also makes a difference. As well as guaranteeing that staff is comfortable with the everyday usage of the EPOS system. Ideally team members need to have the option to quickly install updates without the intervention of the EPOS system provider.

Mobility: Having a tablet EPOS system and mobile chip and pin terminals will enable serving staff in the restaurant to take orders and payments on the go. A mobile epos system will also enable them to have menu data, including ingredients and allergens, available readily available. Thusly, this should improve the level of customer service provided.

Flexibility: Investing into an EPOS system is all about making your restaurant effective and a better place to dine. That includes offering a range of payment options to diners and a good epos should have the option to suit everything from chip and pin payments to contactless cards, as well as emerging application technologies!

Compatibility: An agile epos system will integrate seamlessly with your current systems architecture, including stock control and accounting software. There should be no requirement for clumsy bridges to be built, or separate systems to be used. Your provider should also have a process set up for integration is maintained, particularly when technologies are updated or new technologies emerge.

Security: With payments fraud on the rise, it's essential to realize that your EPOS system is equipped with the most recent security standards. A good epos provider will probably demonstrate how their system is secure and how it will stay secure later on.

Implementation: No restaurant can bear the cost of heavy amounts of down time while an EPOS system is taken off. Opting on a cloud-based solution can altogether reduce implementation time and expenses. Also, a cloud solution is anything but difficult to scale over a chain of restaurants, so as your business grows, your EPOS system will grow with you.

Support: An EPOS system supplier shouldn't simply be a supplier, they also be a partner. Someone who provides training to staff, who has support groups close by around the clock to manage any queries, and who will keep you aware of everything about new products and technologies that could further improve your efficiency.

Before you dive in, it is advisable to take a full demo of the EPOS system you're interested in purchasing. This should enable you to see precisely how it will fit into and improve the everyday running of your restaurant.

How To Know Whether Your POS an Asset or a Liability?

Is your epos system working with you or against you? One need to ask them self these questions...

In the world of POS, this phrase is more common than you may think. People get comfortable with how they do business and take payments, but also with anything: comfort stunts growth.

The Future of POS

Cloud POS and mobile payments have changed the retail and hospitality industries in the recent years, and merchants and restaurateurs are reaping the benefits of stepping outside of their comfort zone.

Is your epos system outdated and cumbersome? When was the last time you upgraded it? While we're asking these questions, here are some different questions you should ask yourself about your POS:

Is my POS simple to use?

POS suppliers sometimes spend much of their time and effort making a system ready to go above and beyond pulling reports, tracking stock and providing in depth analysis to customer information – that they forget the basic purpose of the hardware and software: processing sales.

Whist all of the features above are fundamental, the last thing they should be is complicated. Your POS should be so intuitive that new employees can quickly start using it to process sales. Furthermore, you should never need to fumble in your back office to see product sales, stock and customer data in order to pull the reports you have to make strategic decisions for your business.

Does my POS provide a stellar customer experience?

People don't like to pause. If your retail epos software is inconvenient and outdated, chances are it's influencing the service you provide to your customers. With sleek, intuitive software and cloud POS capabilities, you never need to live through the embarrassment of managing a defective or failing piece of junk when all your customer needs to do is buy something and leave.

Can i be able to access my POS data anywhere?

Promotional and analytical tools to help you to increase consumer satisfaction, increase business intelligence and improve your main concern.

The problem with legacy systems and even latest POS solutions with lackluster software is that they are stuck before.

By far most of those who've worked in retail have referred to their POS as a POS, however the 's'stands for something else.

Does my epos give me freedom?

Is your POS holding you back or giving you opportunity? Does it allow you to work how, when and where you need? Does it allow you to work with vendors and suppliers you can trust?

Most importantly, make sure your POS supplier gives you the opportunity to choose. The best POS systems are: hardware agnostic, Platform agnostic and payment gateway agnostic… meaning, you can curate your epos system to work best for you and your business.

How An EPOS System Benefit Retail Industry?

Epos Direct epos system designed specifically for the retail businesses, deliver a productive and efficient way to manage your stock and manage transactions with customers. Your epos system will become an essential part to your everyday running of your business. Choosing the retail epos solution, means you can implement loyalty programs to reward your customers and enable them to redeem gift vouchers. At the register, an item can be scanned with a barcode scanner or chose from a touch screen.

One of the key aspects of our one of a kind epos retail system is the inbuilt all in capability of scaling up. Regardless of whether you are an independent retail store single till, or your business has multiple outlets and many numbers of tills, we have a bespoke solution tailored towards the requirements of your business. Our epos system don't simply deliver the most recent in POS technology, but our industry specialists can deliver industry driving apps and hardware peripherals for your retail business that gives the end customer flexibility and freedom.

