Are you still using a cash register and traditional POS to manage and track the whole process of sales, inventory, and customer information? You are missing big chances to save time, optimize business efficiency, access more customers and level up numbers of sales for your stores.
EPOS system is of importance in the retail revolution for processing sales and transactions. While cash till and traditional POS slows down your transactions and increases the chances of errors, EPOS helps retailers of all sizes to save more time managing stock with the seamless data synchronization between your offline store and eCommerce website.
What is an EPOS system?
EPOS stands for Electronic Point of Sale system. It’s a combination of EPOS hardware and EPOS software that provides an efficient business operation. With an EPOS system, a store owner can process, and track sales, and other procedures easier. He also gets a better understanding of his business performance.
EPOS system is also connected to an eCommerce site. The online-to-offline integration provides customers with seamless stock information and shopping experience.
EPOS Software
EPOS Software is the key to successful retail management. It is essential to have one EPOS software that suits your business needs. After deciding on the best fit for EPOS software, the next step is to choose compatible EPOS hardware.
Common EPOS till software features include, depending on specific business needs:
- Stock control and tracking
- Purchase and order processing
- Loyalty programs
- Promotions and discounts
- Integration with an eCommerce website
Some types of businesses may require different or extra functions to fit their specific needs. Many EPOS system suppliers are aware of this and offer a scalable system that suits the business growth. And many provide customization service to ensure a best-fit solution.
EPOS Hardware
Depending on specific needs, each business may wish to have different EPOS hardware components.
The core hardware comprises a terminal screen. This is where you input orders and process payments. In recent years, the price of touchscreen monitors has fallen and become affordable to many retailers. The touch screen display allows faster data entry at the point of sale and waives the need for a keyboard.
The additional EPOS hardware components are connected via cables or wirelessly. They may or may not include:
- Cash drawer: A lockable metal drawer to store cash. The EPOS system controls by whom and when a cash drawer is opened. Hence, this reduces employee theft.
- Receipt printer: A printing device to create a record of the customer’s transaction.
- Barcode scanner: An electronic scanner that reads barcodes to identify product details on the EPOS system. There are different types of barcode scanners, but the most common forms are handheld and multiline. Multiline scanners can read barcodes from different angles, which speeds up the process. They are ideal for places with a high volume of transactions. On contrary, handheld barcode scanners are used where there is a smaller volume of transactions.
- PDQ Terminal: A device to accept credit card payments.
- Customer Display/ Pole Display: a standing device to deliver price and advertising information to a customer at the POS.
- Tablet/ iPad EPOS: A portable hardware used in addition to/ instead of the traditional EPOS to assist with business operations. This is suitable for such businesses requiring higher mobility or small stores with limited space. For example, mobile vendors, quick-service restaurants, coffee shops, gift shops, juice bars, sandwich shops, etc.
Buying both EPOS software and hardware from one supplier ensures compatibility. This requires no extra integration and reduces your costs. However, chances are the system does not meet your expectations. Then, you have to throw everything away and start all over again as these hardware/software are mostly compatible with those of the same brand only.
How do EPOS systems work?
An EPOS system is like a cash till/ cash register that is connected to a computer.
The EPOS system reads the product barcode via a barcode scanner and calculates the amount that the customer has to pay. This provides accurate pricing information while offers a faster service to buyers.
At the same time, the EPOS software records sales, update stock levels and customer data in the backend of the seller. Later, the store owner can extract different types of reports anytime. These reports reflect the real business performance and assist in decision-making.
Why use an EPOS system?
Compared to the traditional POS, an EPOS system has a variety of benefits, especially in long-term:
For customers:
- Ensure correct product pricing and information on multiple sales channels;
- Speed up order processing and transactions;
- Allow customers to use promotions and discounts both online and offline;
- Deliver a smooth and convenient shopping experience via multiple payments and shipping methods.
For store owners:
- Centralize business operations and manage multiple sales channels from one place;
- Enhance customer satisfaction, multiple shopping options: online, in-store, click and collect;
- Make better, more accurate inventory forecasts based on demand forcast, suggest sending PO to suppliers;
- Keep track of business performance to provide insightful reports: sales reports, cash tracking, cash flow reports, staff performance, product reports, discount reports, inventory reports, and more;
- Increase sales performance with omnichannel selling;
- Reduce time and mistakes in manual processes;
- Enable correct, instant, and easy data update;
- Set tier staff permission to reduce potential employee theft.
5 Different types of EPOS system
Any business requires efficient management of sales, inventory, and customer data can utilize an ePOS system. You can see many ePOS used in brick-and-mortar retail stores, restaurants and cafes, bars and pubs, salons, spas, pharmacies, convenience stores, gyms and sports equipment stores, online and e-commerce businesses, etc. Besides, there are some EPOS systems for restaurant, pop-up stores, and EPOS system for takeaway.
Retail EPOS System
EPOS system for retail shop is suited for businesses like the supermarket, grocery stores, garden centers, pharmacy, hardware store, general store, and more.
Hospitality EPOS System
The hospitality EPOS system is best suited for independent hospitality businesses and multi-international chains and franchises like restaurants, cafe shops, hotels, pubs and bars, nightclubs, fast food centers, and many more.
