This post first featured in the Modern Retail Guide to Retail Tech February 2019. To read the full ebook click here, or scroll to the end of the page to view on page-turning software.
EPOS systems bring the opportunity to create collaboration between systems, collecting data which can be used for the likes of CRM management and accounting. One of the most common benefits of an EPOS system is the ability to control stock levels with inbuilt inventory features.
Here are some of the ways your stock control can benefit from the use of an EPOS system.
More accurate data
Storing all data in one EPOS system reduces the risk of error, as there is no need to transfer information from one system to another, regardless of whether you have multiple locations or not.
Having one central location where this information is stored means you are able to view your available inventory, in real-time, whenever you choose.
In-depth reporting
Many of the best EPOS systems are able to create reports from the data they collect. This can help retailers to easily spot trends and see more visual overviews of stock insights. Data can be easily compared using this method, making it easier to spot company growth, or changes in the market.
Fast decisions with real-time data
EPOS systems are able to calculate and record data immediately, meaning there is no delay in information and retailers are able to make a quick decision based on the data. With retailers often having a combination of online sales, instore sales and click and collect orders, it is vital to keep track of your stock levels. EPOS systems with the ability to monitor stock control can not only improve efficiency, but free up staff time.
There are even methods of setting up automated responses, informing retailers when stock levels hit a specified level. By doing this, you are able to ensure you do not run out and place an order to replenish stock immediately.
Opportunities for automation
Stock control can be simplified through the setting up of automated actions. Saving time and making sure specific processes are followed, EPOS software can automate orders, reordering when systems track that stock has reached a set safety level. There are many more factors which can be taken into account on an EPOS system. For example, some are able to facilitate promotions on set dates, or even begin and end when specific quantities of products are sold.
With many different ways to improve your stock control through utilising an EPOS system, it’s time to explore the features of your existing system, and research whether other EPOS systems could bring additional benefits.
Read the full Modern Retail Guide to Retail Tech February 2019 below.
Holly brings a wealth of experience in both print and digital publishing. As Modern Retail’s Content Editor, Holly is passionate about helping independent retailers to thrive in today’s ever-changing market.
