What is EPOS software?
Understanding the benefits of EPOS software
Electronic Point of Sale (EPOS) systems have come a long way since IBM first released its 3650 Retail Store System back in 1973.
Today’s models offer constantly improving features, including customer data capture, inventory management, and sales tracking. Some EPOS systems allow customers to use their own iPads as the central component, which is particularly advantageous for independent and mobile businesses, or ones that rely on personal selling like mobile phone stores.
Following this transformation, we witnessed another global shift with the emergence of COVID-19 and subsequent lockdowns. As a result, every aspect of our daily lives has seen significant changes, and the shopping experience businesses need to provide is no exception. Ultimately EPOS software has become more crucial than ever before, revolutionising the way people operate and serve their customers, and enabling micro businesses and market traders to compete with bigger brands.
What is an EPOS system?
Supporting a number of payment methods, an EPOS system combines software and hardware to create a streamlined shop till system, facilitating faster checkouts, transaction management, and inventory monitoring from a single device. The software offers remote sales viewing, inventory updates, advanced reporting, security, and integration options. EPOS hardware ranges from basic card readers and phone apps to more comprehensive tools like barcode scanners and Bluetooth receipt printers.
Here are just some of the benefits an EPOS system can provide for your business.
Contactless transactions
In our fast-paced world, contactless payments have raised the bar on convenience. With many consumers now using wallets on their phones for everyday transactions, EPOS systems offer a hassle-free way for people to pay so they’re not digging for change or swiping cards. This helps businesses to stay competitive by improving the experience for shoppers.
Quicker queues
Traditionally, stores might only have one point of sale, this meant a single or limited number of payment points – resulting in long queues of impatient customers who not only became frustrated but may also have blocked access to other shoppers.
This is why EPOS systems are perfectly-suited to a busy retail environment. By placing multiple terminals throughout your store, you can efficiently control and reduce queues. Customers can complete their transactions quickly, without having to endure long lines, making buying faster.
Integrated systems
Amid the ongoing debate between ecommerce and brick-and-mortar retail, EPOS software helps to unify the two, creating a true omni-channel retail experience that drives sales and increases customer loyalty.
For instance, if an item is unavailable in a particular size at your store, a quick check through your system can show where it’s located in your warehouse. A few more clicks, and the customer can pay at your terminal, opting for home delivery. This level of integration enhances the overall shopping experience, bridging the gap between online and offline sales.
How to get started
Given these benefits, it is evident that a big driver in ensuring you are successful and competitive is EPOS software, which has evolved from a business tool to a necessity. Investing in this technology can help you to maximise every customer visit and ensure that your in-person experience is perfect.
EPOS software is now the foundation of modern retail businesses, offering a faster, and more integrated shopping experience for both business owners and their customers.