What you’ll learn:
- Why e point of sale systems suit any business model and business size
- How small businesses can set up their business for success with an ePOS system
- The 7 reasons why small businesses need an ePOS system
Great point of sale systems have countless benefits for small businesses. Not only do they help retailers manage day-to-day sales and inventory, but also set your business up to expand.
If you’re thinking your business isn’t large enough to need one, this is for you. E-point of sale systems suit business models of all complexities — and the sooner you set one up, the sooner you can access built-in loyalty and marketing software, smart algorithms and cross-channel selling as your business grows.
If you’re still sceptical, let’s dive into all the reasons and benefits of POS systems for small businesses.
The 7 Reasons Why Small Businesses Need An E Point Of Sale (ePOS) System
1. Administration time can be significantly reduced
Effective e point of sale software easily provides you with relevant, real-time reports, automatic processes and algorithm-based stock allocations — all so you don’t have to hunt around looking for numbers or spend hours on time-consuming tasks.
Retail business owners often spend so much time on administration work when they really don’t have to. ePOS software takes manual tasks away, so you can get back to working on your business, not in your business.
2. Access to more features increases your store profitability
POS solutions are full of inventory management, supply chain and buyer behaviour features that you can use to maximise your stock usage, target customers with personalised marketing and increase profits.
How, you might be asking? With visibility to stock allocations across stores and channels (think eCommerce, in-store and marketplaces), customer data and accurate ETAs on incoming orders — you have one central view over your business. So you can focus on the stock you know sells well, and sell it anywhere your customers are.
3. Stock control systems make ordering inventory easy
A great e point of sale system will have built-in inventory management software that ensures you’re stocking the right inventory, in the right stores at the right time. Overstocks and understocks can be costly, especially for small businesses that might not have the capital to fall back on if you make the wrong call on inventory orders — making inventory decisions crucial.
Inventory management systems tell you exactly what customers are buying, what your inventory turnover rate is and supplies automated purchase orders based on data so you can set up smart repurchasing and feel confident about your decision.
In fact, men’s fashion manufacturer and retailer, Rembrandt, did just that. By leveraging automated purchase orders and inventory management reports on sales, Rembrandt was able to order the right stock across each store and channel without the admin work.
4. Quick loyalty program set-ups for customer convenience
Loyalty programs are a great way to make customers feel valued. And if you’re thinking they’re just used by large businesses, they can be hugely beneficial for small businesses with the help of e point of sale systems.
ePOS systems give you the ability to create loyalty programs quickly, based on the numbers and loyalty style that suits you — points, credits, vouchers, free delivery etc. These programs help to grow small businesses, encouraging repeat customers, larger basket sizes and giving customers a great experience.
Loyalty programs can then be leveraged to monitor customer behaviour and trends, helping you make stock decisions and giving you specific order history to send out ultra-personalised marketing campaigns.
5. Marketing campaigns that are ultra-personalised
Like we just mentioned, ePOS systems give you customer information you can use to create marketing that works. Not only can you create loyalty programs, but you can use past order history, buying trends and specific brands customers enjoy to create marketing promotions you can feel confident your customers will actually respond to — giving them a personalised experience and increasing your profits.
6. Centralised business intelligence
Your business should always have one central database where you can see real-time, automatic updates on your stores, sales, suppliers and access smart reports.
The right ePOS system should have the ability to provide meaningful reports on your inventory, supplier delivery times and costs, customer behaviour, finances and omnichannel performance. Reports that give you actionable insights enable you to make better-informed business decisions from the get-go, not retrospectively having to go back and fix past decisions made on hunches.
7. Instant online or offline access to your business
The ability to access your e point of sale solution anywhere, anytime is now a necessity. Small retail business owners often need to work from home or while travelling, making easy access even when you’re offline crucial.
With new generation cloud technology, even ‘e’POS systems should be able to be accessed online or offline instantly, so you can operate your stores and see important data without physically being there.
Small businesses benefit from setting up the right point of sale system sooner
Having an accessible, easy to use e point of sale system that allows you to make smart decisions for your business is crucial for retail business owners, even small businesses. The right tools and features allow you to set up your business for expansion and success now and in the future.
You can now book a no-obligation, personalised demo to understand how simple an ePOS system is to set up and how it’ll work for your business exactly.