An excellent point of sale system (POS system) is now practically an essential ingredient for Aussie and Kiwi retailers of any size — even small businesses. The right POS system will not only help retailers manage day-to-day sales and inventory but will allow your business to do and sell more, more easily.
So if you think your business isn’t large enough for an ePOS system, think again. E-point of sale systems suit business models of all sizes and complexities. And the sooner you set one up, the sooner you can grow your business. You’ll benefit from smart algorithms, make data-led decisions, access built-in loyalty and marketing software, and profit from cross-channel selling. Packed with potential, it’s a must-have for all retailers. Learn why below.
Before we dive into the point of sale software features and benefits for small businesses, let’s clarify some terminology.
Retail POS Systems: a quick summary
What is a retail point of sale system?
Years ago, a retail point of sale system was the humble cash register with simple cash register software. Or, to be correct with our terminology, the point of purchase took place at the cash register. The customer would go to the store cashier at the cash register, hand over their cash, then receive their goods. But things have got a lot fancier now that retail has gone digital.
What is retail e point of sale software?
Today, electronic point of sale (ePOS) software has become an all-encompassing term covering a variety of things. For example, ePOS software includes the front-of-house hardware and processing of customer transactions. It covers various functions like inventory management, online store integration and loyalty programs. And a huge advantage is that today’s software can integrate the data from your physical store with your online store, combining bricks and clicks
Next, let’s discuss the reasons why your retail store needs good, cost-effective, cloud-based ePOS software now.
The 8 Reasons Why Small Businesses Need an e Point of Sale System
1. Cloud-based POS Systems are safe, precise, streamlined & scalable-
Cloud EPOS systems allow you to access live, precise data without annoying data delays or corruption.
Having a cloud-based system means you no longer need to spend time and money managing servers and other IT infrastructure. You’ll reduce the cost of ownership and can focus your IT team on adding value rather than managing infrastructure. They are easier to integrate with other business software applications via the cloud and API.
Plus, they are more scalable, so it’s easier to expand your stores. There’s no need to install software or on-premise servers in each new outlet. And, you won’t have to pull in your IT team with each new store setup, saving you time and money. Cloud technology can also seamlessly take on the latest system updates without annoying downtime. The latest upgrades will also happen automatically, giving you the best performance and longevity.
Cloud ePOS systems are also more secure. Storing your data locally can be extremely risky, but a cloud system removes the need to store sensitive data on your computer’s hard drive. Instead, it will be safely stored in the cloud in enterprise-grade data centres based in Australia, making it an extremely secure option.
2. Instant online or offline access to your retail business-
A cloud POS system allows you to access your data anywhere. This is a huge bonus for retailers who often work remotely or while travelling. Plus, you can work online or offline, so there’s virtually no time you can’t work.
With an electronic point-of-sale system that has an offline POS mode, you can continue making sales even when the WiFi connection is lost. So if, for example, there’s a nasty storm and you lose your WiFi, you can keep selling. Once you’re back online, all your data will be synced correctly — without any dramas.
3. Cloud POS dramatically reduces admin time-
With the click of a mouse, effective e point of sale software will quickly give you relevant, real-time reports, automatic processes, and algorithm-based stock allocations. So there’s no hunting for numbers or spending hours on tedious, time-consuming tasks.
Retail business owners often waste way too much time on admin when they don’t have to. But with retail ePOS software, many manual tasks are taken away. So, you can get back to working on your business (focusing on ways to profit and grow), not in your business.
4. Access to more features increases your retail business’ profitability-
Retail Express ePOS (electronic point of sale) solutions are jampacked with features to increase your turnover, such as inventory management, supply chain, and buyer behaviour features that you can use to maximise your stock usage, target retail customers with personalised marketing and increase profits.
These features are possible due to one central, fully integrated view of your business. This integration allows you visibility of stock allocations across stores and channels (think eCommerce, in-store and marketplaces), customer data and accurate ETAs on incoming orders. So, you can focus on the stock you know sells well and sell it anywhere your customers are.
5. Stock control systems make ordering inventory easy-
Inventory ordering is far easier and more accurate with automated stock control systems. For example, Retail Express’ cloud-based e-point of sale system has built-in inventory management software. And it’s highly popular for a reason. It ensures you’re stocking the right inventory in the right stores at the right time.
Such automation is a massive advantage, as 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.
Inventory management systems do the thinking for you, so you feel more confident about your decisions. They can tell you exactly what customers are buying, show you what your inventory turnover rate is and supply automated purchase orders based on data so you can set up smart repurchasing.
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 arduous admin work. And, they were set up with our software in less than 10 weeks.
6. Quick loyalty program set-ups for customer convenience-
Customer loyalty programs are a great way to make customers feel valued. They can be hugely beneficial for small businesses — with the help of electronic point of sale systems.
Online POS systems allow you to create loyalty programs quickly, based on the numbers and loyalty style that suits you — points, credits, vouchers, free delivery, etc. Plus, they can segment your customer base extremely well, and effortlessly. These programs help grow small businesses, encouraging repeat customers, larger basket sizes and giving shoppers a great customer experience.
You can then leverage loyalty programs to monitor customer behaviour and trends. Using this incredibly insightful information, you can send out ultra-personalised marketing campaigns. Not only that, you’ll be better informed to make stock purchasing decisions.
7. Ultra-personalised marketing campaigns-
As we’ve mentioned, ePOS systems give you customer information to create brilliant marketing campaigns that work. And you can do more than create brilliant loyalty programs. You can use past order history, buying trends and specific brands customers enjoy to create marketing promotions you’ll be confident your customers will respond to. Why? Because they’ll have a far more personalised experience. And that can dramatically increase your profits.
For a deeper insight into these possibilities, check out the seamless POS integration of Retail Express and ActiveCampaign. Seamlessly integrating with Retail Express, ActiveCampaign is an automated (and frankly turbo-charged) marketing machine that will set you miles apart from your rivals.
8. Centralised business intelligence-
To compete in today’s challenging market, your retail business needs to function as an omnichannel system. This means that all data is integrated into just one central database where you can see real-time, automatic updates on your stores, sales, and 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 let you make better-informed business decisions from the get-go. So you’ll no longer have to go back and fix decisions made on hunches.
The sooner you start, the sooner your retail business will prosper
At Retail Express, we’re confident we can offer most ANZ retailers the best point of sale system for their retail store. Our product offers more features and integrations than the cheaper retail POS systems on the market, yet with less risk and set-up time than traditional (expensive) enterprise options. It’s simple to use yet has the power to handle complexities. Plus, you’ll get more Australian-based customer support than any AU/NZ competitor could offer.