One of the key features that come with the epos retail system is the additional security which is of paramount importance to any business. All our epos units guarantee staff can be made responsible, so you have the ability to identify any financial inconsistencies should they happen.

Different keys features include the ability to get to access real time product sales and individual staff performance data on any device from anyplace, at whenever of the day. The retail epos system comes can be work both online and offline. So, never you will lose a sale, even if your internet goes down. Our epos system are used everywhere throughout the UK by a portion of the leading names in the retail business and their prominence is growing week on week.

An epos system will enable your business to monitor sales, staff, VAT, inventory, in addition to other things. The one defining difference with traditional POS (point of sale) system is that transactions are monitored by the central server, which matches them with relevant stock data to change available quantities. It won't just provide total sales report with individual staff performance metrics, but also stock forecasting is made easy.

If your business is investing energy updating stock physically and generating reports, you are reducing the time you spend on handling with the needs of your customers and affecting the growth of your business. The group at Epos Direct will hope to make sure your time is spent productively, and your account manager will work with you and your business, to give the best-fit epos solution for your needs. We offer complete flexibility and offer the epos solutions on a short and long term rental periods.

What Are Stock Alerts and How Can Retailers Leverage Them?

Staying on the top of inventory management is the most important for brands with multiple stores and a multi channel way to deal with sales.

As per Wasp Barcode, 46% of small businesses either never track their inventory at all or do as manually. In case if you're using inventory management software in your retail business, you're now on the right track.

Once when you've implemented the right tools though, it's dependent upon you to set up workflows and automation's to make your epos software work proactively for you. One way to do that is with stock alerts.

Below, we'll look at what stock alerts are, and why they are important. How you can use them internally and on the marketing side of your retail business.

What are stock alerts?

Stock alerts, also referred to as inventory alerts, let you know when there has been a significant or essential change in your level of inventory. Many businesses leverage low-stock alerts, but there are many types as well, including alerts for:

·        New shipment

·        Slow moving stock

·         Bilk or huge order

·         Inventory reorder point

Which alerts are best for you will depend upon the nature of your product, business, and retail operations?

A lot of inventory management software’s have the stock alert feature. Typically, a warning is sent to a specific individual, or group of people, when a product meets the parameters set for a given alert.

Value of stock alerts

Running out of stock is an undeniable and costly issue retailer’s face. Businesses lose 1.75 trillion every year to out-of-stocks, overstocks and returns. Think about this: Almost a quarter of Amazon's retail revenue comes from shoppers who attempted to buy a product in-store, but couldn't find it in stock. Stock alerts are designed to help retailers to keep away from this problem.

Stock alerts are valuable beyond helping keep items in stock. They also lessen a lot of susceptibility to human error and time constraints by automatically keeping you apprised of effective changes in stock levels.

By optimizing your inventory levels it helps you earn more profits, you can use your warehouse and storage space more effectively, and reduce holding costs or missed sales.

In case if you're managing online and offline channels, in various locations, or both, stock alerts can enable you to make sure each store location has enough stock on hand to meet the demand.

4 ways you can use stock alerts in your retail business

Maintain operational control

Stock alerts can help you and your team stays in control logistically. Fewer last-minute orders and more automated epos system create consistent retail operations and help your team more effectively manage stock.

"If your low-stock alert lets you a product is low when there's one remaining, unless you pay for rush shipping on your new order, you may still experience a stock out" said by Meaghan Brophy, senior retail analyst.

Brophy also proposes using a higher threshold for your most popular and fast selling items, as well as items you frequently run out of it. If reloading frequently is too costly, consider negotiating a better price with your provider for bulk orders.

"Many suppliers will offer discounts for bigger orders," says Brophy. "That is a great opportunity to boost your margins and gain even more profit from your best-selling items."

Know when to raise or lower prices

A lot of low-stock alerts for specific products can indicate it's a good time to increase prices. In the meantime, a stock alert for aging inventory could mean it's a great opportunity to run a promotional discount.

This approach has worked well for Misha Kaura, who owns an eponymous fashion brand and often uses pop up shops to connect with customers in person. Kaura's customers have a small window of opportunity to buy products she just makes 800 of each dress in her ready to-wear collections and only four in her made-to-measure collections one reason she has used low-stock alerts since beginning her business.

"I'm maintaining a luxury business, and I want to limit overexposure," Kaura says.

“As a result, I have increased the prices when the stock is low as it’s on the verge of being a collector’s product.”

Stay organized during busy selling periods

Busy selling periods, regardless of whether the winter holidays or another seasonal surge, pose great sales opportunities but in addition bring logistical challenges. Unpredictable demand, higher volume, and temporary staff who don't exactly know the in sand outs of your business are a couple of contributions to the chaos of these times.