Fashion EPOS System
The fashion electronic point of sale system is best suited for boutique clothing stores, shoe shops, fabric stores, suit stores, and many more.
Beauty Salon EPOS system
The beauty EPOS system is best suited for hair salons, spas, gyms, tanning salons, treatment rooms, a hospice/NHS, massage parlors, and all kinds of salons.
Service EPOS System
The service EPOS system is best suited for launderettes, watch repair, shoe repair, key cut, garage jewelers, and any other service or repair business.
5 Common mistakes when buying an EPOS system
Buy the cheapest EPOS system
You may get tons of offers for low-priced hardware and EPOS software. Caution: resist the temptation to save yourself a few dollars before getting yourself into a potential nightmare.
By buying a cheap EPOS system, you may put their business at risk. As a result, you may end up with more costs to fix the damages than your initial investment.
Again, my advice is to plan a few years ahead, prioritize the needed functions, and check your budget. Then, buy the best technology you can afford. A reliable EPOS system will save you efforts and costs in years to come.
Choose the wrong supplier
A reliable supplier provides a reliable EPOS system. Thus, do diligent research on potential suppliers before picking one.
Essential questions for the potential EPOS supplier may include:
- For how long has the company been in business?
- How large is the company? How many employees/ developers do they have?
- Does the company provide the EPOS system or are they a reseller?
- What is their support policy and refund policy?
- Do they provide training or product guides?
Buy hardware first
Many retailers make mistakes when buying a POS hardware first, and look for a software to go with it later. Unfortunately, some software only integrates with specific hardware.
Therefore, it will be wiser to do the other way round.
Select an EPOS software that meets your business needs first. Then, get an epos hardware that is most compatible with the software you intend to use.
Overlook the future needs
An EPOS system contains a tremendous amount of your business data. And you do not want a system just to be replaced after a few years.
Thus, look for a long-term EPOS system that fits your potential requirements instead of addressing your current issues only. Start by planning ahead your goals in the next 5 years (at least!), prioritize your needs and match your plan with your budget.
Expect a one-size-fits-all system
Each industry has unique requirements and each business has its own, too.
For example, a clothes shop needs an EPOS system that supports different sizes and colors of an item. The shop may want its EPOS system to take a mix of different payments and offer custom discounts.
It’s hard to find an EPOS system that meets all your requirements in the first place. Hence, you can consider an EPOS system that can address about 95% and get customization for the rest. Most reputed EPOS providers also offer customization services to ensure the solution best fits business needs.
Start to build your own EPOS solution
Flexibity and scalability of EPOS solutions for retail are essential tool for your modern businesses to improve customer statisfaction and streamline operations for better outcomes, so as a retail owner, you need to consider all factors before deciding to implement a specific POS solution.
It’s time for you to elevate your business to new heights with Magestore POS – all-in-one EPOS solution for retail. Besides important features such as sales by cash, card, PayPal, discounts, printed receipts, barcode reading, the biggest difference in Magestore EPOS system’s functions versus other POS solutions in the market is offline mode. Magento experts at Magestore can design your own POS solution to use in multiple device and work as a mobile EPOS system, iPad POS, and web POS.
Thus, you can checkout orders without an Internet connection. Later, data will be synced to the backend once the internet is back. Regarding pricing, Magestore relies on a one-time payment for their license. You may need to invest a higher amount upfront compared to the subscription plan, but save operational costs for your lifetime.
Let’s talk to a Magestore business consultant now if you’re also looking for an EPOS system for your business.
FAQs
1. What is EPOS vs POS system?
EPOS and POS systems are essentially the same. Many people think that ePOS implies electronic POS or a modern POS system while POS system doesn’t. However, in the retail industry nowadays, we should understand that both definitions are similar, mentioning an advanced POS system (including POS hardware and software) that can help retailers solve all pain points relating to retail operations from online and offline checkout process, inventory management to customer loyalty management, reporting and integration capabilities.
If it is necessary to differentiate, EPOS and advanced POS systems are efficient solutions for every business with more complex needs while traditional POS only functions as managing in-store checkout processes.
2. What are examples of EPOS system?
There are several EPOS software providers in the market. Many of them require extra integration before actual work for your business. Popular examples of EPOS systems are Magestore POS, Vend, Lightspeed, MicroBiz, TouchBistro, etc.
3. Is EPOS expensive?
The only disadvantage to an EPOS system over a traditional POS till system is the cost – and in particular, the up-front cost, which can be especially off-putting for smaller businesses.
Prices for a basic EPOS system start at around £1,000. An industry-specific system, with extensive back-office features, comes in closer to £1,500. For an advanced system, with multiple terminals, it’s not uncommon to pay in excess of £3,000.
Generally, the cost of implementing an EPOS system depends on many factors. At Magestore, the cost only depends on three factors: number of stores you have, complexity of solution, and level of support you expect. There will be no more additional fees in building your POS solution. Meet Magento experts from Magestore today to find the best fit POS solution for your business!
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- Sell online or in your physical stores seamlessly with real-time data synchronization.
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Hello there! This article is a complete guide of the EPOS system and keeps us far from doing mistakes while buying an EPOS software. Yes, it is beneficial for both customers and shopkeepers as well. Thanks for sharing and keep on posting.
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