In any retail business with multichannel sales online across multiple locations, a fully integrated EPOS system can be a huge benefit. Many retailers find managing stock levels, pricing, sales and getting accurate cross-channel reports challenging with a disjointed online and traditional POS system.
What is an EPOS?
An EPOS, or Electronic Point of Sale system is the combination of point of sale hardware and software to make a till system, crucial for a modern retail business.
A traditional POS system would require manual operations to process orders, manage inventory and reconcile accounts presenting a lag between sales and reporting, meaning you are always getting your information after the fact.
How does a fully integrated EPOS benefit my retail business?
A fully integrated EPOS, such as Meridian Retail, brings your key retail systems together in a digital space, updated in real-time, offering better insights to your business and unlimited ways to drive your business to the next level. A fully integrated EPOS system is vital for a modern retailer to thrive and presents countless opportunities to streamline and grow your business.
Reporting in real-time
The great part about EPOS data being stored is that you can view reports and analytics anytime anywhere. Your EPOS system will store all your data, including stock management and sales data. Having all of this information in one system allows you to drill down to the performance of specific items, ranges and locations.
All this data is not only vital for the day-to-day running of your retail business, but it can also be collated in reports to generate useful insights. You can track the performance of specific product lines for example and identify what stock is required, what to put on sale or what lines need to be to cut.
These insights are invaluable to retailers for strategic planning, and can help grow your profit margins and reduce inefficiencies. With customisable reports, you can get access to any data you need, but here are some useful reports that will benefit your retail business every day:
- Sales reports on top performing products
- Reports on stock management
- Branch specific reports for head office
- Items on hold for customers
Integrating your web and shop floor through your EPOS
Since the pandemic, retail has increasingly been moving online, with 68% of Irish customers doing more online shopping now than before the pandemic.
With EPOS systems being fully digital, you have the opportunity to fully integrate your instore and online shopping experience, including payment providers, stock management, pricing and reports. Your EPOS will provide you with a single source of information. You can also manage and communicate with all your customers from one CRM – sending them monthly offers, discounts, etc.
Retailers need their on-site EPOS system on the tills to integrate seamlessly with their web store so all stock can be updated in real time and all revenue can be reported from one single system. If you’re thinking of taking your bricks and mortar store online, there has never been a better time.
The main benefits of integrating your bricks-and-mortar with your online offering include:
- Update stock in real-time across all locations and channels
- Manage sales and pricing from one system
- Mange your customers from one CRM
- Better customer service
A single stock management overview
A modern EPOS system will provide you with full stocktaking and reporting functionality. This means all stores, on and offline, will show accurate stock levels at all times. With stock levels updating in real-time, you never oversell a product, and your customers can now back-order items, order items from other locations or buy another product.
With more accurate information on your stock levels, you can cut down on poor performing products and stock more of your top sellers. This also allows you to clear more space in your storerooms and warehouses, as you will have greater insights into what stock you need, and when.
You can manage your stock to the item and location including:
- Full stock taking in real-time
- Manage stock by location, range and supplier
- Plan ahead for seasonal items
- See when stock levels are running low and back-order priority items
Meridian Retail, the complete EPOS system
Having a fully integrated EPOS system means your reporting, stock management, online and instore can all speak to one another from one easy to use interface, with live updates; all of which is made possible through Meridian Retail.
Over the past 25 years, Retail Integration have grown their platform with some of Ireland’s leading retailers, including Home Store + More, Butlers, Avoca and PetStop.ie.
Meridian Retail is constantly improving, so make sure you take advantage of the full suite of features available to you. You can read more about our upcoming feature updates here.