These periods come and go quickly, so it's essential to be able to react to the opportunities they provide quickly. Stock alerts can enable you to stay notified of fluctuations in stock so you can create promotions, pricing, and merchandising for slow moving stock, giving your buying team some breathing space for fast moving items.

United By Blue implemented low-stock alerts for the first time prior to 2018's Black Friday Cyber Monday season. Thus, the retailer had to inform online customers of products that were running low, which helped customers into United By Blue's physical store to search for items that were sold out online.

Drive sales

As in the last example, you can use stock alerts as a marketing strategy to drive sales, both online and in-store.

Luxury candy brand Sugarfina allow its customers visiting its website to sign up and get in-stock alerts so they can learn when an item's inventory is replenished and available for purchase.

What are The Benefits of EPOS System?

There are many advantages in using an EPOS system in your business, and for those searching for the best retail EPOS systems in the market the listed below are the business advantages to keep in mind during your search.

Financial Accuracy

EPOS systems have an increases financial accuracy in contrast with other till systems when charging customers. While traditionally, businesses may rely on their staff's competence to correctly charge customers and accurately conduct transactions, human error is hard to keep under check. This leads to mistakes and omissions, resulting in over charging, undercharging and even loss of profit. EPOS systems greatly decrease the possibility of staff errors and can ensure a business' pricing and charging structure is consistent.

Speed and Efficiency

EPOS for retail and restaurants improve the speed and efficiency of transactions, which appeals to customers, enables staff to focus on their customer service and allows them to serve more people. It helps to improve the overall customer experience and encourages custom to come back again and again.

Reporting

EPOS systems can deliver a variety of businesses performance reports, ranging from every day analysis of profits to identifying top-selling products. It helps in providing businesses with a useful picture of their overall performance. The reports can help a business with a marketing campaign, and highlight services that should be improved, or help boost profits at slower times of the year.

Accountability

An EPOS system can allow businesses to monitor and record their staff activity. Business owners can pinpoint their staff members who are in charge of specific transactions that have performed well, and seeing the employees with the strongest sales figures, encouraging a spirit of competition inside the business. In contrast, one can also determine the poor sales figures or unusual activity.

Stock Management

Present day EPOS systems can manage stock for businesses as well enabling you to quickly review stock levels enabling you to identify areas where more stock is required. Automated EPOS systems can save a lot of time compared with manual stocktaking.

An epos system in your business can help you make more profits and having good control over your business. By an epos system from the best supplier in UK.

How Restaurant Can Be Benefited By EPOS System

Running a restaurant successfully is a significant task because you need to manage all things and by yourself and in case if you have manual record system in which all the record is composed on a register, then it would be more difficult to manage with the things.

Restaurant POS allows you to manage with your business effectively and with full capability using different software and tools. The electronic devices and software make you to manage things more precisely in your restaurant. Restaurant Point of Sale has many advantages that can cut your expense and lead your business to the level of success. Here are 3 amazing advantages of using hospitality epos.

Detailed Information

If you are using a manual system for saving the records, there may be a moment that you make mistake in placing the records. It is a quite a difficult task to look at the whole record that I wrote manually. So managing the system, on manual record isn't simple and you need to put in a lot of effort and energy to look for the facts.

On the other hand, a cloud based epos system for restaurant enables you to enter detailed information of your entire business from any terminal in it and through the central hub. This makes you to enter the record quickly and without making any error. You can access the stored information and record at whatever point you need and POS system will show you the detail of record inside seconds.

Fast and accurate

You must be sharp and exact while entering the records, but people can make errors and you can't blame them since it is a natural phenomenon that humans can make blunders. But these small human errors can be in all respects expensive for you if neglected.

You need to look for an appropriate solution for it. iPad Point of Sale management system you can enter your records with accuracy and there will be no problem in entering the data in numbers that might be up to a 10th place of decimal. This accuracy allows you to enter the records freely and get to them at whatever you want. You can keep a check on the records and information all the time.

Inventory management

If you are running a restaurant, then you have to keep the record of stored inventory and the expiry date of that stock. Manually, it is hard to manage all the things accurately and sometimes you need to face an issue like wastage of inventory and food.

Using the point of sale for your restaurant, you can track the entire inventory. It keeps the record that how many items were sold alongside the movement of things. That record help you keep a sufficient amount of inventory in your stock for future use.

All these are the benefits of using restaurant epos management system. There are more advantages of it that will boost up the performance of your business.

A successful restaurant needs to manage all the things by epos system so it can make your business to run smoother.