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’s also 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.
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 didn’t.
Once 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 keeping on top of your stock can be time-consuming. In the old days you’d have to note every single item down on paper and pray you didn’t spill coffee on it, but with a modern-day EPOS, the process is far less painful. 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 every time a sale or return is made. Simple.
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 the same people who come back at 17:00 to buy wine? Your POS-system will let you know when you can expect higher demand, so you can capitalise. And because inventory ranking reports are based on gross margin, not gut feeling, you’ll get a more honest overview of each product’s profitability.
3. Become a better manager
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 the perfect assistant, so that you can focus on management. Based on the insights it gains each day, you’re EPOS can help you with things like staffing, so you know when to hire more help and avoid any long, frustrating queues in your busy months.
Also, your electronic POS system gives you an overview of the productivity of each employee, so you can assign busy shifts to diligent workers, and calmer shifts to workers who are a bit slower, but perhaps deliver a more personal service experience. All this, based on the insights from your staff accounts.
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, and continuously helps you monitor sales – telling you what you’re selling and to whom.
4. Create personal relationships
You often know more about your customers’ shopping behaviour than they do. If you identify your most loyal customers and give them some extra love, you’ll ensure they keep coming back for more. It’s much easier to keep an existing customer than to attract a new one.
Keep in mind that customers are becoming more demanding today and expect personal deals.
State-of-the-art POS 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. Aswell as top-notch service, they expect personal deals. Imagine you’re a regular and you receive a promotion for an item you’ve never ordered (like that matcha green tea smoothie you despise). 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, often your customers won’t know what they’re looking for – but with a smart EPOS system – you will!
iZettle Food and Drink app 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 blog to ensure you make the right decision!