From a basic necessity to a powerful piece of business software – a good electronic point-of-sale system, “EPOS”, will do much more than simply help you make transactions. But did you know it can even act as a fortune-teller? Here are 4 ways your EPOS system can help you predict the future!
An electronic point-of-sale-system is an essential bit of kit when you want to run a business. It lists your inventory, helps monitor your staff, manages tables, split bills and takes payments. Electronic point of sale features can be endless — the right system can even boost your bookkeeping and keep you tax compliant, but what’s the one thread that ties all these features together? The answer is data.
Every action you perform and payment you take is tracked by your EPOS system and saved to the cloud, while you’re busy working, your data is being cleverly aggregated and used to create the sales reports that you see at the end of each day.
EPOS features can be endless — the right system can even boost your bookkeeping and keep you tax compliant.
Everyone has access to these reports, but few people understand just how important they can be for business. If you want to make predictions about customer behaviour, stock levels and financial growth, these reports are the way to do it. So, if you want to make better business decisions, here are 4 ways you can use your EPOS system to predict the future.
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1. Get smart sales insights
By customising your reports you’ll immediately identify your best-sellers, busiest days or perfect price levels. Did the promotions you ran last month make sense? Did sales go through the roof and justify the discounts? Your EPOS tells you what worked and what definitely didn’t.
When you’re continuously monitoring your sales, you’ll be able to quickly update and adapt your strategy based on proven success tactics.
2. Predict your inventory
Are you sick and tired of managing inventory? Anyone running a small business knows that inventory management is one of the more time-consuming activities for people who want to stay on top of stock. In the old days you’d have to note every single item down on paper and then pray to god that you didn’t spill coffee on it, but with a modern-day EPOS, your inventory management can be completely painless. You can choose to upload an excel file that lists every product and price, or you can add them one by one in a matter of minutes. Once they’re in the system, stock levels will adjust automatically with every sale and any time a return is made. Simple.
Your POS-system will let you know when you can expect higher demand, so you can capitalise.
Why does inventory management matter? Well, it will help you make smarter decisions when you re-order stock. What gets returned too often? What’s been selling more than you imagined? Why do people buy so many green juices at 11:00? And are they same people who come back at 17:00, give up on the juice cleanse and just buy wine? Your POS-system will let you know when you can expect higher demand, so you can capitalise. Inventory ranking reports are based on gross margin, not gut feeling, thus giving you a more honest overview of each product’s profitability.
3. Become a better manager
No, your POS systems won’t automatically make you an amazing boss. As you’ve probably experienced, there are plenty of people out there with poor people skills on both sides of the counter, and no EPOS can solve that very human riddle. But what your EPOS can do is act like a perfect assistant, so that you can focus on management. It’ll make sure you won’t end up having your shop jammed up with people in busy months of the year. How? Because you’ll know in advance when you need to hire more based on the insights it gains each day.
Your EPOS can do is act like a perfect assistant, so that you can focus on management.
The beauty of a well set up product library is obvious. Not only is it easy to use; it’s also simple to explain when you take on new people in your team and it continuously helps you monitor your sales. What are you selling? And to whom are you selling?
4. Create personal relationships
You often know more about your customer’s shopping behaviour than they do themselves. If you identify your most loyal customers and give them some extra love, you’ll ensure they keep coming back. Like we’ve said many times before; remember that it’s much easier to keep an existing customer than attract a new one.
Keep in mind that customers are becoming more demanding today and expect personal deals.
State-of-the-art EPOS systems make it possible to add customer details to a digital database and send them tailored offers. Keep in mind that customers are becoming more demanding today and expect personal deals. Imagine you are a regular yourself – and you receive a promotion for an item you have never ordered (like that matcha green tea smoothie you disgust). If your café had known that you always buy cortados on Thursdays and offered you a cantucci for free, you’d be back in a flash. These are the kind of offers that fill your seats, so remember: many customers often don’t know what they’re looking – but with a smart EPOS system – you do!
iZettle Pro is a complete electronic point-of-sale system that helps your bar, cafe or restaurant offer a better customer experience and grow. Still not totally convinced? Check out our What is a POS system to ensure you’ll make the right decision!