EPOS system
Cashless payments, many cards, and digital wallets – Brits rarely carry cash these days. Hence, if you are still imbibing old methods of cash payments for your business, you could be losing a lot of money in annual sales.
Cashless payments, many cards, and digital wallets – Brits rarely carry cash these days. Hence, if you are still imbibing old methods of cash payments for your business, you could be losing a lot of money in annual sales.
What is an EPoS System?
EPOS (electronic point of sale) technology is the new system of modern cashless payments that work equally well for your business and the customer. All you need is a card reader and POS software. This system was introduced in 1992, and by the late nineties, 89% of UK’s grocery retail sales were being done by the EPOS system – making it a staple business tool!
The high need for management for the stock, warehousing, and sales in the supermarket arena was the most significant kick start for the EPOS system. Both small and large retailers have tremendously benefitted from the installation of EPOS systems in their units – with the ability to track stock, sales, and even the performance of staff. Payments methods are streamlined and secure. The growth of the internet has been a significant factor in the evolution and viability of EPOS systems.
Here are some EPOS statistics from Britain’s System of Grocery Distribution:
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75% of units have seen a surge in labour efficiency.
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63% have witnessed better product availability.
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55% of the units have experienced improved security.
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100% of the units have benefitted from cost-reduction.
That’s commendable!
As we see, the figures speak for themselves of the impact EPOS systems have had on the working efficiency of retail units. With the growth of an online retail business, the need for more advanced and highly customised EPOS systems came into demand. EPOS can be tailored for specific business needs. Advanced EPOS software can monitor sales of online portals, integrate sales, adjust stock and track sales. From the customer’s perspective, it’s a beautiful user experience of seamless online shopping. And at the business’s end, it’s not just accelerated one-time sales, and they also gain a devoted customer for life.
While machines and operating devices are required to install the EPOS, the real power lies in the software. Skilled programmers and software administrators are developing productive, yet cost-effective, software to meet the tailored specifications of businesses. No matter how small or huge your business is, EPOS’ have the power to streamline stock monitoring, manage sales and basically, add value to your business! Since people do not carry much cash these days, it becomes mandatory for a retail unit to maintain an EPOS card reader. Also, businesses that only take cash payments are looked upon as old fashioned while deterring potential customers that don’t carry cash. EPOS system consolidates and synchronises all areas of the business like inventory, purchase, sales, and labour management. This improves the functionality and efficiency of the overall working of the retail unit.
