Currently, with the current retail climate and increasing competition in the high street, the need for greater detail on the inventory and the ability to keep the stock at an optimal level was never greater. Over the years, independent retailer have relied on the trusty cash register and “has a rational point of their stock position”.
Modern EPOS System (Electronic Point of Sale) enables greater efficiency and can improve all around margins. Inbuilt warehouse allows the retailer to determine poorly performing products / suppliers / staff and allow them to resolve all problems.
Many back-office applications have the facility of either link directly to the vendor’s site, or to e-mail or fax purchases/order over directly. This means that the time is taken with administrative tasks.
The system allows companies to integrate data from EPOS with data from handheld scanners, that means you can integrate the barcoded products on the journey from your suppliers to the warehouse, to the shop, to the final point of sales. You can then identify where goods are beinh held up back, compare the performance of different suppliers and their delivery time – and improve the results then.
Build a customer database, review their consumption pattern and run marketing campaigns based on customer’s shopping history, or based on types of products purchased historycally.
With e-tailing gaining ground and take market share from the High Street, connecting your EPOS system to your site provides online customers with fast, up-to-date stock information. If the stock runs out, EPOS can update the site to show that it is not available and warn potential customers that will be a delay in delivery or offer an alternative.
Choosing the right EPOS System ?
EPOS especially benefit organizations with a large throughput of goods to a large customer base. The larger the organization, the more sophisticated EPOS solution should be. But it may not be necessary for smaller organizations to invest in complex solutions.
Software-based solution
Your existing PC equpments may be able to run an EPOS application, the costs is around GBP 350. Additional hardware (printers, magnetic card reader, POS keyboard, keylock, monitor, service, cash drawer and customer display) are increasingly available in plug and play form.
Software packages linking EPOS to your accounting system
It costs about GBP 500 for each terminal. However, back office PCs requires its own software and you need to purchase additional modules for extras such Electronic Funds Transfer (EFT), label printing or remote access. This way can be cheaper and more flexible than buying an off-the-shelf system, but you may need advice on settings it up.
Stand-alone EPOS system
It costs around 5,000 GBP. You will receive a specialized EPOS terminals, software, printer and a network back office PC. Such systems often have XML or EDI links to connect to your site or back-office system. This would be suitable for companies with one or two retail stores.