How EPOS helps you to get sales moving
Many retailers with a physical store are diversifying simply to keep up with the ever-growing threat of online shopping. For many, this is means increasing assorted lines of stock and selling online, but keeping track of it all can be challenging. James Steel, Director of Business Development at Citrus-Lime explains how streamlining payments and stock control with help from an EPOS (electronic point of sale) system can be the solution to keeping ahead.
What are the main benefits?
A good EPOS system will simplify the day-to-day operation of a busy retail business. Making everyday tasks quick and easy to complete wins back valuable time for the whole team.
A well-designed EPOS system will help join up all areas of a modern retail business. Cloud POS, for example, helps to manage inventory, record sales and support customers. It will record all data related to these activities too. That continuous store of data builds a picture over time. That picture helps a business understand what's driving its success.
Retailers tend to have good instincts for what works. But great retailers use data to support their decisions. As a result, their greater confidence enables them to reach their goals faster.
Are they complicated to use?
The aim of any EPOS system should be to help a retail team become more productive and drive growth. All retail businesses have similarities, but it would be a mistake to assume they are all the same.
You should look to engage with an EPOS company with an onboarding team that has high levels of empathy for the diverse needs of its customers.
Are their differences between systems for retailers, manufacturers and/or wholesaler/distributors?
Yes. EPOS means ‘Electronic Point of Sale’. ERP means ‘Enterprise Resource Planning’.
Each focus on a particular business type, but similarities do exist. For example, ‘back office’ functions, such as purchasing and inventory management, are common.
Generally, ERP Platforms deploy in larger organisations, such as manufacturers. EPOS tends to be present in consumer-facing businesses, particularly retail.
Are they easy to set up and adaptable?
All EPOS systems are the foundation technology of retail operations. The choice of EPOS determines how fast a business can respond to new opportunities. Some are simple by design. Some are feature-rich but difficult and costly to build upon.
Cloud POS is modern, modular, quick to deploy and has a low ongoing support cost. This means that a retailer can start big or small and scale according to their needs.
Can an EPOS automatically transfer data into an accounts package?
Yes. Support for this will vary by EPOS system. Cloud POS is compliant with the current requirements for Making Tax Digital. Cloud POS also supports automated data transfer to Xero.
Can an EPOS system help a business to better understand profitability?
Yes. Of course, the accuracy of data entered into an EPOS system determines the value of any reports it produces. Only ‘good data’ will support confident decisions that produce great outcomes.
Mistakes do happen, especially in environments open to distraction. A decimal point in the wrong place here, a mistyped reorder number there. Over time, small mistakes can add up.
It makes sense to reduce how many hands touch critical data. Unique in nature, Cloud POS integrates data direct from many suppliers and brands. Cloud POS also stays connected after import and tracks changes in the data over time.
What does a retailer need to know about setting up an EPOS system?
That the immediate discomfort of change will prove to be worthwhile. Change is always harder than one would like. But, in our experience, those that embrace EPOS move towards their goals much faster.
What new advances are there from five years ago?
Five years may not seem like much but, in software terms, it is an age. The advances are many. But one key advantage of modern EPOS is the speed at which a business can react and adapt to new opportunities.
Modern EPOS runs over the internet, instead of installed on a local computer. In other words, modern EPOS is cloud-based. The cloud makes new developments quick to deploy and simple to adopt, often at low-to-no cost.
Launched in 2017, Cloud POS has always been cloud-based. But Cloud POS is never finished. The world always presents new challenges, so Cloud POS must keep moving forward. The pace at which Cloud POS develops contributes to a customer’s success.
What are the most common pitfalls to avoid when buying an EPOS system?
Understand that your goal is not to own an EPOS system. What you are doing is investing in your desired outcome.
The outcome might be reducing the administrative load on the business. It might be that you want to increase your margins. It might be that you want to grow the number of stores you have. It might be that you want to finish important tasks and get home in time for family dinners. Whatever it is, that's what you are seeking to buy.
The salesperson will either be able to show you how their EPOS can help you achieve your outcome, or they can't. With that in mind, you are far better prepared for the unfamiliar task of evaluating software.
Top tips for managing stock
Many retailers struggle to manage their stock across their entire season. They often have too much of something left over, or run out while demand is high. So, if your EPOS supports it, use data to understand how your stock performs over time.
Cloud POS offers a simple report for doing this. For example, our ‘Weeks Cover’ report will show you how fast stock is selling and it will predict when it will run out. This helps to plan how much stock is needed at any given time.
Min/Max settings will help to optimise any investment in stock. The Min setting allows the user to define how low each stock item can get before more needs ordering. The Max setting seeks to define how many will need ordering to keep up with demand.
Min/Max, combined with Weeks Cover, reduces the amount of cash tied up in stock. But it also helps to ensure that a sale in never missed.
What is an end-to-end system and why does it make good business sense?
Most EPOS platforms focus on supporting the in-store activities. They then offer ways for a range of other software providers to connect to their EPOS.
In theory, there is nothing wrong with this approach. But as a business grows, the number of plug-ins and widgets required to serve customers grows too. With that comes increased complexity and higher risk of system conflict. Businesses become nervous of changing anything for fear that something will go seriously wrong.
An End-to-End system lowers the cost and complexity experienced by the retailer. It does this by joining more key areas of a retail business within a single system. Look for systems that deliver integrated ecommerce with market-leading Click & Collect.
For help getting started with EPOS and Ecommerce, visit www.citruslime.com