The Advantages of Using ePOS Software as a Retailer

As a retailer, you’re always looking for new ways to encourage growth in your business, attract new customers, and build a reputation for your brand. This can all seem quite daunting without the right tools to help complete the job. That’s where an ePOS system comes in. These handy tools perform many tasks besides payment processing; they can act as an inventory control tool, marketing assistant, and more. Keep reading to learn more about the advantages of using ePOS software as a retailer. Better Customer Relationships Retailers are always working to build better relationships with their customers. The more you know your customers and become familiar with their preferences and purchasing habits, the better you’ll be able to tailor your marketing efforts to reach them in an effective way. Modern ePOS systems come with a handy customer profile tool from which you can collect personal information including names, addresses, email addresses, and even phone numbers from your customers. From there, you can send promotional emails or mail, and you’ll get to know them on a first-name basis. Additionally, these great tools help you track your customers’ purchases so they’ll always have a sort of digital receipt in your system. You can analyze their shopping trends within your ePOS software to gain a better perspective on exactly what your customers are purchasing. Once you’ve nailed down the customer’s preferences, you can start tailoring those promotional emails to be more customized for the customer they’re being sent to. If Mary likes to buy perfume from your store, a coupon for laundry detergent might not catch her eye; but since you’ve analyzed her shopping trends, you know which items she’s looking for. Customers are much more likely to respond to a promotional email and follow up in its call to action if it contains their favorite items. Pay close attention to what your customers are buying and you’ll increase your chances of reaching them with promotions and coupons. This personalized relationship will help to foster trust between you and your customers. When a customer trusts the store they purchase from, they’re more likely to stay loyal to the brand; even if competitor prices are lower! A Better Inventory System Is there anything more frustrating and counterproductive than a disorganized inventory system or incorrect counts? This usually involves a recount (or two), further time spent on organizing your inventory, and re-entering data. This is not only time-consuming but also costly since you’re using up manpower to redo the task. Let’s forget about the old way you used to count inventory, and instead, focus on how your new ePOS system can help you get organized. With customizable product descriptions, organized categories for easy navigation and even notifications for low stock, the ePOS is going do most of the work from now on. Your ePOS system will give you real-time updates on inventory changes, so you will always know exactly what items you have in stock and when you need to order more. Best of all, you can integrate certain ePOS’s with your third-party vendor’s catalogs, so ordering stock is simple and you’ll always have exactly how much you need. Over-ordering stock can cause items to sit on the shelves for weeks or even months at a time. This is called dead stock and it is a detriment to your store. Deadstock turns no profit and therefore costs you money. Help to eliminate your dead stock by using your ePOS system to manage your inventory! Flexible Payments Means More Opportunities If your old POS system only accepts credit cards, cash, and checks, you’re already behind on the trends. Touchless payments, online payments, and even touchless credit cards are all payment methods that consumers used in 2018. These ever-changing payment methods are something every retailer should keep in mind when choosing an ePOS system. Monetary exchange is no longer a simple credit card swipe or counting out correct change; there are dozens of ways to pay, and if you’re not flexible in the methods your store accepts, you could be missing out on potential business. Entire groups of people use only one payment method for everything they buy, so not accepting that coveted favorite as a payment option in your store could mean losing their business. Once you expand the payment methods you can accept, you’ll notice some new faces in your store. Better Organization Overall Means Increased Efficiency What’s the golden rule of business? Fewer expenses, higher profits! How do you lessen expenses? Well, you get organized, of course! With ePOS systems equipped with organizational and management tools, you'll be well on your way to a more organized(and therefore more efficient) store. When you take steps to organize your inventory, concentrate your marketing efforts, manage employee performance, and accept more payment methods, you’re making a big statement to your customer base and placing yourself a step above the competition. Any business whose efficiency is a priority to the management team will experience increased growth and profits. Your goal should be to become as efficient as possible while keeping your customers engaged with your brand and satisfied with your service. Conclusion The world of payment processing is constantly evolving and without the proper tools to keep up with the trends, you’ll find your business slipping further into the past. Keep your equipment up to date to better reach your customers and organize your store. The tools you choose can literally make or break your business!

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